Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has received a letter from the Listing Qualifications Department of the NASDAQ Stock Market. The letter notes that MULN did not meet the deadline to regain compliance with NASDAQ listing requirements; the deadline was Sept. 5, 2023. According to the notice, the company failed to maintain a minimum bid price of $1. In response to the notice, Mullen Automotive has filed an appeal, requesting a hearing before the NASDAQ Listing Qualifications Panel. The company intends to request an extension of time and the opportunity to present its plan to regain compliance. Without a request for a hearing, the company would have been subject to delisting on Sept. 15. 2023. A hearing request generally stays any delisting or suspension action until the panel issues a final decision, which can include giving the company an additional 180 calendar days to regain compliance. The announcement noted that the panel can also require additional or more stringent criteria for the continued listing of the company’s common stock or suspend or delist securities. The company noted that there is no guarantee that the panel will grant an extension of the compliance period.
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About Mullen Automotive Inc.
Mullen Automotive is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in its two United States-based assembly plants. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover; the Mullen GO Commercial Urban Delivery EV; the Mullen commercial class 1–3 EVs; and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and class 4–6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of Electric Last Mile Solutions’ (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana. To learn more about the company, visit www.MullenUSA.com.
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