MULN Stock: Mullen Addresses Lawrence Hardge in New Filing

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  • Mullen Automotive (MULN) will allow Lawrence Hardge to test “his units” on two Mullen vehicles.
  • The test will be a one-time accommodation, as Mullen reiterated that it had terminated its agreement with Hardge.
  • MULN stock is down by 99% this year.
MULN stock - MULN Stock: Mullen Addresses Lawrence Hardge in New Filing

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Shares of Mullen Automotive (NASDAQ:MULN) are in the spotlight after the company filed a Form 8-K to reiterate that it had terminated its relationship with Lawrence Hardge, Global EV Technology, and EV Technology (collectively EVT). However, the electric vehicle (EV) company did note that as part of a one-time accommodation, it will allow Hardge to test “his units” on two Mullen vehicles located at an EPA-certified test facility in order to verify the technology.

“No affirmative testing dates have been scheduled,” said Mullen in the filing. “This accommodation has not established, nor is it intended to establish, any relationship with Hardge or EVT.”

Hardge’s unit in question more than likely refers to the energy management module (EMM). Yesterday, he posted this statement on his X (formerly Twitter) account:

MULN Stock: Mullen Addresses Lawrence Hardge in New Press Release

For those unfamiliar, Mullen formed Mullen Advanced Energy Operations (MAEO) back in April in collaboration with Hardge and EVT. The joint venture was formed in order to improve energy management in batteries. Shortly after MAEO was formed, Mullen announced the test results for the EMM, stating that “Specific vehicle testing of a high-volume OEM electric vehicle by Element resulted in a calculated increase in range from 269 to 431 miles, which is a 60% increase in efficiency.”

Mullen also tested the EMM on its Class 1 EV cargo van. The company disclosed that it had increased its range by over 75%. At the time, the company wrote that it eventually planned to use the EMM in all of its vehicles.

However, MAEO seemed plagued with trouble from the start. After the formation of MAEO, Hardge teased a “$10 billion contract with Saudi Arabia,” which never came to light. Hardge also stated that communication had soured between him and Michery in an interview. “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,” he said.

In July, Mullen announced that it had terminated its contract with Hardge and EVT. Mullen cited several reasons, such as EVT refusing to test the EMM at an approved facility.

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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.


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