Mullen Automotive (NASDAQ:MULN) stock is rising higher on Friday after the electric vehicle (EV) company released preliminary results for its fiscal second quarter of 2022.
The preliminary results from the company include cash and cash equivalents of $65.2 million. It notes that $43.9 million of this comes from the issuance of stock and warrants in an April 15 offering.
Sticking to financials, the company notes that total debt for the quarter is down to $22.1 million. Mullen Automotive notes that its significant debt reduction comes from “principal paydowns, debt payoffs and conversion of convertible debt to equity.”
David Michery, chairman and CEO of Mullen Automotive, also includes the following statement in the preliminary earnings report.
“We have made significant progress during the second quarter and have demonstrated significant finance progress for moving forward. Our balance sheet continues to improve and our EV programs are all moving forward, including the start of the Mullen FIVE RS program.”
It’s worth pointing out that the preliminary earnings data from Mullen Automotive doesn’t include any earnings per share or revenue figures. Instead, investors will have to wait for the final report before getting those numbers.
Even so, MULN stock is seeing a good bit of trading today alongside the preliminary results. That has some 58 million shares on the move early Friday morning. For comparison, the company’s daily average trading volume is about 145 million shares.
MULN stock is up 21.2% as of Friday morning.
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On the date of publication, William White did not have (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.