: Mullen Automotive’s stock heads for 3rd-straight record low in wake of delisting determination
Shares of Mullen Automotive Inc. MULN fell further into record-low territory Friday, in the wake of the delisting determination the electric vehicle maker received from the Nasdaq exchange. The stock, which slipped 0.5% in morning trading, had dropped 5.6% on Thursday and slid 8.1% on Wednesday, to close both days at fresh record lows. The delisting determination is a results of the failure of Mullen’s stock to maintain a minimum bid price of $1. Mullen has fended off a delisting for the time being by requesting a hearing before the Nasdaq’s listing panel. Separately, the company disclosed that after British Airways started piloting Mullen’s Campus EV cargo vans at Los Angeles International Airport, both LAX and Chicago O’Hare International Airport have purchased Campus EV cargo vans to support British Airways’ operations there. Mullen said it received payment from British Airways for the cargo vans on Aug. 31. Mullen’s stock has plummeted 99.3% year to date.
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