On March 08, Mullen Automotive Inc. (MULN) continues to soar in the premarket while there is no recent news from the company. The company’s latest SEC filing dates back to March 1 while the news was reported on February 28.
In the previous trading session, the stock remained bullish with a huge gain of 34.93%. MULN stock closed the session at a price of $1.06 as 257.91 million shares exchanged hands. The day’s volume remained 721% of the average 35.78 million shares. In premarket today, the stock had advanced by a further 16.98% at a volume of 1.9 million shares, at the last check. Thus, at the time of writing MULN was trading at $1.24 apiece in the premarket.
The electric car company, Mullen Automotive Inc. was founded in 2014. The California-based company has a market capitalization of $27.45 million. Currently, the company has 34.94 million shares outstanding in the market.
What is Happening?
On February 28, the company provided an update on its solid-state polymer battery pack development. Following this, the stock had been in a downtrend since March 01, 2022. The stock continued to lose till March 07 as it finally rebounded on Monday. It seems the continuous downtrend called for corrections as the low price provided a good opportunity for buying. Thus, MULN finally rebounded on Monday and has since continued its bullish momentum.
Presently, the stock stands at a year-to-date loss of 79.73% while it suffered a decline of 90.42% last year.
MULN’s Recent Updates
On February 28, the company provided updates regarding the progress of its next-generation solid-state polymer battery technology.
The testing of the solid-state polymer cells has so far revealed positive potential. Currently, the company is working on building upon its solid-state battery packs in the second-gen Mullen FIVE EV Crossovers. The in-vehicle prototype testing for which is planned for 2025. Furthermore, due in late 2024, the first-gen FIVE EV Crossover would be launched with the traditional cell chemistry.
Additionally, the company is also exploring the R&D of other advanced battery technologies like lithium-sulfur and lithium-iron-phosphate.
MULN’S Letter to Shareholders
On February 17, the company issued a letter to its shareholders regarding the company’s recent accomplishments. The main highlights of the letter included:
- Successful filing of more than 120 patents in 24 countries for Mullen FIVE EV Crossover.
- Purchase of Tunica’s AMEC manufacturing facility.
- Global debut of Mullen FIVE with it winning the best SUV ZEVASTM (Zero Emission Vehicle).
