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Mullen Stocktwits: Mullen Automotive Inc (MULN)

Mullen Stocktwits – Mullen’s large investors and its CEO look anxious to part with their MULN stock. Mullen’s (MULN) large investors and Wall Street analysts appear to have lost confidence in MULN stock. Multiple large investors and Mullen’s CEO look anxious to part with their shares of MULN stock. Considering its cash burn rate, Mullen has very little money left, which doesn’t bode well.

The shares of electric vehicle maker Mullen Automotive (NASDAQ: MULN) have tumbled to less than 10 cents. It indicates that institutional investors have lost confidence in Mullen and MULN stock.

In another indication of large investors’ lack of confidence in the automaker, several such investors have been given the right to sell large shares in exchange for a relatively paltry sum. Earlier this year, the company’s CEO vented much of his MULN stock. At the same time, the automaker has a tiny amount of cash left. It has led to Mullen’s capital raise via promissory notes that carry an exorbitant interest rate.

Mullen just sold a new batch of its electric vehicles to the NYPA

  • Mullen Automotive (NASDAQ: MULN) sold a new batch of its electric cars to NYPA after a successful 60-day pilot program.
  • Shares of the electric vehicle startup rose more than 4% on Thursday following the announcement.
  • The New York Power Authority (“NYPA” or “Power Authority”) purchased Mullen’s Campus Delivery vans following the success of an electric vehicle pilot program at NYPA’s 16-turbine hydroelectric facility in upstate New York.
  • The 60-day electric cargo van pilot program began on July 6, 2023, and ended early September 2023.
  • As a result, NYPA would purchase the initial pilot vehicles for fleet operations at its St. Lawrence Franklin D. Roosevelt Power Project, NYPA’s first operational power plant, which opened in 1958.
  • “Power Authority is evaluating additional NYPA locations for Mullen’s full line of commercial electric vehicles, including EV Class 1 cargo vans and EV Class 3 cab chassis trucks,” the company said in its press release.
  • “It’s great to see our electric vehicles enter the Northeast market with the New York Power Authority, our country’s largest utility, using our delivery service model for university transportation.
  • Our EV charging van is ideal for campus environments with large, enclosed workplaces,” said David Machery, CEO and president of Mullen Automotive.
  • The New York Power Authority is the largest state public power group in the United States, operating 16 creating facilities and more than 1,400 miles of transmission line circuits.
  • NYPA is at the forefront of generating and bringing clean, reliable energy to New York State.
  • NYPA’s vision is to create a prosperous, resilient New York State powered by clean energy and a carbon-free, economically vibrant state through consumer partnerships, innovative energy solutions, and the responsible provision of clean, reliable, affordable electricity.

Meme Stock Mullen Is Go Down Its Investors in Shares

Mullen Automotive Inc., Meme Stock, and Retail Investor. Apparently, in the electric car manufacturing business. For now, its most outstanding product is its actions.

About 1.7 billion Mullen shares are outstanding, according to recent financial reports. Up from less than 25 million a year ago, the total authorized amount could soon rise to 5 billion. Several hundred million of these stocks change hands on a typical day, making them the most lively U.S. stocks by volume. Mullen is a case study of the dangers of shareholder reduction, and as the tech bubble bursts, retail investors may be forced to do the same.

Loss-making Mullen had about 120 Tesla Inc. employees at the end of September. The challenger does not expect to begin production of its first SUV until next year. Despite this, it already has a dedicated fan following and is among the most talked about companies on online forums like StockToots. Last year, Mullen purchased a majority stake in Bollinger Motors Inc. and assets of the bankrupt Electric Last Mile Solutions Inc., expanding its potential vehicle lineup and manufacturing capacity and adding to investor enthusiasm.

Mullen’s Latest Initiative Should Not Thrill Investors

On April 18, Mullen disclosed that it had launched an entity that “will focus on improving Mullen’s energy management technology before moving on to other applications.” Two other firms are partnering with Mullen on the venture.

But Seeking Alpha columnist Bashar Issa reports that Mullen’s EVs “depend heavily on Chinese tech and design.” Two other EV makers that I followed closely, Ayro (NASDAQ: AYRO) and Electramecchanica (NASDAQ: SOLO), were forced to stop using Chinese contract manufacturers because the quality of the EVs the manufacturers made reportedly did not meet the U.S. companies’ standards. In several past columns, I’ve discussed why I doubt Mullen’s technological acumen; given all these points, I’m not hopeful about the automaker’s newest venture.

Mullen’s Stock Balance Sheet Hides an Uphill Battle

When Mullen Automotive ( NASDAQ: MULN ) released its first-quarter results on February 14, traditional investors may have been disappointed. The zero-revenue electric vehicle company lost another $376 million in the quarter, an impressive feat for a company worth just $400 million on the public markets. Even corporate governance watchdogs may have turned their backs. CEO David Moshiri and other executives received $36 million in stock compensation for their performance, an incredible payday for a company that has yet to build a single production vehicle.

But it’s hard to get mad at a company like Mullen. It is because, despite all odds, electric vehicle startups still exist. Mullen is still trending on Reddit and Stocktwits. Machery is a master at raising money to avoid bankruptcy.

Like Will Ferrell’s character in Anchorman, he’s not crazy either. Because what Mullen is doing is nothing short of amazing.

Conclusion on MULN Stock

Mullen’s CEO and institutional investors show an apparent lack of confidence in Mullen. Combined with bare company coffers, it suggests this company isn’t on the right road. I’d argue that Mullen is probably headed for bankruptcy sooner or later. Consequently, I strongly recommend that all investors sell MULN stock.

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