Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | Twitter
According to a 13F-HR form filed on Thursday, National Bank Of Canada initiated position on the EV maker Mullen Automotive disclosing ownership of 536,500 shares valued at $547,000 as the end of the second quarter.
Furthermore, the Bank also purchased 1,500 Call options ($153,000) and 6,865 Puts at ($700,000) during the second quarter of the year.
The National Bank of Canada was founded in Montreal in 1859 and is currently the 6th largest bank in the country. In the same form, the Bank reported ownership in several other EV makers namely Lucid Motors, Faraday Future, Fisker, and Canoo.
On Tuesday, Mullen Automotive its Annual Meeting of shareholders (Full Presentation here). A total of 302,018,291 votes were represented at the Annual Meeting and all the proposals were passed by the shareholders in the preliminary results. The final results of the proposal votes will be announced on or before August 1, Mullen said during the meeting.
The shareholders authorized the dilution voting yes to the proposal that represents an increase of the common shares outstanding to 1.75 billion and the preferred stock shares to 500 million, representing a total of 2.25 billion authorized shares.
On July 11, Mullen Automotive announced the sign of a binding agreement with the Amazon Delivery service partner DelPack Logistics to acquire up to 600 Mullen Class 2 EV cargo vans over the next 18 months — until January 2024.
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The first 300 units “can be delivered to DPL by November. 30,2022, at the request of DPL,” and the electric van will be fully homologated for the United States carrying a minimum of an 80 kilowatt per hour battery pack, Mullen said in a statement.
Based on the last closing price of $0.7994 per share, Mullen stock is down over 22% in the last 5 days representing a market cap value of $375.04 million. Over the next weeks, and according to Mullen’s VP of Marketing, the company will deliver the retrofitted vans to the F500 company after the battery packs and drive train upgrades with the official announcement representing the next major catalyst for the investors.
Mullen Stock Performance
| 5 Day | – 22.28% |
| 1 Month | – 26.60% |
| 3 Month | – 39.95% |
| Year to Date | – 84.84% |
At the meeting, Mullen’s VP of Marketing confirmed the EV maker is working on the vans and planning to deliver them again to the F500 company in August. When asked about the locations of the test drive tour and the timeline for the launch of the first model, Mullen’s VP of Marketing said the test drives will be in private locations regarding the missing certification for the public roads.
“We will do them [late 2022 and early 2023 Test Drives] in private locations like tracks, stadium parking lots, and things like that to allow the customers to drive the vehicles. Those vehicles will be not certified yet [for the public roads].
“Our plan is to start production of the FIVE [model] in 2024 and the vehicles will be available in 2025. So the road-ready vehicles that are certified by the Department of Transportation […] and all the certifications you need will be sometime in that range”.
Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | Twitter