Mullen Automotive announces 1-for-9 reverse stock split

Mullen Automotive announced that it will effect a 1-for-9 reverse stock split of its common stock, par value $0.001 per share, that will become effective on August 11, 2023, at 12:01 a.m., Eastern Time. Mullen’s Common Stock will continue to trade on The Nasdaq Capital Market under the existing symbol “MULN” and will begin trading on a split-adjusted basis when the market opens on August 11, 2023. The new CUSIP number for the Common Stock following the Reverse Stock Split will be 62526P 307. At the company’s 2023 Annual Meeting of Stockholders held on August 3, 2023, the company’s stockholders approved a proposal to authorize a reverse stock split of the company’s Common Stock, at a ratio within the range of 1-for-2 to 1-for-100. The company’s board of directors approved a 1-for-9 reverse split ratio, and on August 7, 2023, the company filed a Certificate of Amendment to its Second Amended and Restated Certificate of Incorporation to effect the Reverse Stock Split effective August 11, 2023. The Reverse Stock Split is primarily intended to bring the company into compliance with the $1.00 minimum bid price requirement for maintaining its listing on Nasdaq. There is no guarantee the company will meet the minimum bid price requirement.