Montage: EV

Mullen: Citadel cuts its Put Options by 30%, dumps 532k shares in Q2

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

Ken Griffin’s Citadel reported Monday its 13F form for the second quarter of the year announcing a $389.71 billion market cap as of June 30, down from $484.45 billion by the end of the first quarter.

When it comes to the EV startup Mullen Automotive, the Chicago-based hedge fund sold nearly 30% of its put options but also the 532,000 shares reported on March 30. In addition, Citadel sold 4.65% of the call options during the second quarter of the year.

Puts

File DateEffective DateFormOptionReportedChange (%)Value (x1,000)
August 15, 2022End of Q2 202213FPut1,123,600-29.36%1,146
May 16, 2022End of Q1 202213FPut1,590,5004,740

According to the form, Chicago-based Citadel ended the second quarter holding 1,23,600 put options, a cut of 29.36% from the 1,590,500 reported on May 16 when referring to the first quarter of the year.

Calls

File DateEffective DateFormOptionReportedDifferenceChange (%)Value (x1,000)
August 15, 2022End of Q2 202213FCall1,231,300-60,100-4.65%1,256
May 16, 2022End of Q1 202213FCall1,291,4003,848

Furthermore, the number of call options held by the fund decreased by 4.65% to 1,231,300 as of June 30, 2022. After increasing its shares position in the first quarter of the year from 11,705 to 531,901 shares, Citadel sold its holdings ending the quarter only with call and put options in the EV maker Mullen.

Shares

File DateEffective DateFormReported SharesShares DifferenceChange (%)Value (x1,000)
August 15, 2022End of Q2 202213F0531,901-100%0
May 16, 2022End of Q1 202213F531,901520,1964,444%1,585
February 14, 2022End of Q4 202113F11,70511,70561

Citadel Advisors Llc has disclosed 12,751 total holdings in the latest SEC filing with the value calculated to be $389,71 billion.

As of August 16, Mullen has 106 institutional owners and shareholders holding a total of 33,995,258 shares, 29 more institutions compared to mid-May 2022, and an increase of 709% on the total amount of shares they hold — 4.2 million to 34 million shares.

Mullen’s largest shareholders include Vanguard Group, BlackRock, Geode Capital Management, Llc, Jane Street Group, Citadel Advisors, Susquehanna International Group, Llp, Citadel Advisors Llc, and Susquehanna International Group.

As reported on Monday, Geode Capital Management added over 2.5 million shares of the EV startup during the second quarter, a 13F form revealed.

The fund joins the world’s largest asset manager BlackRock and also Vanguard on the list of institutions that added over 2.5 million shares during the second quarter.

Last week, Mullen Automotive announced its preliminary third-quarter results saying it is in a “strong financial position, with approximately $99 million in cash and cash equivalents on hand as of Aug. 8, 2022”.

A couple of days earlier, the company unveiled the appointment of Andre Hudson as its Vice President of Design. Hudson will lead the growth and development of the Mullen brand through strong product and portfolio development.

Furthermore, Mullen opened recently a new EV Technology team in Pontiac (Michigan) to develop EV technologies for its commercial vans.

The company said the team “will be home to a new division of engineers and technology developers focused on Mullen’s Class 1 – 5 commercial vehicle development” expecting to have upwards of 50 employees by the end of 2022 after the first 20 new hires. 

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

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