Mullen Automotive Announces Adjournment of Special Meeting
LOS ANGELES, CA - (NewMediaWire) - December 19, 2023 - (InvestorBrandNetwork via NewMediaWire) - This original article is powered by IBN, a financial news, content creation and publishing company.
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle ("EV") manufacturer, adjourned its Special Meeting of Stockholders, which convened on Dec. 15, 2023; the meeting is slated to begin today at 9:30 a.m. PT. According to the announcement, the decision to adjourn the meeting was made to provide time to solicit proxies regarding a proposal that had been submitted to stockholders for approval. The company noted that the proposal, Proposal 1, seeks stockholder approval to amend the company's certificate of incorporation to effect a reverse stock split of MULN's outstanding common stock at an exchange ratio between 1-for-2 to 1-for-100; the specific ratio will be determined by the company's board of directors. The announcement stated that the primary focus of the reverse stock split proposal is to increase the per-share market price of Mullen's common stock in order to comply with NASDAQ's requirement to have a closing bid price of $1 or more per share for a minimum of 20 consecutive trading sessions on or before Jan. 22, 2024, and to maintain its listing on the NASDAQ Capital Market. "During the period of adjournment, the company and its proxy solicitor, Okapi Partners LLC, will continue to solicit votes from the company's stockholders with respect to the reverse stock split proposal," the company stated in the press release. "Stockholders can attend the reconvened Special Meeting on Dec. 18, 2023, via the same meeting link as set forth in the Definitive Proxy Statement filed with the Securities and Exchange Commission on Nov. 8, 2023."
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About Mullen Automotive Inc.
Mullen Automotive is a Southern California-based automotive company building the next generation of electric vehicles ("EVs") that will be manufactured in its two United States-based assembly plants. Mullen's EV development portfolio includes the Mullen FIVE EV Crossover; the Mullen-GO Commercial Urban Delivery EV; the Mullen commercial class 13 EVs; and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and class 46 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of all Electric Last Mile Solutions ("ELMS") assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana. To learn more about the company, visit www.MullenUSA.com.
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