“Illegal naked shorting caused both reverse stock splits, per the lawsuit“
Lol…not even close, they made that one up.
The dilution entirely explains the price drop.
But Michery will never admit that.
Besides the only naked shorting would have come from his financiers IN THE PROCESS OF DILUTING which he allowed them to do “per the” share purchase agreement.
Wow, I didn't know someone could get so much wrong in one post.
This is really delusional to believe that naked shorting caused the reverse splits. The lawsuit is a joke completely fabricated by the Loony Wes Christian with input from the serial scammer Michery. Why didn't Michery disclose how much Christian was being paid - how much company stock.
Naked shorting had very little to with the Mullen depressed price. It had to do the the deluge of Michery created press releases filled with false and misleading information and Michery not having any credibility.
Michery pumping the Hardge Magical Black Box - that kind of nonsense lead to the depressed price not naked shorting.
The Financial Journey guy said that the O/S was now 280 Million - that is a sweet little total of 63,000,000,000 shares pre-split.
I need to make a list since 2020 of all of the Michery pumping press releases that never came to fruition.
Also Wes Christian is an idiot when he states shares were taken from investors accounts but didn't provide any proof. If any investors had margin accounts those shares can be borrowed and even if they have Cash accounts and agree their broker can then borrow their stock.
Your quote is taken from the hilarious and much flawed lawsuit - there wasn't any naked shorting that caused downward pressure. What happened after the first reverse split of 1:25 any sophisticated investor would short the hell out of Mullen and it paid off big and retail investors were devastated by the reverse split and the price going into a death spiral.
What you don't seem to understand is that Nasdaq has given Mullen 2 - 180 extensions and now Mullen is also not in compliance on the Shareholder meeting.
The next big question is - will there be audio problems when there is a vote on the reverse split.
I don't believe there needs to be another vote because shareholders have already approved up to a 1:100 reverse split so they could do a 1:10 reverse split and have a 1:90 reverse split.
This leads me to believe there will be a 1:25 RS - that will be a combined reverse split of 1:5,625.
That will wipe out all current shareholders but like the Black Knight you will still be defending Michery.
"Illegal naked shorting caused both reverse stock splits, per the lawsuit. During the Relevant Period, Defendants and the John Doe Defendant continued to place enormous downward pressure on Mullen’s share price by unlawful short selling, forcing Mullen to execute a second reverse split at 10-to-1 at the end of trading on August 10, 2023. This second reverse split decreased Mullen’s outstanding shares from approximately 1.8 billion to 181 million. This reverse split also restored Mullen’s share price above $1.00, putting its share price back into compliance with Nasdaq listing requirements. https://storage.courtlistener.com/recap/gov.uscourts.nysd.605311/gov.uscourts.nysd.605311.1.0.pdf"
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