NetworkNewsBreaks — Mullen Automotive Inc. (NASD
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Posted On: 04/28/2023 3:55:19 PM
NetworkNewsBreaks — Mullen Automotive Inc. (NASDAQ: MULN) Reports on EMM Installation in Nation’s Capital, Recent Stock Performance
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has provided an update on the testing and installation of Energy Management Modules (“EMM”) comprised of 40 Chevrolet Bolts within the Washington, DC, city government’s vehicle fleet. According to the update, Mullen Advanced Energy Operations (“MAEO”) has been collaborating on the testing; MAEO is a 51%-owned subsidiary of Mullen Automotive EV Technologies LLC and Global EV Technology Inc. as partners. The contract for the purchase and installation of EMM units on Chevrolet Bolts had been awarded to EV Technologies earlier, and initial phase of contract execution requires vehicle calibration testing on a dynamometer. A team of Mullen and EV Technologies engineers have been conducting the required tests, and the first wave of vehicles have completed the testing as planned. Phase two, which is slated for next week, includes the installation of the EMM units along with a second dyno test, and then the vehicles will start being used with the EMM installed. The update noted that testing indicates that EMM technology significantly increases the driving range and efficiency of EVs. “I am very pleased with the progress the team has made this week executing the D.C. plan on time,” said Mullen Automotive CEO and chair David Michery in the press release. “We are expecting next week to have EMM units installed and vehicles back in rotation for the D.C. city fleet.”
The company is also noted that it is taking affirmative steps in light of the “extraordinary trading volume and evidence of unusually high levels of failure to deliver on short sales” as reported to the U.S. Securities and Exchange Commission. In response, the company will be retaining outside counsel that will work closely with Shareholder Intelligence Services LLC (ShareIntel) to study and evaluate data gathered from broker-dealers, clearing firms and other sources to provide actionable intelligence on potential market manipulation and illegal short selling. “As a fiduciary to its shareholders, the company will do everything in its power to address any evidence of improper trading in Mullen securities,” the company stated.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has provided an update on the testing and installation of Energy Management Modules (“EMM”) comprised of 40 Chevrolet Bolts within the Washington, DC, city government’s vehicle fleet. According to the update, Mullen Advanced Energy Operations (“MAEO”) has been collaborating on the testing; MAEO is a 51%-owned subsidiary of Mullen Automotive EV Technologies LLC and Global EV Technology Inc. as partners. The contract for the purchase and installation of EMM units on Chevrolet Bolts had been awarded to EV Technologies earlier, and initial phase of contract execution requires vehicle calibration testing on a dynamometer. A team of Mullen and EV Technologies engineers have been conducting the required tests, and the first wave of vehicles have completed the testing as planned. Phase two, which is slated for next week, includes the installation of the EMM units along with a second dyno test, and then the vehicles will start being used with the EMM installed. The update noted that testing indicates that EMM technology significantly increases the driving range and efficiency of EVs. “I am very pleased with the progress the team has made this week executing the D.C. plan on time,” said Mullen Automotive CEO and chair David Michery in the press release. “We are expecting next week to have EMM units installed and vehicles back in rotation for the D.C. city fleet.”
The company is also noted that it is taking affirmative steps in light of the “extraordinary trading volume and evidence of unusually high levels of failure to deliver on short sales” as reported to the U.S. Securities and Exchange Commission. In response, the company will be retaining outside counsel that will work closely with Shareholder Intelligence Services LLC (ShareIntel) to study and evaluate data gathered from broker-dealers, clearing firms and other sources to provide actionable intelligence on potential market manipulation and illegal short selling. “As a fiduciary to its shareholders, the company will do everything in its power to address any evidence of improper trading in Mullen securities,” the company stated.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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