On February 22, Mullen Automotive Inc. (MULN) stock made a comeback in the after-hours following its descent to a 52-week low in the previous session. The stock had been in a continuous downtrend since the company’s last earnings report on February 14, 2022.
During the regular trading session, MULN stock reached its 52-week low of $0.59 and closed slightly above it at $0.61. The stock suffered a loss of 2.71% at a volume of 58.17 million shares, which was 1,990% of the average. Following the descent, MULN rebounded in the after-hours to add 16.39%. Hence, the stock was trading at $0.71 apiece at an after-hours volume of 2.18 million shares on Tuesday.
The electric car company, Mullen Automotive Inc. has a market capitalization of $21.91 million shares. Currently, the company has 34.94 million shares outstanding in the market.
What Happened?
While the overall picture of the stock is hugely painted in red, lately it had been falling down since the recent earnings report. On February 14, the company filed its quarterly earnings report for Q4 2021 with the SEC. MULN had been in a continuous downfall since the earnings. Even though the company declared a letter to its shareholder on February 17 regarding the progress it is making, the stock did not budge from the downtrend. Thus, on February 22, the stock closed just above the new 52-low. It seems the new low in the stock’s price was taken as a great opportunity to buy the stock. Therefore, MULN made a comeback in the after-hours on Tuesday.
In the past five days alone, the stock lost 42.99% while it stands at a year-to-date loss of 88.34%. Moreover, the stock subtracted a value of 95.34% last year.
MULN’s Letter to Shareholders
On February 17, the company issued a letter to shareholders about its progress. As per the letter, the company expects to deliver its first EV cargo van fleet vehicles in Q2 and Mullen FIVE in late summer 2022. The company has also filed over 120 patents in 24 countries for Mullen FIVE EV Crossover.
MULN Q4 2021 Highlights
In Q4 2021, the company had a net loss of $36.4 million against $4.9 million in the year-ago quarter. Resultantly, the net loss per basic and diluted share was $2.09 in Q4 2021 and $0.98 in Q4 2020.
Furthermore, MULN ended the period with cash, cash equivalents, and restricted cash of $61,000 approx. on December 31, 2021.
