Mullen Automotive starts $25M stock buyback program

Mullen Automotive announces the start of the Company’s $25 million stock buyback program with the repurchase of 3.7 million shares of common stock, which started on Aug. 16, 2023, and can continue through Dec. 31, 2023, for an aggregate of $3,626,000. David Michery, CEO and chairman of Mullen also purchased 102,040 shares in the open market on Aug. 16, 2023, at a price of $0.9842 per share. The Company is committed to taking all available measures to regain compliance with the NASDAQ minimum $1.00 bid price requirement. “We believe that our stock is undervalued. The Company has begun production of our Class 3 EV with deliveries pending to customers and a strong balance sheet allowing us to execute on our business plan,” said David Michery, CEO and chairman of Mullen.