MULN Became Todays Most Heavily
Traded Penny Stock, After News
Of A $200 Million Electric
Vehicle Purchase Order.
Mullen Automotive, Inc., (NASDAQ:MULN) saw a close up 25.07% today on over $201 million worth of shares traded. The big move came after news was released pre-market today, announcing that the company received a purchase order from Randy Marion Isuzu, LLC (A Member Of The Randy Marion Automotive Group) for 6,000 Class 1 EV Cargo Vans. When considering the fact that the total market cap of the entire Mullen Automotive company was $134,097,237 as of yesterdays closing price, this is a massive deal nearly double the total value of the company just yesterday, so it comes as no surprise that investors gained renewed interest in trading the stock.
MULN is yet another rare example of being a NASDAQ penny stock, with respect to the fact that the majority of penny stocks are traded through the OTC Market.
This Is What Mullen Automotive, Inc., Does:
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.”
NASDAQ Penny Stocks Have Been Dominating The Market Lately:
In our recent blog update on COSM, another NASDAQ penny stock that recently gained 1,057.53% in just three weeks, we noted that NASDAQ listed penny stocks might become a sweet spot within the market for fast gains because of their easier access for investors to have access to trade them and the fact that they are fully audited, making investors more comfortable with trading them. Since that prediction, in MULN, we are once again seeing a NASDAQ penny stock net fast gains for some of the same basic reasons.
While OTC Market penny stocks have many restrictions on trading due to most platforms not covering them, NASDAQ listed penny stocks can see much larger volume due to being available to wider range of investors. It would not be surprising to see other penny stocks that trade on NASDAQ begin to pick up attention due to the same greater ease of access and heightened transparency in financial filing, in comparison to penny stocks trading on the OTC market.
Naturally, the current spike in price will likely only stay sustained if the deal fully goes through without a hitch and the company secures full payment. If the deal were to be announced as fallen through for any reason without full execution and no other major new business deals confirmed, there would likely be a return to prior price points. For now though, MULN is definitely one to keep an eye on because if this deal is fully executed and others announced on top of that, along with audited filings confirming the details, MULN could see massive growth next year.
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