Mullen Automotive (NASDAQ:MULN) stock is on the move Wednesday after the electric vehicle (EV) company revealed patents for its Mullen FIVE EV Crossover program.
According to Mullen, the company has filed more than 130 patents in 24 countries to support the program. The patents cover the design and styling of the Mullen FIVE EV Crossover, an upcoming electric vehicle from the company.
Mullen Automotive notes that 19 of the patents for the U.S. and are currently pending approval. The remaining 117 are for other countries around the world, 30 of which have already been approved. These include patents in Argentina, Australia, Bahrain, China and New Zealand.
CEO David Michery said the following about the patent news sending MULN stock higher:
“We fully intend to make the Mullen FIVE available around the world, and these patents, including filings in 24 international countries, show our intended commitment to do so.”
It’s worth mentioning that MULN stock is seeing strong momentum alongside today’s patent news. More than 60 million shares are on the move as of this writing. That’s closing in on the company’s daily average trading volume of about 84 million shares.
MULN stock is up 7.9% as of Wednesday morning. However, the company’s shares are still sitting down roughly 70% year-to-date (YTD).
Investors on the lookout for the latest stock market news will want to stick around!
We’ve got all the most recent stock market news that traders need to know about for Wednesday! A few examples include Ivanhoe Electric’s initial public offering (IPO) details, Exela Technologies (NASDAQ:XELA) stock rising on a new contract and one analyst saying now’s the time to buy Tesla (NASDAQ:TSLA) stock. You can catch up on all of this news at the following links!
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On the date of publication, William White 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.