Bollinger Innovations Inc (BINI)

[moe_the_gyp01]

This hasn’t been enough to help MULN stock close above $1, which has shareholders questioning if another reverse split is on the horizon. However, another reverse split may be problematic, as Mullen’s cumulative reverse splits this year have totaled 1-for-225. According to Nasdaq:

“Notwithstanding the foregoing, if a Company’s security fails to meet the continued listing requirement for minimum bid price and the Company has effected one or more reverse stock splits over the prior two-year period with a cumulative ratio of 250 shares or more to one, then the Company shall not be eligible for any compliance period specified in this Rule 5810(c)(3)(A) and the Listing Qualifications Department shall issue a Staff Delisting Determination under Rule 5810 with respect to that security.”

If Mullen had initiated a 1-for-10 reverse split instead of a 1-for-9, its cumulative reverse split ratio would have totaled 1-for-250. This would have made it ineligible for a compliance period. As a result, it appears that Mullen can no longer lean on additional reverse splits in the near term to help get its shares above $1.


https://investorplace.com/2023/08/muln-stock-will-mullen-have-to-enact-another-reverse-stock-split/#:~:text=Mullen%20Automotive%20(NASDAQ:MULN),second%20reverse%20split%20this%20year.