Mullen CEO dumps 750,000 shares at $1.014 before unveiling Battery testing results from BIC

Written by Cláudio Afonso | | LinkedIn | Twitter

According to a form filed on Wednesday evening, Mullen Automotive CEO David Michery sold a total of 750,000 shares at an average price of $1.0145 on Monday, May 23. Mullen shares closed on Wednesday at $1.02, 75.74% lower from its recent high of $4.18 in late March. In addition, the stock had 27.03 million of volume in the last session representing 19% of the 65-day average volume of 143.33 million.

In mid May, Mullen Automotive announced that Battery Innovation Center (BIC) in Indiana had completed the cell preconditioning in preparation for cell performance cycling. BIC will enter into high rate cycling as part of the performance-based cycling with those results forthcoming, the company added.

“I am pleased with the initial preconditioning results on our solid-state polymer battery cell and we’re progressing to the next stage of testing with BIC,” said David Michery, CEO and chairman of Mullen Automotive. “The battery has performed well and I’m looking forward to see finalized testing results from BIC later this month.”

Last week, the company announced the hiring of Richard Curtis, to President of International Operations for Mullen Automotive. Until now, Curtis served as the president of Imperium Motor Company (automotive subsidiary of DSG Global).

Also 14 new hires were recently announced across vehicle engineering, vehicle integration, powertrain systems and manufacturing in support of EV vehicle programs. “Every new team member is a vital hire”, Mullen‘s CEO said.

Recently, Mullen unveiled the comeback of the partnership with LGG (Linghang Guochuang Group) to focus on taking solid-state polymer battery cell technology into vehicle pack level development. Solid-state batteries are planned for Mullen’s second-generation Mullen FIVE EV Crossover and show promise of over 300 miles of range delivered in 18 minutes with DC fast charging.

The world’s largest asset manager BlackRock filed on May 12 a 13F-HR form unveiling the ownership 647,102 shares of the electric vehicle maker Mullen Automotive as of March 31. On February 10, the investment management corporation had disclosed owning 195,101 shares by the end of 2021 representing an increase of an increase of 231.68 percent to the first quarter of 2022.

Written by Cláudio Afonso | | LinkedIn | Twitter