Written by Cláudio Afonso | [email protected] | LinkedIn | X
The EV startup Mullen Automotive announced on Monday that its Board of Directors has adopted a limited duration stockholder rights plan. As of the time of writing, Mullen shares are trading 32 percent higher at $5.52 per share following the news.
Essentially, the plan imposes a significant penalty on anyone acquiring 10% or more of the Common Stock without Board approval and will be active until the first of May of 2025.
The Plan does not involve financing, and no additional shares of Common Stock or Preferred Stock or warrants or convertible notes are currently being issued and aims to “promote the fair and equal treatment of all stockholders”.
The company has recently received approval of Mullen Three for the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project.
California Air Resources Board (CARB) approved earlier today the 2024 Mullen Three — which starts at $68,500 — making it eligible for up to $45,000 cash voucher. “When combined with the available $7,500 federal tax credit, the net effective cost of the Mullen Three could be less than $17,000,” the company added.
NEVER MISS AN UPDATE
The company announced recently that intends to expand its commercial vehicle distribution in Europe, aiming to sell 800 units starting later this year. In the statement, the specific countries where Mullen models would distributed were not specified.
The company added that achieved the production of its 500th commercial vehicle at its Tunica, Mississippi facility.
Earlier this month, Mullen announced the starting of a “significant cost reduction and consolidation measures” expecting the measures to save $170 million over the next 12 months.
Mullen expects to sell 100 commercial EVs this month via its partner Randy Marion Automotive Group. The group’s Vice President of Automotive Fleet Operations endorsed the goal saying that “building on March transactions, our April goal is to move 100 units of Mullen Commercial EVs.”
Written by Cláudio Afonso | [email protected] | LinkedIn | X
