Montage: EV

Vanguard buys 11.6 Mullen shares becoming one of the largest shareholders

Written by Cláudio Afonso | | LinkedIn | Twitter

According to a 13F form filed Friday, Vanguard bought a total of 11,637,069 common shares in the EV manufacturer Mullen Automotive during the second quarter of the year.

The fund ended the first quarter with slightly over one million shares and closed the second quarter with nearly 13 million shares having an average price of $1,0199 per share.

File DateEffective DateFormReported SharesShares DifferenceChange (%)Value (x1,000)
August 12, 2022End of Q2 202213F12,719,78611,637,0691,074.8012,974
May 13, 2022End of Q1 202213F1,082,717894,716475.913,227

As of August 13, Mullen has 102 institutional owners and shareholders holding a total of 30,868,840 shares, 25 more institutions when compared to mid-May 2022 and an increase of 633% on the total amount of shares they hold — 4.2 million to 30.8 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.

Founded in 1975, Vanguard is one of the world’s leading investment management companies offering investments, advice, and retirement services to individual investors, institutions, and financial professionals.

Earlier this week, also world’s largest asset manager BlackRock filed a 13F Form reporting ownership of 7,874,497 shares in the company as of the end of the second quarter, representing an increase in shares of1,053 percent from Q1 2022.

Earlier this 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”.

On Monday, 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.

During his 25-year-long career, Hudson has worked for General Motors Co. as a Creative Designer, at Hyundai as a Design Manager, at Icona Design as Chief Designer and more recently at IndiEV as Head of Product Design.

Mullen recently opened a new EV Technology team located 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 | | LinkedIn | Twitter