Mullen Automotive Inc. announced that it will effect a 1-for-100 reverse stock split of its common stock, par value $0.001 per share, effective June 2, 2025, at 12:01 a.m. Eastern Time. The common stock will continue to trade on The Nasdaq Capital Market under the existing MULN symbol and will begin trading on a split-adjusted basis when the market opens on June 2, 2025.
The primary purpose of this reverse stock split is to bring the company into compliance with the $1.00 minimum bid price requirement for maintaining its listing on Nasdaq. This action follows previous reverse stock splits implemented earlier in the year.
The 1-for-100 reverse stock split will automatically combine and convert 100 current shares of the company’s common stock into one issued and outstanding share. Proportional adjustments will also be made to outstanding equity awards, warrants, and convertible notes, but the authorized number of shares will not change.
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