Written by Cláudio Afonso | info@claudio-afonso.com
The California-based EV maker Mullen Automotive has been under the eyes of Investors after recovering from All-Time-Low levels at $0.52 hit on February 24th, the day when Russia initiated the invasion of Ukraine. Mullen’s share price went from $0.52 to $2.14 during the Pre-Market on the first day of March — an impressive 322% gain in less than a week. But Mullen’s recent history has not been made of these quick gains, the stock has been highly shorted during the last months being down 89.27% since March 2021, based on Friday’s closing price of $1.35.
On February 7th, Mullen announced it has bolstered its balance sheet with $4 million in funding through a combination of the initial drawdown of $2.5 million under a $30 million equity line from Esousa Holdings, llc. and debt financing from existing shareholders, bringing the total funding received over the past two months to more than $40 million.
After that, the hype around the stock cooled down and some swing traders took profit bringing the share price 57% lower in only 6 hours to $0.858 on March 1st. Early Monday, Mullen’s share price hit $1.87 during the Pre-Market, a 38% rise from the last closing price, at $1.35. On that day, shares rose as much as 155% after the company announced an update on Mullen’s next-generation solid-state polymer battery technology — a significant advancement over today’s current lithium-ion batteries.
At the time, the company unveiled that is working towards utilizing solid-state polymer battery packs in its second generation Mullen FIVE EV Crossovers, with in-vehicle prototype testing set for 2025. Mullen’s first-generation FIVE EV Crossover, due in late 2024, is planned to launch with traditional lithium-ion cell chemistry. Mullen is also conducting extensive research and development into other advanced battery technologies, including lithium-sulfur and lithium-iron-phosphate. Mullen’s ultimate goal is to deliver EV batteries that will surpass today’s existing lithium-Ion technology and offer a host of benefits such as increased efficiency, energy density, and range while also lowering the cost, weight, thermal and environmental risks.
Read More: CarBuzz says Mullen can be a real Tesla, Rivian, and Lucid competitor in America
During the last months, the stock had an average of less than a milion shares of volume while the stock price was reaching new 52-Week-Lows. That changed on February 7th, when the volume surged from 544k to 1.601M — a 194% increase in a day. From that day, the stock has been a common presence in the top-10 most traded stocks in the U.S. Market.
Recently, Mullen was featured on CarBuzz, world’s premier car-related news site and app with over 9 million monthly visits. The publication highlighted Mullen’s FIVE Model saying that the model is luxury crossover in the fullest sense of the word luxury.
The California-based company will be joining Tesla, Rivian, and Lucid as real American competition to legacy automakers as the EV market grows. The model is designed and engineered in the U.S. and set to be built here in the U.S. as well”.
CarBuzz Publication
The CarBuzz article featured interviews with Michery and Vice President-Mechanical Systems Marian Petrelecan and covers a number of topics, including Mullen’s financial model, partnerships, market strategy and more. The full article on Mullen Automotive is available to read here.
I had a great discussion with Ian from CarBuzz about our EVs and plans for the future. I’m delighted that leading automotive publications like CarBuzz are covering Mullen and providing readers with an opportunity to learn more about us.
David Michery, CEO and chairman of Mullen Automotive
During the last days, Mullen Automotive posted 12 new job vacancies on Indeed, the worldwide employment website. From the jobs posted, the company seeks for a Homolation Engineer that must “understand full regulatory requirements for North America, Europe and other regions per potential target markets”. The company is now also looking for a Director of Advanced Drive Assist Systems (ADAS), a Plant Buyer, two Lead Packaging Engineers, a Director of Purchasing, a Director of Vehicle Integration, a Director of Vehicle Network Architecture, a Production Supervisor, a Training Coordinator, a Environmental Health and Safety Manager and a Warehouse Manager.
Last week, Acuitas Group Holding bought 18 Million shares of Mullen Automotive, reaching a 10% ownership on the EV maker. According to the SC 13G/A form with the SEC on March 10th, Peizer Terren S (Founder and CEO of Acuitas Group Holding) added 18 Million Mullen Automotive shares, increasing its ownership up to 9.99%. On the previous filing from January 25th, Peizer Terren S had reported owning 11,363,838 shares, indicating an increase of 158.40%. Check SEC’s filing here.
Written by Cláudio Afonso | info@claudio-afonso.com