NetworkNewsBreaks — Mullen Automotive Inc. (NASD
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Posted On: 06/16/2023 5:11:44 PM
NetworkNewsBreaks — Mullen Automotive Inc. (NASDAQ: MULN) Corrects Shareholder Letter to Reflect $0.38 Per Share
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has released a letter to its shareholders designed to address the decrease in the company’s share price. The letter noted that earlier this week, the company’s common stock closed at $0.32 per share, down 90% since the end of March. The company currently trades at a discount to its current cash position of $135 million or $0.38 per share. The letter noted several key factors, including $86.7 million of cash available to operations and $0.68 of cash value per share as of March 31, 2023, and the completion of two acquisitions, which has added valuable, unencumbered assets to the company’s balance sheet. “Despite the decline in stock price, management believes we are in position to meet the previously announced objectives for moving first into the production and then sale of our Class 3 commercial vehicles during the quarter ending Sept. 30, 2023,” the company stated in the shareholder letter. “To date, the company has filed over 200 U.S. and international patent applications, with 90 patents granted to date, related to vehicle design, technology, safety and convenience features in support of the Mullen FIVE consumer vehicle program. The company has received $279 million in purchase orders from Randy Marion Automotive Group for Mullen Class 1 and Class 3 EV vans and trucks. Randy Marion, based in North Carolina, is one of the largest commercial vehicle dealer groups in the U.S.”
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Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has released a letter to its shareholders designed to address the decrease in the company’s share price. The letter noted that earlier this week, the company’s common stock closed at $0.32 per share, down 90% since the end of March. The company currently trades at a discount to its current cash position of $135 million or $0.38 per share. The letter noted several key factors, including $86.7 million of cash available to operations and $0.68 of cash value per share as of March 31, 2023, and the completion of two acquisitions, which has added valuable, unencumbered assets to the company’s balance sheet. “Despite the decline in stock price, management believes we are in position to meet the previously announced objectives for moving first into the production and then sale of our Class 3 commercial vehicles during the quarter ending Sept. 30, 2023,” the company stated in the shareholder letter. “To date, the company has filed over 200 U.S. and international patent applications, with 90 patents granted to date, related to vehicle design, technology, safety and convenience features in support of the Mullen FIVE consumer vehicle program. The company has received $279 million in purchase orders from Randy Marion Automotive Group for Mullen Class 1 and Class 3 EV vans and trucks. Randy Marion, based in North Carolina, is one of the largest commercial vehicle dealer groups in the U.S.”
Please see full terms of use and 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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