Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Mullen Automotive recovers 7% amid NASDAQ delisting fears and U.S. hiring surge

EditorHari Govind
Published 06/10/2023, 15:06
© Reuters.
NQU24
-
MULN
-

Mullen Automotive (NASDAQ:MULN), a penny stock in the electric vehicle (EV) sector, has seen a 7% recovery on Friday, following a dramatic 35% drop due to concerns over a potential NASDAQ delisting. The company had been facing the risk of delisting for not maintaining a $1 share price.

The recovery was somewhat dampened by a sell-off that occurred after the release of Nonfarm Payrolls data revealing a surge in US hiring. This news led to a 1% dip in NASDAQ 100 futures, affecting many stocks, including Mullen Automotive.

In an attempt to address the delisting threat, Mullen has taken decisive action. The EV firm has requested an extension from the NASDAQ Hearings Panel and hired Donohoe Advisory Associates to represent its interests.

Simultaneously, Mullen is dealing with a stock manipulation lawsuit. The company is contesting allegations against TD Ameritrade, Charles Schwab (NYSE:SCHW), and National Financial Services. Details regarding the nature of the lawsuit are yet to be disclosed.

In more positive news for the company, Mullen has announced a significant development in its operations. The firm recently delivered its first Mullen Three semi-truck chassis to Randy Marion Automotive Group. This milestone could potentially signal a new phase in Mullen's business trajectory and market positioning in the EV sector.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.