Mullen Regains Full Nasdaq Compliance

Rhea-AI Summary

Mullen Automotive Inc. (MULN) has regained full compliance with Nasdaq's listing requirements, specifically the minimum bid price requirement. The company received formal notice from Nasdaq on Oct. 16, 2024, confirming its compliance with Nasdaq Listing Rule 5550(a)(2). As a result, Mullen will continue to be listed and traded on The Nasdaq Capital Market.

The previously scheduled Nasdaq hearing before the Panel, set for Nov. 14, 2024, has been cancelled, and the matter is now closed. Mullen anticipates being removed from Nasdaq's list of noncompliant companies within approximately four business days from the receipt of the compliance notification.

Positive

• Regained full compliance with Nasdaq listing requirements
• Continued listing and trading on The Nasdaq Capital Market
• Cancellation of previously scheduled Nasdaq hearing

Negative

• None.

Insights

Financial Analyst

Mullen Automotive's regaining of full Nasdaq compliance is a positive development for the company, albeit with immediate financial impact. This news primarily addresses regulatory and listing concerns rather than fundamental business performance.

The resolution of the minimum bid price requirement issue removes a significant overhang for the stock and reduces the risk of a potential delisting. This could help improve investor confidence and may positively impact the company's ability to attract institutional investors who have strict requirements for listed securities.

However, it's important to note that while this news is favorable for Mullen's market presence, it doesn't directly address the company's financial performance, product development, or market penetration in the competitive EV sector. Investors should continue to focus on Mullen's operational progress and financial results to gauge its long-term prospects in the electric vehicle market.

Mullen will continue its listing on The Nasdaq Capital Market

Nasdaq Panel hearing previously scheduled for Nov. 14, 2024,

 has been cancelled

BREA, Calif., Oct. 17, 2024 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive Inc. (Nasdaq: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, today announces that on Oct. 16, 2024, the Company received formal notice from The Nasdaq Stock Market LLC (“Nasdaq”) confirming that it has regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2). Mullen is now in full compliance with all Nasdaq continued listing requirements and will continue to be listed and traded on The Nasdaq Capital Market.

Based on the foregoing, the previously scheduled Nasdaq hearing before the Panel has been cancelled and the matter is now closed. Pursuant to applicable Nasdaq procedures, the Company anticipates being removed from Nasdaq’s list of noncompliant companies within approximately four business days from the Oct. 16, 2024, receipt of Nasdaq’s notification of compliance.

About Mullen
Mullen Automotive (Nasdaq: MULN) is a Southern California-based automotive company building the next generation of commercial electric vehicles (“EVs”) with two United States-based vehicle plants located in Tunica, Mississippi, (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. In September 2023, Mullen received IRS approval for federal EV tax credits on its commercial vehicles with a Qualified Manufacturer designation that offers eligible customers up to $7,500 per vehicle. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, are California Air Resource Board (“CARB”) and EPA certified and available for sale in the U.S. Recently, CARB issued HVIP approval on the Mullen THREE, Class 3 EV truck, providing up to $45,000 cash voucher at time of vehicle purchase. The Company has also recently expanded its commercial dealer network to seven dealers with the addition of Papé Kenworth. Other previously announced dealers include Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, Eco Auto, and Randy Marion Auto Group, providing sales and service coverage in key Midwest, West Coast, Pacific Northwest, New England and Mid-Atlantic markets. The Company has also announced Foreign Trade Zone (“FTZ”) status approval for its Tunica, Mississippi, commercial vehicle manufacturing center. FTZ approval provides a number of benefits, including deferment of duties owed and elimination of duties on exported vehicles.

To learn more about the Company, visit www.MullenUSA.com.

Forward-Looking Statements
Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential” and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to, whether the Company will continue to maintain compliance with all Nasdaq continued listing requirements and when the Company will be removed from Nasdaq’s noncompliant companies list. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen’s plans and expectations as of any subsequent date.

Contact:
Mullen Automotive, Inc.
+1 (714) 613-1900
www.MullenUSA.com

Corporate Communications:
InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com

FAQ

When did Mullen Automotive (MULN) regain compliance with Nasdaq's minimum bid price requirement?

Mullen Automotive (MULN) regained compliance with Nasdaq's minimum bid price requirement on October 16, 2024, as confirmed by a formal notice from The Nasdaq Stock Market

What was the outcome of Mullen's (MULN) scheduled Nasdaq Panel hearing?

The Nasdaq Panel hearing for Mullen (MULN), previously scheduled for November 14, 2024, has been cancelled due to the company regaining full compliance with Nasdaq's listing requirements.

How long will it take for Mullen (MULN) to be removed from Nasdaq's list of noncompliant companies?

Mullen (MULN) anticipates being removed from Nasdaq's list of noncompliant companies within approximately four business days from October 16, 2024, when they received the compliance notification.

What Nasdaq listing rule did Mullen Automotive (MULN) comply with?

Mullen Automotive (MULN) complied with Nasdaq Listing Rule 5550(a)(2), which pertains to the minimum bid price requirement for continued listing on The Nasdaq Capital Market.