Mullen Automotive, Inc. (MULN) is engaged in an automotive business that owns and collaborates with multiple synergistic companies working to provide clean energy solutions. The company is providing exciting electric vehicle options to fit perfectly into the customer’s life.
The price of MULN stock during regular trading on February 23, 2022, with an increase of 2.48%, was $0.62. At last check in the premarket on February 24. 2022, the stock dropped sharply by 15.49%.
MULN: Events and Happenings
On February 24, 2022, MULN updated about the currently published feature article by WardsAuto which interviewed the company’s Executive leadership and highlighted their futuristic vision. On February 17, 2022, MULN highlighted its accomplishments related to Mullen FIVE and EV Van Crossover Platforms in its letter to shareholders.
MULN: Key Financials
On February 14, 2022, MULN released its financial outcomes for the three months ended December 31, 2021. Some of the main points are discussed below.
Revenue
No revenue was reported in the quarter ended December 31, 2021, and the same quarter of 2020.
EPS
Basic and diluted net loss in the quarter in 2021 was $36.4 million or $2.09 per share corresponding to $4.99 million or $0.98 per share in the same period in 2020. The company’s net loss increased remarkably over the year.
On February 14, 2022, MULN reported the outcomes of thorough EV market studies and conceptual benchmark comparison of the Mullen FIVE model against the competing models’ Tesla Model Y and Ford Mach-E. On February 07, 2022, MULN announced to bolster its balance sheet with a funding of $4 million. The company achieved this milestone via the merger of the preliminary drawdown of $2.5 million from Esousa Holdings, and debt financing from existing stockholders. The company brought the total funding received to approximately $40 million.
On January 31, 2022, MULN informed its strategic collaboration with Comau for the building-out of a vehicle body shop at the company’s Advanced Manufacturing and Engineering Center.
Conclusion
MULN stock down-performed in the last six months as indicated by its stock position. The company’s stock dipped by 94% in this period. The current stock situation of the company is also not satisfactory as it dropped in the aftermarket by 14%. The reason behind the stock’s declining trajectory is possibly the current interview of the company’s management with WardsAuto. Despite the fact that the company’s leadership discussed its futuristic approach in the interview, the stock declined.
