Mullen CEO releases updates with open letter to shareholders

  • Stock Market News
Mullen CEO releases updates with open letter to shareholders
Credit: © Reuters.

Mullen (NASDAQ: MULN ) CEO, David Michery released an open letter to shareholders Wednesday, highlighting the electric automakers’ recent accomplishments and updating readers on ongoing initiatives.

Michery first mentioned the company’s recent receipt of EPA certification for Class 3 EV commercial vehicles which Michery highlighted as “a critical milestone to allow shipping to customers.”

The EV company had previously announced a request for a hearing before a Nasdaq Hearings Panel which has been granted. The hearing consequently stays any suspension or delisting action pending the hearing and the expiration of any additional extension period granted by the Panel.

The CEO mentioned the hiring of Donohoe Advisory Associates LLC to represent the company during the hearing and to articulate its case to the Panel as the Company works toward regaining compliance.

In additional legal developments, Mullen filed a complaint on August 26th in the US District Court for the Southern District of New York against TD Ameritrade, Inc., Charles Schwab (NYSE: SCHW ) Co., Inc., National Financial Services, LLC, and John Does 1 through 10 (referred to collectively as "Defendants").

The complaint accuses Defendants of engaging in actions designed to artificially influence market activity and manipulate the price of Mullen securities during the period from May 4, 2023, to August 25, 2023.

On Sept. 13, 2023, the Defendants filed a request for an extension of time to respond to the complaint. The Court granted the Defendants’ request.

Additional company highlights mentioned in the open letter include a British Airways purchase of Mullen CAMPUS cargo vans, incidentally approving Mullen as a vendor for additional British Airways airport locations.

Mullen also secured $279 million in purchase orders for their Class 1 and Class 3 EV Vans and Trucks from Randy Marion Automotive Group. Initial revenues from the delivery of Class 3 vehicles are anticipated during the quarter concluding on September 30, 2023.

Additionally, as of September 19, 2023, Mullen has been granted the "Qualified Manufacturer" designation by the IRS. This designation allows Mullen to qualify for federal tax credits on commercial EVs, amounting to a maximum of $7,500 per vehicle. These tax credits are applicable to both the Mullen ONE, a Class 1 EV cargo van, and the Mullen THREE, a Class 3 EV cab chassis truck.

“The Company has achieved significant milestones and continues to deliver on our commitments.” Michery wrote in the letter.

“I remain optimistic and committed that Mullen is on the right path to achieving all business objectives, which will benefit our customers, shareholders and employees.”

Shares of MULN are down 7.38% near end of day trading on Wednesday.

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