BREAKING: Mullen’s CEO acquires 1.2M contracts, sells 300k shares

Written by Cláudio Afonso | info@claudio-afonso.com

Mullen Automotive CEO David Michery filed this Friday a SEC form announcing changes in beneficial ownership with transactions made betwen March 22 and March 28, 2022. Michery sold 300,000 shares at an average price of $2.495 ($748,500 USD), disposed of 428,382 contracts and acquired 1,198,328 contracts. Last December, Michery had filed a form disclosing ownership of 22,174,720 shares of Mullen — 62.5% ownership.

Transactions by Mullen’s CEO

  • On March 22, Michery disposed (D) 428,382 contracts with an amount of securities beneficially owned following reported transaction of 7,762,738;
  • On March 24, Michery acquired (A) 769,946 contracts with an amount of securities beneficially owned following reported transaction of 8,532,684;
  • On March 24, Michery acquired (A) 428,382 contracts with an amount of securities beneficially owned following reported transaction of 8,961,066;
  • On March 28, Michery sold 296,000 Mullen shares in multiple transactions at an average price of $2.4795 (from $2.44 to $2.53);
  • On March 28, Michery sold 4,000 Mullen shares in multiple transactions at an average price of $2.546 (from $2.54 to $2.55)

On December 16th,2021, David Michery has filed an SC 13D/A form with (SEC) disclosing ownership of 22,174,720 shares of Mullen Automotive Inc representing 62.5% ownership of the company.

Mullen shares surged 28% on Wednesday after the company’s CEO unveiled many catalysts for the American EV maker (Full interview here). Michery was one of the guests of Benzinga Listmaker Show showed confidence when asked about the chip shortage issues: “We’re fairly confident that we identified enough partners to ensure that we’re not gonna to have any delays in the builds of our products”. The Company has two electric vehicles under development, one of which we expect to begin delivery of in the second quarter of 2024.

“I really wanted credit Elon Musk and Tesla for opening the door for all the EV guys, including myself to give us an oportunity to be successful. At the end of the day, when we sat down and we looked to what we wanted to do and what people were doing, we said “Listen, it doesn’t have to be a cheap car, it doesn’t have to be a small car, it doesn’t have to compete for the cheapest car in America. But it has to be something that is appealing, “S** does sell”, and performances definitely gathers a lot of attention.” — David Michery said.

Recently, the company announced that it expects to report in excess of $65 million in cash and cash equivalents when it files Form 10Q for the Company’s second quarter ending March 31, 2022. “We’ve made tremendous progress in key areas over the past three months,” said David Michery, CEO and chairman of Mullen Automotive. “With the financing we received, we now have more than enough capital to execute on our commitments for 2022, including the start of the Mullen FIVE EV Crossover program and continued development on the Mullen ONE EV Cargo Van program. The Company’s balance sheet is the strongest it has ever been in our history.

Mullen has several divisions that plan to operate synergistic businesses, being: CarHub, a digital platform that leverages artificial intelligence to offer an interactive solution for buying, selling and owning a car, and Mullen Energy, a division focused on advancing battery technology and emergency point-of-care solutions

Recently and related to Mullen‘s article published by Wccf Tech, CEO David Michery enhanced the supporters that have been bringing a lot of attention to the EV maker during the last weeks. The Wccf Tech article highlights the continued interest Mullen is seeing from a growing fan base for the Mullen FIVE EV Crossover.

Mullen’s CEO was recently on the 199th episode of Risk On Podcast on Wednesday. Michery talked about Mullen’s origins, the design options to increase the performance, the battery tech updates. Also Mullen’s loan status and the acceptance of Bitcoin as a payment were among the themes.

“I like to believe that we’re at the forefront of electrifying America. Every design detail is well thought out to increase performance. The tires and breaks for example are chosen lessen the weight and help you stop on a dime.” When asked about Bitcoin as a payment, Mullen’s CEO said: “Haven’t even explored that right now. We’re focused on doing what we promised and deliver vehicles.”

Recently, CarBuzz, world’s premier car-related news site and app with over 9 million monthly visits, highlighted Mullen’s FIVE Model saying that the model is luxury crossover in the fullest sense of the word luxury. The publication says that “the California-based company will be joining Tesla, Rivian, and Lucid as real American competition to legacy automakers as the EV market grows.” CarBuzz also enhanced that the model is “designed and engineered in the U.S. and set to be built here in the U.S. as well”.

Last month, the EV maker posted 12 new job vacancies on Indeed, the worldwide employment website. From the jobs posted, the company seeks for a Homolation Engineer that must “understand full regulatory requirements for North America, Europe and other regions per potential target markets”.

On March 10th, EV posted an exclusive article reporting that Acuitas Group Holding had bought 18 Million shares of Mullen Automotive, reaching a 10% ownership on the EV maker. At the time, Mullen shares were trading at .99$ but quickly skyrocketed to positive territory having reached $1.45. The stock closed the session at $1.35, up 26.17% on the day and was the second most traded on the last session with 251.51M shares traded.

Written by Cláudio Afonso | info@claudio-afonso.com