News Release

CALIFORNIA — The West Coast electric vehicle manufacturer that also has a strong presence in Northern Indiana, Mullen Automotive Inc., once again finds themselves close to being delisted from the NASDAQ stock market. The automotive manufacturer did not meet the Tuesday, Sept. 5 deadline to obtain a minimum bid price of $1.

This is the second time the company has found themselves on NASDAQ’s chopping block. In September 2022, the company received a notice that their stock had remained below $1 for 30 continuous days, which is not in compliance with the stock market.

Mullen Automotive Inc. was given 180 days to return to compliance and received a 180-day extension in March, making the new deadline Sept. 5. The company has requested another hearing with the NASDAQ Listing Qualifications Panel to request another extension.

During the hearing, the company will present their plan on how they will become compliant. The panel could approve the 180-day extension, but they could also demand more strict criteria the company has to adhere to. However, there is no guarantee that the panel will even grant the extension. As of Thursday, Sept. 7, the company’s stock was $0.44 per share.

Their need of extension is the latest in a string of financial troubles for the company. In their quarterly earnings report, released last month, the company reported they will need to obtain additional capital by June 2024 to continue operations. The company does expect they will be able to obtain the financing they need, but there is no assurance.

In Decemeber 2022, Mullen Automotive acquired Electric Last Mile Solutions, a Michigan-based company, and the former AM General plant in Michiana for $105 million.