NetworkNewsBreaks – Mullen Automotive Inc. (NASD
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Posted On: 10/19/2023 4:36:52 PM
NetworkNewsBreaks – Mullen Automotive Inc. (NASDAQ: MULN) Announces Filing of Preliminary Proxy Statement
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today announced that it has filed a preliminary proxy statement with the Securities and Exchange Commission (the “SEC”) regarding a special stockholders’ meeting to be held on Dec. 15, 2023, to authorize Mullen’s board of directors to effect a reverse stock split of the company’s common stock at an exchange ratio between 1-for-2 to 1-for-100. Mullen expects that the board’s primary focus in determining whether or not to effectuate the reverse stock split will be the ability to obtain and maintain a continued price of at least $1.00 per share of its common stock on the Nasdaq Capital Market without effecting the reverse stock split. The reverse stock split will only be implemented if necessary to regain compliance with Nasdaq Listing Rule 5550(a)(2), which sets forth a minimum $1.00 bid price. The board will determine the final split ratio after stockholder approval and would retain the authority to abandon the reverse stock split at any time or to delay or postpone it. The reverse stock split would not affect any stockholder’s percentage ownership interests or proportionate voting power, except to the extent that it results in a stockholder receiving cash in lieu of fractional shares.
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
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today announced that it has filed a preliminary proxy statement with the Securities and Exchange Commission (the “SEC”) regarding a special stockholders’ meeting to be held on Dec. 15, 2023, to authorize Mullen’s board of directors to effect a reverse stock split of the company’s common stock at an exchange ratio between 1-for-2 to 1-for-100. Mullen expects that the board’s primary focus in determining whether or not to effectuate the reverse stock split will be the ability to obtain and maintain a continued price of at least $1.00 per share of its common stock on the Nasdaq Capital Market without effecting the reverse stock split. The reverse stock split will only be implemented if necessary to regain compliance with Nasdaq Listing Rule 5550(a)(2), which sets forth a minimum $1.00 bid price. The board will determine the final split ratio after stockholder approval and would retain the authority to abandon the reverse stock split at any time or to delay or postpone it. The reverse stock split would not affect any stockholder’s percentage ownership interests or proportionate voting power, except to the extent that it results in a stockholder receiving cash in lieu of fractional shares.
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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