Mullen Automotive (NASDAQ:MULN) stock is heading higher on Thursday morning after the company sent out a business update to reassure investors.
That update has the emerging electric vehicle (EV) company claiming that it’s still on track for the production and launch of its Class 3 commercial vehicles by the time September ends. The company states that its Tunica, Mississippi assembly facility is in the final stages of equipment installation.
Mullen Automotive also acknowledges that its stock has seen a sharp decrease since March 31, 2023. That includes a roughly 90% drop from its prior value of $3.25 per share to its June 13 closing price of 32 cents. According to Mullen Automotive, MULN stock is trading at a discount to its current cash position of $135 million or 38 cents per share.
The company also highlights that it has recently acquired a majority stake in Bollinger Motors. Additionally, it has also picked up assets from Electric Last Mile Solutions. With that comes a manufacturing plant in Mishawaka, Indiana.
How This Affects MULN Stock Today
The news initially kicked off a strong rally in early morning trading. While MULN stock is still up this morning, it’s only by 7%, as compared to the 20% gain seen in earlier pre-market trading.
That comes alongside about 12 million shares of MULN stock changing hands. For the record, the company’s daily average trading volume is closer to 30 million shares.
Investors seeking out more of the most recent stock market news are going to want to keep reading!
We have all of the biggest stock market stories traders need to know about on Thursday! That includes the biggest pre-market stock movers this morning, the latest on Target (NYSE:TGT) stock and more. You can find out more on these matters at the following links!
More Thursday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
- Is Bill Ackman Going to Save Target (TGT) Stock?
- SOFI Stock Alert: BTIG Just Set a New Street-High Price Target
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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.
