Why Mullen Automotive Shares Are Surging Today
Mullen Automotive Inc (NASDAQ: MULN) reported preliminary cash and equivalents of $65.2 million as of Q2-end, primarily due to $43.9 million from the issuance of Series C Preferred Stock and associated warrants.
Additionally, the company received $29.6 million in net proceeds under the $30 million Esousa Equity Line, dated September 1, 2021.
Total assets rose approximately 138.4% to over $100 million, helped by the financing activities.
Mullen's debt fell 10.8% quarter-on-quarter to $16.9 million.
Stockholders' equity rose Q/Q to a surplus of +$52.6 million from a deficit of -$10.5 million.
"Our balance sheet continues to improve and our EV programs are all moving forward, including the start of the Mullen FIVE RS program," said chairman and CEO David Michery.
Price Action: MULN shares are trading higher by 18.9% at $1.03 in premarket on the last check Friday.
See more from Benzinga
Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
