Key Points
- Mullen Automotive (MULN) stock is down 11% due to class actions and upcoming special shareholder meeting on January 19, 2023.
- The company is also filing to ratify the 2022 Certificate Amendment with a Delaware Court of Chancery filing, adding to the lack of confidence among investors.
Mullen Automotive (MULN) stock is down 11% today as investors prepare for a special shareholder meeting. The meeting, which will take place on January 19, 2023 at 11:00 a.m. Eastern Time, concerns two putative stockholder class actions filed against the company in December.
The complaints from these plaintiffs have to do with the increase in outstanding shares that occurred during the July 26, 2022, annual meeting of stockholders. According to these plaintiffs, a majority of shareholders did not vote in favor of the share increase. This has the company intending to ratify the 2022 Certificate Amendment with a Delaware Court of Chancery filing. A hearing for this is set for January 23, 2023.
Additionally, Mullen Automotive recently filed its Form 10-K annual report for the year ended September 30. The company filed the form on Friday, and it only had until 5:30 p.m. Eastern Time to file it. All of these recent actions have not inspired confidence in investors, leading to the stock's decline in pre-market trading.
In summary, Mullen Automotive (MULN) stock is down 11% today as investors prepare for a special shareholder meeting that concerns complaints over an increase in outstanding shares that occurred during the July 26, 2022, annual meeting of stockholders. Additionally, the company's recent filing of its annual report and the hearing scheduled for January 23, 2023 has not inspired confidence in investors.
Institutions Holding MULN
- # of Institutions 1
- Shares Held 540
- Call Options Held 0
- Put Options Held 0
About MULLEN AUTOMOTIVE INC.
- Ticker MULN
- Exchange NASDAQ
- Sector Consumer Cyclical
- Industry Auto Manufacturers
- Shares Outstandng 572,894,016
- Market Cap $659M
- Description
- Mullen Automotive, Inc., an electric vehicle company, manufactures and distributes electric vehicles. It also operates CarHub, a digital platform that leverages AI to offer an interactive solution for buying, selling, and owning a car; and provides battery technology and emergency point-of-care solutions. The company was founded in 2014 and is b...