Mullen Automotive (NASDAQ:MULN) stock opened in the red after the electric vehicle (EV) company announced that it had received a written notice from Nasdaq’s Listing Qualifications Department. The notice stated that Mullen failed to meet the Nasdaq’s annual meeting standard, as it did not hold an applicable annual meeting for the fiscal year ended Sept. 30, 2023.
If you recall, Mullen held an annual meeting on Aug. 3. However, Nasdaq argues that the meeting did not satisfy its standards because Mullen did not allow its shareholders to discuss company affairs with management. This is a requirement of Nasdaq Listing Rule IM-5620. While the meeting was deemed ineligible under Nasdaq standards, all of the proposals that were approved during the meeting will remain in effect.
MULN Stock: Mullen’s Annual Meeting Fails to Meet Nasdaq Requirements
In response, Mullen will present its plan to regain compliance with the annual meeting rule at its “previously scheduled Bid Price Rule hearing.” On Sept. 6, Mullen requested a hearing in front of the Nasdaq Hearing Panel for failing to trade above $1 for at least ten consecutive business days before the deadline of Sept. 5.
The exact date of the hearing was not disclosed in Mullen’s recent filing documenting its annual meeting written notice. Still, the requested hearing will allow MULN stock to remain listed on the Nasdaq until the Hearing Panel makes its decision.
Mullen Appoints Marianne McInerney as Chief Strategy Officer
This morning, the EV company announced that it had selected Marianne McInerney as its new Chief Strategy Officer (CSO). As CSO, McInerney will be engaged in growth opportunities and strategic initiatives for Mullen’s portfolio of vehicles.
“Mullen is a strategically driven organization and its product line of advanced EVs for both commercial and consumer audiences are unrivaled,” said McInerney. “When I combine Mullen’s product innovation and strategy with their U.S. assembly and manufacturing facilities and well-curated team, Mullen has a competitive EV story and I am excited to put my experience and relationships with fleets and dealers to drive value across the organization.”
McInerney held several government-related roles prior to joining Mullen, which should help her in her role of overseeing state and federal government affairs. She has almost 20 years of experience in the automotive sector and last worked as Cenntro Electric Group’s (NASDAQ:CENN) Chief Marketing Officer, according to her LinkedIn.
MULN stock is down by about 99% year-to-date and 5% today.
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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.
