Mullen Automotive (NASDAQ:MULN) stock is on the move Thursday after the electric vehicle (EV) company gave an update for its upcoming earnings report.
Let’s go over everything investors need to know ahead of that earnings report.
- First off, Mullen Automotive says the quarter includes cash and cash equivalents of over $61 million.
- The EV company notes that this is due to it spending time strengthening its balance sheet.
- It also highlights the first delivery of an EV van under a new pilot program.
- Another highlight is a secured convertible promissory note’s maturity being extended to July 2024.
- The company also joined the U.S. small-cap Russell 2000 Index during the last week.
- Also, it’s working on a funding agreement that would give it an extra $275 million to work with.
- So what does Wall Street expect from MULN in the current quarter?
- Current estimates are for the EV company to report revenue of $37.3 million.
David Michery, chairman and CEO of Mullen Automotive, said the following in the news release: “We’ve made solid progress over the past quarter. The Company’s balance sheet is the strongest it has ever been in our history.”
Despite the balance sheet news, MULN stock is slipping alongside weak trading volume. Roughly 44 million shares have changed hands as of this writing. That’s well below the company’s daily average trading volume of about 74 million shares.
MULN stock is down 5.3% as of Thursday morning and is down 81.7% since the start of the year.
Investors on the lookout for all of the latest stock market news are in luck!
We’ve got all the hottest stock news traders need to know about for Thursday! Among that is what has shares of Walgreens (NASDAQ:WBA), RH (NYSE:RH), and Aspen Aerogels (NYSE:ASPN) stock moving today. You can learn all about these matters at the links below!
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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.