Credit: Bloomberg

World’s largest asset manager BlackRock adds 7.2M Mullen shares in Q2

Written by Cláudio Afonso | | LinkedIn | Twitter

World’s largest asset manager BlackRock filed Friday a 13F Form reporting ownership of 7,874,497 shares in the EV startup Mullen Automotive as of the end of the second quarter, representing an increase in shares of1,053 percent from Q1 2022.

The fund increased its position by 1,053.73 percent between April and late June adding 7,191,972 shares. On May 12, the fund had disclosed the ownership of 682,525 Mullen shares after increasing its position from the 195,101 shares it held by the end of 2021.

As of August 12, Mullen has 97 institutional owners and shareholders holding a total of 31,160,457 shares, 20 more institutions when compared to mid-May 2022 and an increase of 640% on the total amount of shares they hold — 4.2 million to 31.1 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.

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