Mullen Automotive Inc (MULN)

[Dragon Lady]

MULN-a-CoN: JULY ENDED "PRODUCED NOTHING" LMAO !!

Well.....other than BILLIONS IN DILUTION SHARES to feed coin to FAT MAN DIRTY DAVE aka MAN BOOBS aka THE GREASER and "Friends" ....WTF.....a textbook OTC GUTTER FRAUD STYLE DILUTION MILL PENNY SCAM MACHINE......

5 Ba Ba BILLION DILUTION AVAILABLE and 2.3 BILLION TOXIC GUTTER DEBT NEW DILUTION BEING DUMPED AS WE SPEAK.......

ANOTHER Dirty Dave LIE-n-SCAM PUMP CON DOWN THE TURD BOWL - he went on Youboob "Financial Journeys to NOWHERE" and LIED that "production at TUnica will start in July" blah blah blah and "CAL" aka the FAKE CANADIAN paid Youboob pump clown criminal non-disclosing promoter ran that dog shit video of lies......

FACTS RIGHT BELOW HERE KIDS - it's ALL laid out !!!

"Mullen Misery

The value of the EV maker has collapsed as the volume of shares outstanding ballooned by almost 70,000%

Mullen has survived by issuing stupefying volumes of stock (plus warrants to acquire even more shares) to a handful of professional investors such as Acuitas Capital LLC and Esousa Holdings LLC. Those investors are then able to flip most of their holdings to the company’s retail investors for a quick and sizeable profit.

At the start of 2022, Mullen had around 23 million shares outstanding, or less than 1 million when adjusted for a 1-for-25 reverse share split in May of this year. Today, there are more than 640 million Mullen shares.

The dilution won’t end there. Soon there could be almost 3 billion shares outstanding, if you add those registered in this filing for the company’s latest $100 million capital call. Of the roughly 2.3 billion of potential share issuance, Esousa and Acuitas are entitled to sell more than 850 million each.

In return for this massive dilution, Mullen has raised a total of only a few hundred million dollars of capital since last year. As of this month, the company held around $235 million of cash, which it says is equivalent to two years of operating capital. Yet that sum won’t go far in the capital-intensive automotive business. (Rivian Automotive Inc. had around $11 billion of cash at the end of March, for example.)

It is hard to keep track of Mullen’s complex financing, but the risks are spelled out plainly enough in financial filings. Its latest prospectus warns the financing “has the potential to cause significant downward pressure” on the share price and may result in an overhang whereby lots of shares become available for sale or there is a perception that certain holders intend to sell their shares.

Ordinary investors have been crushed, but Mullen Chief Executive Officer David Michery hasn’t suffered as much. For every $100 million of equity or debt financing he raises, he is awarded 1% of the shares then outstanding, according to his compensation arrangements outlined here.

Michery is skinning investors - he does care about building a business he only cares about enriching himself.

IG

THEM'S THE FACTS IN THIS CASE....and they are INDISPUTABLE....!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

https://hindenburgresearch.com/mullen/

MULN-a-FRAUD: DIRTY DAVE'S NUMERO SIX PENNY SCAM and just ANOTHER EV HUSTLE..:))

CONS HELPING CONS....MULN-a-SCAM....LMAO.....can't even make this crap up it's so freaking dirty and B A D ....BAD BAD BAD......:))

Just an FYI on @Mullen_USA. In announcing their partnership with Lawrence Hardge, they stated in a PR and SEC filing that "In the late 90s, Lawrence was convicted of a state crime, which was ultimately expunged." Is this true? @hardge_law87778 $MULN #MULN pic.twitter.com/6VdqvCUI0I

— Post Hoc (@PostHoc94107) May 18, 2023

https://www.vicksburgpost.com/2001/08/29/city-man-pleads-guilty-to-securities-laws-violations/

$MULN Founder, Chairman and CEO, David Michery led 5 failed penny stock companies prior to Mullen.

Two had their securities registrations revoked by the SEC, two terminated their securities registrations, and the last one merged with a speculative gold mining company. pic.twitter.com/nUcYJJtisR

— Hindenburg Research (@HindenburgRes) April 6, 2022

For its electric SUV, $MULN previously announced it received an order for 10,000 vehicles, representing $500 million in potential revenue. We called the South Florida contractor firm that placed the order. It currently has only around 11 vehicles, none of which are electric. pic.twitter.com/ovfDwCman1

— Hindenburg Research (@HindenburgRes) April 6, 2022

Previously, $MULN had announced purchase orders valued at $60 million for 1,200 Class 2 commercial EV fleet vans. The order came from a small cannabis retailer with only one location, a mailbox drop address & new online store. pic.twitter.com/XIRLAEVwY5

— Hindenburg Research (@HindenburgRes) April 6, 2022

SCAM....SCAM....SCAM......:))