Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
SEC asleep at the switch.
So you think HMBL can still RS?
Alrighty then…
Even if they did all it means is that Foote can continue to dilute even more…and $0.0001 is no longer the bottom.
LOL.
Not sure how you look at this.
Most would be happy to know they can’t RS.
Sorry, if you have a single share with a cost basis of $10,000 you have been wiped out.
Nasdaq is now a joke. The OTC has more investor protections than Nasdaq Capital Markets.
Then why did you respond? LOL. And responding to yourself when communicating with me is pretty weak assed. LOL.
You think I am not going to see it?
I realize what I say is uncomfortable for you…but that is because I only care about reality and facts.
Of course he withdrew the application. FINRA wouldn’t process it. They DON’T sit on those for 3 months.
Why do you fall for this nonsense from Foote?
And yes…engaging with me can be frustrating because reality can be a buzz kill.
Simple. They filed a Dec14c for an RS on 11/15/22. Nothing happened. FINRA processes them normally within 20 days at most.
In Feb/23 they announced they cancelled the RS.
Which ONLY means FINRA would not process it as whatever questions they had Foote could not satisfactorily answer.
There will be no RS…and as long as Foote needs cash this will end up at no bid.
I consider those with a single share at a cost basis >$1000 have been wiped out.
There are probably many with a cost basis for their share of >$10,000 and even $100,000.
At first I thought this was a joke...
LOL...because, yes, it is that stupid.
I am not sure Rory fully appreciates the SEC mess he will get himself into.
There would not be many shareholders.
ANYONE who has been in the stock for any length of time has been wiped out.
Or more to the point, pretty much EVERY MULN SHARE that has EVER been traded is currently underwater.
Even flippers have been handed their ass.
I don't think FINRA is going to process shit.
This is dead.
There will be no RS. FINRA has already shown it will not process one. This can only end as no bid.
Still quint zeros I see. Situation normal.
Carry on.
So he bought Optilan twice now?
Haven't been following for awhile but that seems kinda stupid
Nigeria? LMAO!!!
Is that like the call from the Nigerian prince that needs to move money to the US????
Too funny...
This is worth the read.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=175099119
And Nasdaq is an accomplice in this….
But they won’t. MULN has provided a roadmap to game the system. Get the RS done before the 30 days is up and all is well….even if it raises the cumulative within two years to 1:2,250,000.
Ridiculous.
Excellent article by Brenda as usual. Nasdaq had many tools at its disposal to reject the latest reverse split.
They chose not to.
This makes them a joke. If I was a serious company on Nasdaq I would be raising holy hell with them.
The capital market is going to become another version of the OTC…if they haven’t already.
How does the Nasdaq appeals board do this shit with a straight face?
1 for 2,250,000….
A complete disgrace.
Obviously?
And you believe a serial liar?
Yes a lot of junk on CM.
Nasdaq has a “CE” category?
Well they have PR’d the reverse split. 100:1 on Sept 17.
I guess it will be filed after hours.
Nasdaq is a joke.
Their proposed changes to make it easier to kick a penny stock off the Exchange are a joke if they aren’t even willing to utilize the tools they have now.
“however, pursuant to the terms of the Company’s 2022 Equity Incentive Plan, as amended, the number of shares then reserved for issuance under such plan will not be adjusted based upon the Reverse Stock Split ratio”
LMAO
Looks like Nasdaq is going to process a 100:1 RS next week that brings the total RS amount in the last 18 months to 2,250,000:1.
Nasdaq is making a mockery of itself.
How exactly does a naked short vote? LOL.
Michery counts on most stockholders not voting.
They have to file an 8K today with the results of the Shareholder vote.
My bet right now is they submitted the split request to Nasdaq on Monday of this week and Nasdaq called a timeout or refused to process....which is why we have not seen any market notification of the split.
If that's the case, next week will be very interesting. They will get a delisting notification on Monday or Tuesday and have to disclose that publicly within 4 days. In that disclosure they will also have to describe what they are doing or what is going on. They will of course ask for a hearing.
Could this be the start of the end?
Stay tuned.
We know it was approved in the shareholder vote…we don’t know if Nasdaq is processing it or not.
Most of the shorts in this stock are the financiers who cover with an issuance from Mullen and NOT from the open market. Its a threshold security so a good chunk of that is probably naked shorts by the financiers. All OK (because Michery specifically allowed this in the SPA) and they have 35 days to eliminate the naked short with the issuance.
