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They can’t buyback “higher”. Any buyback trades cannot be the higher of either of the current highest bid price or the last executed and reported trade.
The buyback rules are set up so as to prevent companies from trying to manipulate the price upwards.
Yes, one of them.
Rule 10b-18
I see no rationale for Nasdaq to do anything but deny the appeal…IF Michery even asks for one.
He can stop or suspend the buyback anytime by simply not buying. There is no obligation to spend all or any of the Board approved amount.
The biggest challenge Michery is going to have is they can’t buyback in the last 30 minutes of trading…and that is when the real action is.
Michery did the equivalent of setting $3.6 million in cash on fire yesterday…lol.
The amount was in the press release.
today announces the start of the Company’s $25 million stock buyback program with the repurchase of 3.7 million shares of common stock, which started on Aug. 16, 2023, and can continue through Dec. 31, 2023, for an aggregate of $3,626,000
“I enjoy you "correcting" me. Please continue with it.”
As you wish. 😎
I think you are misremembering what both of those conversations were about. I don’t even recall the UNCC discussion as correcting anything and the issue I believe we were discussing in the 1 for 9 is whether anything above that would result in immediate delisting.
It wouldn’t.
Do you just not like people disagreeing with you.
You seem to have been holding onto those two conversations for awhile now?
He’s got $200 million to piss away.
Yeah…I didn’t believe them.
I didn’t believe he would do only a 1 for 9 because he would find himself in exactly the predicament he is in. I guess he chose to take the risk…and odds are increasing it was the wrong one.
I also thought they would close with a bid price of a $1 yesterday. I was wrong. lol.
It’s even funnier since they burned 15% of their buyback money and failed to get it over a $1. I think we both agree Michery is clueless.
What does any of that have to do with Mullen being able to appeal a Staff Delisting Determination.
I am not sure what point you are trying to make now…or do you simply not like when someone corrects you?
It’s not what I believe it’s what Nasdaq rules allow. Even Mullen is quoting them:
https://ih.advfn.com/stock-market/NASDAQ/mullen-automotive-MULN/stock-news/91842376/mullen-automotive-starts-stock-buyback-program
“The Company was noticed by Nasdaq on March 7, 2023, which stated in part that “If compliance cannot be demonstrated by September 5, 2023, Staff will provide written notification that the Company’s securities will be delisted. At that time, the Company may appeal Staff’s determination to a Hearings Panel.”
Brian holds a majority of the the Pref B so he can do anything with them he wants. The last time they put a restriction I believe he said he would not vote and leave it up to the remainder of the Pref B holders.
There is nothing to suggest he did that this time.
I’d guess his toxic financiers made him do it as a condition of the financing.
So they spent 15% of their buyback money in one day and couldn’t get the price to stay above $1?? LOL. That doesn’t bode well.
Besides…they can’t buyback in the last 30 minutes of the trading day…when it really matters. This is going to get interesting.
You truly can’t be this clueless?
Actually Foote would control the vote anyways as I think about it. He kept himself out of the vote the first time around….probably not this time.
Had not spent much time reading the filings and didn’t see that. They actually can’t do that without the consent of the Pref B holders…was there a vote like they did to get on the original leak out agreement?
If not they could easily sue HMBL…whether anyone does is another question.
If I am not mistaken the Pref B leak out agreement expired in May 2023. Only the officers and directors will have a Rule 144 limitation…which right now would be about 50,000,000 per 90 days EACH.
I edited my post with the numbers.
No idea…probably not much. One could go through the share accounting in the filings and probably figure that out.
EDIT: I just went and checked. As of June 30, 2023 there were 390,000 B shares left. About 255,000 of those are Brian’s. So of everyone else there could almost half left.
Amazing that 150,000 Pref B shares took this down as low as it did.
I don’t think they are much of a factor anymore. The CD will be.
Just checking in. Finally hit trips I see.
It has been an interesting journey.
But it was inevitable. Even the high and mighty Pref B once worth over $30,000 each are now only worth $9 each and dropping.
The convertible debt holders control things now.
And by doing that the car’s range drops drastically, it becomes much less drivable and dangerous.
I have little doubt that all Michery is doing with the “Five RS” is taking the existing “Five” prototype he hauls around the country and did some of the things you are saying.
But he can’t let anyone just drive it…because of the above.
And while they will likely have some acceleration in short bursts to manage the heating, I hope to god they don’t try going 200 mph…not even Porsche or Ferrari would do that with a one off prototype.
It is a gimmick…and the PR did nothing for the stock price as usual, he no longer has any credibility in the market.
OTC here we come…
Maybe he will have better luck pumping it there. But he will no longer be able to raise any meaningful amount of money. Within 2 years this will be dead.
