Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | Twitter
According to what EV concluded from the research, Mullen Automotive has hired the services of Canadian firm Kingsdale Advisors with a view to the annual shareholder meeting at the end of July. Earlier this week, the firm began calling Mullen‘s shareholders with relevant positions, with the primary focus on how they will vote at the meeting scheduled for July 26 at Nasdaq Building (New York) and also what could be improved in the company’s communication.
Based on the calls the advisory firm had made so far, Kingsdale was hired to increase voter participation, ensure a smooth meeting, and get Mullen‘s resolutions passed. In addition, the Canadian firm founded in 2003, will also serve the EV maker with its media training and strategic communications services.
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Over the last 19 years, the firm has been working with proxy solicitation, mergers & acquisitions, defensive & strategic advisory, governance advisory, communications, compensation advisory, asset Reclamation, and additional services. Founded in 2003 in Toronto, Kingsdale specializes in communicating with the client company’s shareholders allowing them to focus on their business.
Mullen’s Annual Meeting of Stockholders will be held at Nasdaq Building, 151 West 42nd Street, 10th Floor (New York) on July 26, 2022, at 9:30 a.m. EST. The most relevant purpose for the company is the approval to increase the authorized number of shares to 1.75B the authorized number of shares of preferred stock to 500M and in conjunction therewith, to increase the aggregate number of authorized shares to 2.25B shares;
During the last weeks, the EV maker has seen higher pressure from its shareholders due to the delayed announcement of the deal with the Fortune 500 company. The last day of the second quarter was seen as one of the most relevant days for Mullen’s near future given the relevance of a multi-million dollar deal for the California-based company.
Instead, Mullen announced a new required upgrade to be made to the vans before the official announcement with all the details, namely the size of the order and the revenue that would bring.
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Having a relevant firm like Kingsdale will sure help the company to improve its communication and the transparency needed so that investors can believe in the future of the company and invest long term. All this becomes even more relevant for the company when it is less than 3 weeks away from a vote as important as the one it will have on July 26.
In addition, the CEO’s recent stock sales – which have exceeded 1.75 million shares in less than 4 months – are not helping investors increase their confidence in the company since the end of the second quarter.
The EV maker announced on Tuesday that it has eliminated $17.5 million in company debt and reduced its overall indebtedness from “more than $30 million last year to an estimated $11 million currently”. This elimination of debt leaves the company in its best financial health ever to “maintain its focus on its various EV initiatives,” as said by the CEO David Michery.
“We continue to make great progress on our overall company financial health. This recent elimination of debt makes us financially stronger now, allowing the Company to maintain its focus on its various EV initiatives,” CEO commented.
Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | Twitter