MULN Stock: Mullen Dips Despite Eliminating $17.5 Million in Debt

  • Mullen Automotive (MULN) stock is slipping even after reducing its debt by $17.5 million.
  • This has its total debt dropping to about $11 million.
  • It seems other news, or a lack thereof, is dragging the company's shares lower today.
The Mullen Five vehicle is displayed at the 2021 LA Auto Show media day in Los Angeles, November, 18, 2021. MULN stock.

Source: Ringo Chiu / Shutterstock

Mullen Automotive (NASDAQ:MULN) stock is slipping on Tuesday despite the electric vehicle (EV) company revealing debt reduction.

The news update from Mullen Automotive reveals a $17.5 million reduction in debt. This has seen the company drop its debt from roughly $30 million last year to only about $11 million after the newest reduction.

David Michery, chairman and CEO of Mullen Automotive, weighed in on the debt reduction with the statement below.

“We continue to make great progress on our overall company financial health. This recent elimination of debt makes us financially stronger now, allowing the Company to maintain its focus on its various EV initiatives.”

Despite this positive news, MULN stock is still heading lower today. That’s likely the cause of a broken promise from the EV company. It said it would reveal details of a Fortune 500 customer by the end of Q2. It didn’t and investors are still waiting to learn more about that matter.

This news is pulling shares of MULN stock down today alongside weak trading. As of this writing, only about 13 million shares of the stock have changed hands. That’s a far ways off from its daily average trading volume of roughly 70 million shares.

MULN stock is down 4.2% as of Tuesday morning. The EV stock is also down 82.2% since the start of the year.

Investors looking for more of the hottest stock market news are in the right place!

We’ve got all the of most recent stock news that traders will want to know about for Tuesday! A few examples of that include more updates from EV companies, such as BYD (OTCMKTS:BYDDF), Tesla (NASDAQ:TSLA), and other MULN news. You can read all of this at the following links!

More Tuesday Stock Market News

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.


Article printed from InvestorPlace Media, https://investorplace.com/2022/07/muln-stock-mullen-dips-despite-eliminating-17-5-million-in-debt/.

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