Mullen Automotive (MULN)’s share price has witnessed exponential growth recently, with the stock skyrocketing over 25% in trading today. Investors are keen to understand the major catalysts propelling Mullen stock higher.
A key factor is Mullen’s announcement of a 1-for-100 reverse stock split taking effect on December 21. Reverse splits typically drive share prices up through the consolidation of outstanding shares. Mullen’s move aims to meet the $1 minimum bid price requirement for maintaining its Nasdaq listing.
Additionally, Mullen’s robust EV development pipeline has garnered significant investor interest. The company is preparing the Mullen FIVE EV crossover for 2024 production along with commercial EV programs like its Class 1 and 2 vans. Its strong focus on manufacturing solid-state polymer battery packs also differentiates Mullen in the EV space.
With Mullen aggressively expanding production capacity and retail presence, investors are betting on the company’s potential to become a major player in the fast-growing EV industry. The progress shown has restored confidence amongst shareholders, translating into remarkable momentum for Mullen stock this week.
As Mullen executes further on its commercialization roadmap, its share price could continue surging upwards if the company delivers on its promises to disrupt the EV and battery segments. Just watch out for what Chris Johnson is talking about when it comes to the “dirty truth” behind clean energy.