As I said…there is no mechanism to appeal Nasdaq dragging their feet for an extra 10 days.
“how'd that appeal of them not getting the 10-day rule applied to them on the first 180-day "grace period" go“
There was no “appeal”. There is nothing in the Rulebook that says there is any sort of appeal on the extension of the 10 day period. If there was such a mechanism it would probably take longer to address it than the 10 days Nasdaq could add.
But there isn’t.
What happened there is quite simple.
1) When they got to the 10 days they put out a PR saying, essentially, we have met the 10 day requirement…thinking they were good to go.
2) but Nasdaq never took them off the non-compliant list, because they have the ability and sole discretion to extend the 10 days up to 20 days under certain conditions which applied to MULN.
3) on day 13 MULN fell back below $1 and stayed there so it was a moot point by then.
4) they were still considered non-complaint but still had time left in the second 180 day period.
Except that is going to run out on Sept 7 I believe.
At that point they will get a Staff Delisting Determination, which they can appeal if they choose.
But I do agree they have little chance of being successful. Their share price trajectory has been pretty cut and dry.
That’s fine. I wasn’t addressing the mechanics of the hearing or the probability of success.
I was merely pointing out that they in fact still have the ability to appeal, which your post suggested they did not.
“ Bull. Their appeals are exhausted
You're just another uneducated Bhopal pumper who doesn't know the rules ”
You might not want to be so quick to insult someone when they were in fact correct in what they said…especially since you say have been to an actual “appeal” that MULN would be eligible for.
I was surprised to see it not close at a $1 bid…it was so close all day. But someone absolutely stacked the ASK at 1.00 and they couldn’t push through it.
They have not appealed anything so far as there is nothing to appeal. They have not yet received a “Staff Delisting Determination” What they got a year ago was a notice of non-compliance which afford up to two grace periods which are now exhausted. That is very different.
What will happen now is they will receive a “Staff Delisting Determination” when the second 180 grace period ends.
They can appeal the delisting determination before a hearings panel.
Please refer to Rule 5815 in the Nasdaq Rulebook.
https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-5800-series
When a Company receives a Staff Delisting Determination or a Public Reprimand Letter issued by the Listing Qualifications Department, or when its application for initial listing is denied, it may request in writing that the Hearings Panel review the matter in a written or an oral hearing.
“Their appeals are exhausted.”
Actually they are not. What has been exhausted are their “grace periods”. They will be able to appeal when the notice of delisting shows up but at that point it won’t matter what the stock price does. They will likely lose the appeal and be delisted.
While it is still theoretically possible to stay listed in the coming weeks the odds of doing so went WAY DOWN today.
Well I was wrong. The bid price did not close at a $1 or higher.
It was comical to watch the time and sales. Someone had stacked the ask at $1 which was feverishly being slapped in the last 3 minutes. 90% of the trades were buys.
And then the MOMENT it closed below $1 that completely flipped and the bid got crushed. It’s like whoever was trying to buy their way to it closing above $1 suddenly decided to dump their stock at any price.
Of course it will close at a bid price of $1 or higher…just watch.
Well by that definition they will likely never get there.
“Will they become a real manufacturer?“
What constitutes a “real manufacturer”? My guess is they are going to set the bar on that one pretty low.
They will probably be focusing on short bursts of acceleration. I hope they don’t take a prototype to high speed with a “civilian” in it.
And I realize a few more things would need to be tweaked to allow that…but sometimes the generalization gets the point across better.
You couple probably take pretty much any dual or tri motor EV and triple the HP with some changes to the ECU.
But the reliability would tank, the battery life would tank, you won’t be able to drive it very long due to overheating and the drivability would tank.
They probably have screwed around with the existing prototype FIVE’s ECU, to make it essentially a fast, barely drivable grenade, hence the need for a “professional” driver.
The RS is the EV version of “vaporware”.
They must have a mock up vehicle like they did with the FIVE. Put in some bigger motors at 800 volts and a huge current draw and get maybe 30-60 of usable battery with a driver that knows how to cover up some of the issues…and then do some launches for the customers.
I think you can count on it. It might be a good thing for folks to consider that the price is being supported for a specific purpose.
I wonder what folks think will happen when that purpose goes away…one way or another
In the last year or so, the stock has lost the equivalent of 90% THREE TIMES….and is down another 30% since then…what makes anyone think that 30% won’t turn into yet another 90%…?
It’s as real as the Mullen Five…but they would need a billion dollars to design, develop and get into a production.
So that means not real…
It is for pumping purposes only.
“If they want to survive they need to think bigger.”
If they want to survive they need another half billion dollars.
“Their stated…”
That might be the first problem.