Mullen Automotive says ‘no plans at current time to effect reverse split’

Mullen Automotive announces today after its reconvened special meeting of stockholders that all proxy proposals have been approved. "The company has no plans at the current time to effect a reverse split. The company has until March 6, 2023 to meet the Nasdaq minimum bid requirement of $1.00. If the share price of the company’s stock falls short of the said requirement, the company intends to seek an extension from NASDAQ to meet the required threshold. If such extension is granted, compliance of the minimum $1.00 stock share threshold requirement may be extended for a further 180 days until approximately September 6, 2023. If the company still falls short of the minimum bid requirement, it will effect a reverse stock split at that time to maintain its Nasdaq listing compliance. Mullen is also a member of the Russell 2000 Index through June of 2023, which requires a minimum stock price of $1.00 for inclusion. The Russell Index will rebalance in June of 2023, at which time, if the share price of the company’s stock falls short of the minimum $1.00 threshold required, Mullen will evaluate if it is in the best interest of shareholders to initiate a reverse stock split for continued inclusion in the Russell 2000 index," Mullen stated.