I think Nas needs to see that😉
They have the power right now around the issue of dilution.
If MULN gets kicked down to the OTC...its game over for Michery. He will never be able to raise the money needed to support his spend and capital requirements.
They will not be operationally cashflow positive until they have revenue of $1 BILLION per year at their current overhead spend...and they will never sell more than maybe a few million with a max possible of say $100 million in a year under the most optimistic assumption.
It is destined to fail as a business. Only question is when and how.
Where did this come from? Was it something sent to Nasdaq? SEC? Finra?
Interesting!
One possibility driving this could be some knowledge that the RS isn’t going to happen for some reason. Some folks get excited about that…not understanding the more serious longer term implications.
Or perhaps they know it’s heading back to the OTC where it can more easily be pumped.
Always interesting.
They can’t do an RS this week…which was the whole purpose of moving the meeting date back to Monday. They had to notify Nasdaq by noon this past Monday and the market by noon yesterday in order to affect the RS for Friday’s open and beat the 30 day clock.
They can’t now. So next week they will get a delisting notice…they will ask for a hearing, and then it will be up to Nasdaq to decide.
I am beginning to think that Nasdaq threw a money wrench in the works earlier this week. Have they refused to process the RS? Did they delay things?
Who knows…but something is amiss. If they get knocked down to the OTC there is no way they can raise the $16 million a month they need to feed the cash eating monster they created.
Is that why the dilution is in overload right now?
They aren’t going to get the RS done by Friday….this could get interesting. I wonder if Nasdaq is asking questions? They had to notify them on Monday by noon.
Time it right…these haven’t lasted more than the day.
They don’t produce any cars and never will. A few years back with some of the early funding Michery contracted to get a couple of prototypes built for around $2 million. The earlier narratives used these cars to pump the stock. Pretty typical penny stock story…only on a much more expensive scale.
They did a “tour” with the vehicles that was highly hyped.
About a year ago (or maybe less) they announced they were abandoning the passenger car market to focus on commercial trucks. It would probably have cost them $1 Billion to actually bring the Mullen Five into actual mass production.
Interestingly they still have a “passsenger vehicle” division listed in their website.
They import Chinese Class 1 and Class 3 EV truck kits and assemble them and make modifications that supposedly make them legal in the US. The amount of modification is said to be significant enough that they can say they are American made. You’d have to go back through the PR’s.
They also have a majority interest in a company called Bollinger that does produce trucks as well. Almost went into bankruptcy but Mullen threw them a life line.
They have already produced around 300 of the Chinese Class 1 and 3 vehicles and have sold 8-10. The rest sit on the lots of the Randy Marion dealership. This all came out of the ELMS bankruptcy a couple of years ago when they bought the assets.
Nobody is buying them and after one year Randy Marion can return them.
It is going to be an interesting 6-10 months from now.
They got $250 million in funding from Esousa/Ault which killed the stock price over 99.99%. They are working through the second $250 million.
The dilution is the worst I have ever seen.
It is because of the significant production assets they have. Only problem is nobody is buying what they are producing.
That’s what makes this so interesting.
Of all the stocks I have watched in the last dozen years (a mere shadow of your experience 😉) this has been the most interesting.
It will implode at some point…and a lot of assets to actually deal with…which will be interesting.
A delisting would move that along quickly as there is no way he can raise $16 million a month from the OTC (his current cash burn).
So the way the rule is written it appears to be backwards looking. At the time of the 3rd reverse split they had only done 1:225. It appears Nasdaq doesn’t give a rip about what that third one was only that they were under the 1:250 limit when they did it. I haven’t found anything to suggest that Nasdaq limits them to 1:250 in total….it only seems to related whether they get a grace period based on what the total ratio has been in the last 2 years.
I am curious whether Nas turns a blind eye to an RS if it is done prior to the 30 day expiring.
I would hope not. It will be interesting to see what Nasdaq does. They are not obligated to process/approve an RS and can delist a stock for massive dilution…in the public interest. Have they ever done that? Who knows.
But if they wanted to demonstrate to the serious companies on Nasdaq that they are serious about the influx of penny stocks since the changes to 15c2-11, this would be the one to kick off.
But I am not holding my breath.