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Mullen Automotive (NASDAQ:MULN) has quickly offered traders with updates for the month of Might, although it has performed little to stem the slide for the EV startup’s inventory.
Within the month of Might alone, the Brea-based EV firm has issued extra than 10 information updates on the progress of its enterprise.
This started with the announcement that UNC Charlotte has now bought a complete of 15 Campus EV cargo vans with order achievement commencing this month, adopted by the announcement of a triple digit order of automobiles by Randy Marion Auto Group, which was then adopted by a producing replace, a inventory break up announcement, and pricing particulars on its Class 1 EV Cargo Van. So wrapped simply the primary week of Might.
The second week of Might included a $15.755M contract with MGT Lease Firm to buy 250 all-electric business class 3 cab chassis EV vans. The subsequent week included one other replace on on manufacturing unit actions, an replace on a pilot program contract for a fleet of metropolis authorities automobiles in Washington, D.C., a monetary replace, one other replace on supply and testing of automobiles at Randy Marion Automotive, the projection of manufacturing of automobiles to be kickstarted in Mississippi in July, and the lauding of the inventory’s development above $1 for a interval of 10 days.
Shares have since trended again beneath $1 regardless of the continued spate of press releases, together with a partnership with Amerit Fleet Options to supply nationwide fleet servicing in assist of Mullen’s business automobiles on Tuesday.
Mullen Automotive (MULN) inventory slipped 13.65% on Friday, including to a 20% drop up to now week that has positioned the inventory again in non-compliance territory. Shares have slumped almost 90% because the begin of 2023 and are down almost 60% in simply the previous month.
