Shares of EV maker Mullen Automotive (NASDAQ:MULN) are in focus today after Bollinger Motors (majority owned by Mullen) bagged a $3 million job creation grant from the state of Michigan.
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Bollinger is developing electric trucks and SUVs with first vehicle deliveries anticipated in about a year. The five-year grant also includes access to ~$2 million in talent services and training support via Oakland County.
Moreover, Bollinger’s initial deliveries of the B4 chassis cab are also anticipated to be eligible for a 30% federal purchasing incentive up to a total of $40,000.
Mullen shares have plummeted nearly 99.4% over the past year and trading volume in the stock remains elevated averaging 213.33 million shares over the past three months. Despite this massive value erosion, short interest in the stock currently stands at nearly 7%.
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