Sunday, May 01, 2022 8:23:39 PM
MULN
But Mullen Automotive’s difficulties are hardly that simple. And it would be a mistake to neatly package them under the pretense of broader macro issues. Today let’s review some of MULN stock’s more recent plot developments, off and on the price chart, and why steering clear of the company continues to make sense.
MULN
Mullen Automotive
$1.32
MULN Stock EV Podium Dreams
In some ways not much has changed in the month since I was last tasked to discuss MULN stock. It’s still about two years until, cross your fingers, until Mullen Automotive’s $55,000 compact, luxury EV crossover Mullen FIVE puts it rubber to the road.
Critical to the bull thesis in MULN stock and why holding a long position makes sense, the FIVE has garnered plenty of positive buzz after winning the prestigious ‘Top SUV’ ZEVAS award this past year. It won on the back of specs which have many anticipating the concept stage EV play could be a so-called Tesla (NASDAQ:TSLA) killer.
Yeah, the Mullen FIVE certainly looks the part of a badass vehicle.
Then there’s Mullen’s commercial EV vans. The company’s Class 1 EV and 2 EV cargo vans for fleet customers are set for launch later this year. Not much has changed there either. Appreciatively though, a finished product and revenue stream that doesn’t look like today’s bagel, does appear to be nearby.
Newer to MULN stock scene, the outfit announced plans to break ground for a facility in California for EV battery pack production. And just last week Mullen said it will begin testing on its next-gen, solid-state polymer battery cell which is purported to have a driving range of more than 600 miles. Results are set to be released in early May.
Mullen’s Other Fabrications
What’s being bullishly fabricated by the company may not be all that it’s cracked up to be. Mullen Automotive remains a pre-revenue EV play pitting bullish Redditors more interested in short-lived, short squeezes under typically hyped pretenses, against more entrenched bears whose ranks total about 15% of MULN stock’s float.
More to the point, short sellers have been winning in these sorts of plays now for more than a year now. And there are weaknesses in MULN stock that may prove too much to overcome.
Share dilution. Insider selling. You can check those undesirable boxes in MULN stock. Then there’s notorious, but on-the-money short seller Hindenburg Research. The firm recently called out Mullen’s solid state battery as a fabrication and the company as “yet another fast talking EV hustle” whose dots cannot be connected.
Along with serious cash burn and a challenged financial position, they’re among reasons why a significant bear population persists in MULN stock despite a market capitalization that’s dwindled to less than $425 million and share price fetching under $1.50.
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Lastly, Reddit’s losing battle in MULN stock this year is unlikely a great sign given the group’s dismal track record from A to Z or rather AMC Entertainment (NYSE:AMC) to Zomedica (NYSEARCA:ZOM) and all those other fly-by-night and now, forgotten tickers in-between. Sorry, it’s not 2021 anymore folks.
Steer Clear of MULN Stock
From what’s been laid out today, my advice remains the same as when the stock traded for $3.05 following some sexy vroom, vroom PR from CarBuzz which had Redditors gassing up shares. And that recommendation is to stay out of harm’s way in MULN stock. It worked then and today it’s likely good advice.
If Mullen Automotive was to ever become a Tesla killer or even a fraction the size of the EV giant, today’s reality is so far removed from the proverbial winner’s circle, investors are better off waiting and then paying for a $2 billion or $3 billion valuation in MULN stock at a much higher share price.
The thing is, if MULN were ever able to add that type of value, it will be something other than further share dilution. Which today, is an almost a certain reality.
And at this point in time, if Mullen ever makes it into the bigger leagues of mid-caps, it’s actually much more likely to have something tangible to offer longer-term bullish investors, other than today’s fast money, all talk Reddit penny stock operations still driving shares.
Recent MULN News
- Mullen Automotive to Establish Mullen Credit Corporation • GlobeNewswire Inc. • 10/14/2024 01:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/07/2024 01:00:18 PM
- Mullen Announces Strong Forecast of $75M in GAAP Revenue for Next 6 Months and Immediate Reduction of $5.5M in Monthly Operating Expenses • GlobeNewswire Inc. • 10/07/2024 10:00:00 AM
- Form S-1 - General form for registration of securities under the Securities Act of 1933 • Edgar (US Regulatory) • 10/04/2024 09:15:49 PM
- BOLLINGER MOTORS DELIVERS FIRST FIVE CUSTOMER-READY ALL-ELECTRIC TRUCKS TO NACARATO TRUCK CENTERS • PR Newswire (US) • 10/03/2024 01:30:00 PM
- Mullen Subsidiary, Bollinger Motors, Delivers First B4 Trucks and Receives Payment in Full • GlobeNewswire Inc. • 10/03/2024 01:15:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/02/2024 09:15:20 PM
- Mullen Announces Significant Revenue Increase and Reduction in Spending • GlobeNewswire Inc. • 10/02/2024 01:10:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/01/2024 09:15:29 PM
- Mullen Announces Papé Truck’s $3.2M Vehicle Purchase with Immediate Delivery and Revenue Recognition of 50 Class 1 and Class 3 Vehicles • GlobeNewswire Inc. • 09/26/2024 01:09:34 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/24/2024 01:30:20 PM
- Mullen CEO Provides Video Update to Shareholders • GlobeNewswire Inc. • 09/24/2024 01:00:00 PM
- Mullen Automotive CEO to Update Shareholders in Upcoming Video • GlobeNewswire Inc. • 09/23/2024 03:00:00 PM
- Birth of a Manufacturer: Bollinger Motors Celebrates First Customer-Ready Production Electric Trucks • PR Newswire (US) • 09/23/2024 01:30:00 PM
- Mullen Subsidiary, Bollinger Motors, Achieves Major Milestone Today with Production of First Customer-Ready B4 Electric Truck • GlobeNewswire Inc. • 09/23/2024 01:15:00 PM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 09/20/2024 09:21:45 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/20/2024 09:00:17 PM
- Mullen Provides Update on Volt Mobility $210 Million UAE Order • GlobeNewswire Inc. • 09/20/2024 01:25:00 PM
- BOLLINGER MOTORS ANNOUNCES PRICING FOR THE 2025 BOLLINGER B4 COMMERCIAL ELECTRIC TRUCK • PR Newswire (US) • 09/18/2024 01:30:00 PM
- Mullen Subsidiary, Bollinger Motors, Announces Pricing for the 2025 B4 Commercial Electric Truck • GlobeNewswire Inc. • 09/18/2024 01:15:00 PM
- Mullen Enters into Sales and Service Agreement with Papé Kenworth; one of America’s Leading Commercial Dealer Groups • GlobeNewswire Inc. • 09/17/2024 01:00:00 PM
- Form EFFECT - Notice of Effectiveness • Edgar (US Regulatory) • 09/16/2024 04:15:17 AM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 09/13/2024 09:15:55 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/13/2024 09:15:19 PM
- Mullen Automotive Inc. Announces Reverse Stock Split Effective Sept. 17, 2024 • GlobeNewswire Inc. • 09/13/2024 03:55:00 PM
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