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5 Big Investors Betting on Mullen Automotive (MULN) Stock


Mullen Automotive (NASDAQ:MULN) is in the spotlight once again after a strong month of gains. Shares of the electric vehicle (EV) manufacturer are up an astonishing 75% during the past month. Yesterday, MULN stock jumped more than 30% after CEO David Michery announced an upcoming order from an undisclosed “major, major Fortune 500 company.” With that in mind, let’s take a look at five big investors who stand to gain from Mullen’s success.

The Mullen (MULN) Five vehicle is displayed at the 2021 LA Auto Show media day in Los Angeles, November, 18, 2021.
Source: Ringo Chiu / Shutterstock.com

Acuitas Group Bets Big on MULN Stock

Acuitas Group is the largest shareholder of MULN stock. Based on an amended 13G filing received by the U.S. Securities and Exchange Commission (SEC) on March 1, Acuitas owns 29.3 million shares of the company. Out of the 29.3 million shares, 18 million shares of common stock are held directly. Meanwhile, Acuitas has the right to purchase 747,109 shares of Series C Preferred Shares that can be converted into common stock by Nov. 5.

The remaining shares are made up of currently owned Series C Preferred Shares and warrants that can be converted into common stock. The 13G filing also states that there are 188 million shares of Mullen common stock outstanding as of March 1. This is a major point of confusion for investors, as other financial sites, like Yahoo Finance, state that there are only 35 million shares outstanding. Yahoo Finance does not provide an implied shares outstanding figure. The 188 million shares outstanding can be confirmed by the 13G filing.

Esousa Holdings and 3 Other Mullen Shareholders

Esousa Holdings is the second-largest shareholder of Mullen. The investment firm owns 18 million shares of MULN stock, as disclosed in an amended 13G filing. In February, Esousa also provided Mullen with a $30 million equity line to help strengthen the company’s balance sheet.

According to WhaleWisdom, which tracks all 13F filers, 34 funds own MULN stock as of Q4. This is an increase of 12 funds from the prior quarter. In addition, 18 funds initiated new positions during the quarter, while six funds closed their position.

With that in mind, let’s take a look at the next three largest shareholders who have reported holdings during Q4:

  1. Cetera Advisor Networks: 219,700 shares
  2. BlackRock (NYSE:BLK): 195,101 shares
  3. Vanguard Group: 188,001 shares

During Q4, Cetera initiated a new position in Mullen, while BlackRock increased its position by 43,489 shares. Meanwhile, Vanguard decreased its position by 5,612 shares. It should also be noted that Drawbridge Investments owns 11.8 million shares of Mullen. However, this is accurate as of Q3, as Drawbridge has not yet filed a Q4 position update yet.

On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Eddie Pan specializes in institutional investments and insider activity. He writes for InvestorPlace’s Today’s Market team, which centers on the latest news involving popular stocks.

Article printed from InvestorPlace Media, https://investorplace.com/2022/03/5-big-investors-betting-on-mullen-automotive-muln-stock/.

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