Mullen Automotive (NASDAQ:MULN) stock is plunging lower, despite an announcement that the company would utilize its PERSONA personal vehicle assistant (PVA) in its lineup of vehicles. The decline follows a livestream held by Global EV Technology Founder and Mullen Advanced Energy Operations (MAEO) Senior Vice President of Technology Lawrence Hardge over the weekend. At the two-minute mark, Hardge states:
“I don’t have nothing to hide. Every day people walk away from deals. They don’t work out, life goes on, they move on.”
It’s not exactly clear what deal Hardge is alluding to, although shareholders are worried that the deal in question could concern his energy management module (EMM) technology and MAEO. Hardge goes on to explain that he has done “over 200 different tests on my product.”
MULN Stock: Is Lawrence Hardge Backing Away From Mullen Deal?
At about the four-minute mark, he explains:
“Life goes on. I’m at peace. I’m well taken care of and, you know, it’s just like any other company, sometimes people decide they want to go a different way and maybe later, the company [hits] it big and we can stay with them.”
Hardge goes on to elaborate that he has received threats concerning the EMM technology, which has made him hesitant to announce further developments. “So, in closing, you may hear from me weeks or months from now, but you’ll never hear me make another announcement,” he said.
It also appears that communication between him and Michery has deteriorated, as Hardge alleged that the two executives don’t speak anymore.
“But I can’t speak on David, we don’t talk. But I can tell you this here: I didn’t sign up for this.”
In an interview conducted earlier this month, CEO David Michery stated:
“So, we sent [Lawrence Hardge] definitive agreements, which are the operating agreements and all of the agreements that would underline operating MAEO that went to his current lawyer, the Calhoun Law Firm, and we obviously submitted those documents for review. They submitted those documents to Lawrence and then contacted us towards the end of May to tell us that they were terminated by Lawrence, which we found to be interesting, to say the least.”
Mullen has not yet filed any forms with the SEC detailing a termination of or other change to its relationship with Hardge. For now, all shareholders can do is wait for official word from the company detailing what exactly is going on.
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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.
