Mullen Automotive (MULN) stock is destined for the pink sheets. The stock needed to achieve a close above $1.00 by the close of the regular session o
NASDAQ will delist MULN stock on or soon after September 5.MULN stock rallied 68% on Wednesday following CEO shareholder letter.stock is destined for the pink sheets. The stock needed to achieve a close above $1.00 by the close of the regular session on Tuesday, August 22, and hold that threshold every session through September 5 in order to retain its NASDAQ listing. Instead, MULN stock closed at $0.
“I am very disappointed by the performance of our stock,” Michery wrote. “As I have previously publicly stated, I do not believe the trading price of our stock even closely resembles the Company’s actual value. It is evident that, regardless of meeting significant corporate milestones , stock traders continue to place downward pressure on the stock, causing the price to fall.”
Of course, it did not help the situation when the company filed documents with the Securities & Exchange Commission on Monday to register 52 million new shares of common stock based on a 2022 equity incentive program. Additionally, the company awarded Michery with 14 million new shares based on a 2022 performance stock award agreement and 16 million shares for a 2023 performance agreement.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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