MULN Closed Up 76.89% Today Amid
First Rollout Of EV’s And A Note Of
Company Highlights From The CEO.
Mullen Automotive, Inc., (NASDAQ:MULN) saw a huge close up 76.89% today to end the day at $0.842. This was one of the biggest single day closes that the company has seen in years, after what has been an overall years long decline. The big move came after news yesterday, of its first production Electric Vehicle (“EV”) rolling off of the assembly line, followed by an update post today, from the companies CEO, David Michery, providing a rundown of the current state of affairs for the company.
This Is What Mullen Automotive, Inc., Does:
As mentioned in our earliest MULN news update, as explained within the companies press releases, Mullen Automotive is an automotive company that is building the next generation of electric vehicles (EVs) that will be manufactured in its two assembly plants in the U.S. The “Mullen FIVE,” is the Company's first electric crossover vehicle, slated for delivery in 2025 and features patented PERSONA technology that utilizes facial recognition to personalize the driving experience for every individual.
“On Sept. 7th, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1st, 2022, Mullen closed on the acquisition of all of Electric Last Mile Solutions' (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana.”
Yesterday, Mullen Automotive Announced The First Production Of Their “Mullen THREE” EV’s Coming Off Of The Assembly line:
The announcement of the Mullen THREE EV production states that the company intends to increase production rate throughout the year and expects to eventually hit capacity of 6,000 vehicles per year. According to the companies press release, Mullen has already “received $79 million in purchase orders for the Mullen THREE, Class 3 EV trucks.”
Today’s Letter From the CEO Marked Significant Highlights Of The Company:
In today’s letter from the CEO to shareholders, it was made clear that the company had cash balances of $227.4 million on 6/30/23. At this same date the company reports assets of $600 million vs. only $7.3 million in debt.
On the negative side of the balance sheet, the CEO also mentioned that the quarter ended 6/30/23 reflected $308,000 in revenue while the expenses for that quarter were $22.1 million, which could certainly be a large aspect of why the stock has underperformed. It is hoped that this will be vastly improved by the rollout of sales of the EV vehicles, especially seeing as how there are reportedly $79 million worth of purchase orders lined up.
There are clearly a lot of interesting things going on with this company and the rollout of the EV’s is taking it into a whole new level of growth and discovery that will either make or break this company. If this rollout is fully successful and the company sees the already set purchase orders through to completion, along with increasing production to eventual 6,000 annual vehicles capacity, we would expect to see monstrous growth in price per share, with respect to the years long downward spiral up until today’s huge run up. This is definitely going to be one to watch.
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