According to a SEC form filed on Friday evening, Mullen Automotive CEO David Michery sold a total of 350,000 shares at an average price of $1.1199 on June 29, one day before the end of the second quarter. The shares were sold in multiple transactions at prices ranging from $1.11 to $1.250 per share.
On the same file, it was also reported two “Bona fide gift” transactions: one of 438,597 shares and another one of 2,500 shares. This type of transaction involves no payment of consideration by the recipient of the gift. A ”bona fide gift” is an article formerly owned by a donor who gave it outright in its entirety to a donee without compensation or promise of compensation.
Since mid-March, Michery sold a total of 1.75 million shares holding now a total of 6,969,969 shares on the company, after this sale. In early June, Michery was asked about the recent sales in an interview with Benzinga answering “Just decided to sell some stock, nothing more and nothing less.”
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The last time that Mullen‘s CEO sold shares was two weeks ago (June 15) at an average price of $1.10 and raising a total of $165,000.
The second quarter ended on Thursday with the electric vehicle maker not unveiling which Fortune 500 company will buy “a lot of” its vans, as the CEO David Michery said in late March. On the last day of the quarter, Mullen said it will also upgrade the drivetrain as a requirement from the F500 company and also that was expecting to report “the strongest balance sheet in company’s history” referring to Q2 2022.
Mullen Stock Performance
During the last interview with Benzinga in early June, Mullen’s CEO was asked about the insider trading, namely his recent sales. At the time, the host asked: ” […] when I look out to the insider transactions from Mullen, I don’t see a lot of buying… I see some selling of you recently, can you just speak a little bit about the full process there”. David Michery answered “Just decided to sell some stock, nothing more and nothing less.”
When asked about other plans to sell more shares, Mullen‘s CEO added that “Every officer or director has an opportunity to sell based on the 1% rule per quarter and they choose to do it they do, if they don’t they don’t. I chose periodically to be able to take advantage of what I am allowed to do under SEC rules”.