Mullen Partners with Enpower Greentech to Launch U.S.-Made Semi Solid-State Battery Production
Mullen Automotive has signed a Partnership and Supply Agreement with Enpower Greentech Inc. (EGI) to produce SWIFT Series semi solid-state batteries (SSB) at its Fullerton, California Battery Center, targeting commercial and industrial applications ranging from EVs to aerospace and drones.
The collaboration will leverage EGI’s advanced silicon-anode-based SSB technology, offering twice the energy density, ultra-fast charging, and longer life cycles, while reducing tariff-related costs and supply chain risks. Production is expected to begin by early 2026, with EGI also launching U.S. manufacturing in Michigan by late 2025.
Mullen’s facility will feature three battery lines, including a low-volume solid-state polymer R&D line, and aims to support the broader push for domestically produced EV battery solutions. Mullen President John Taylor, formerly of Tesla and GM, will oversee the program’s commercialization.
Reverse Stock Split
Mullen Automotive Inc. (NASDAQ: MULN), the California-based electric vehicle manufacturer, announced that it had executed a 1-for-100 reverse stock split of its common stock—an effort aimed at preserving its listing on the Nasdaq Capital Market. The corporate action took effect at 12:01 a.m. Eastern Time on April 11, 2025. Following the adjustment, Mullen’s shares continued to trade under the ticker symbol “MULN,” but on a split-adjusted basis. The new CUSIP identifier for the post-split shares became 62526P703.
The reverse stock split—originally approved by shareholders at the company’s Annual Meeting on March 13, 2025—was part of a broader strategy to elevate Mullen’s share price above Nasdaq’s $1.00 minimum bid requirement, a threshold critical for maintaining its listing on the exchange. Although the company pursued the reverse split with that goal in mind, it acknowledged there was no guarantee the market would respond favorably or that the share price would remain above the required level.
Mullen’s board of directors had selected the maximum ratio authorized by shareholders—a 1-for-100 split—through an amendment to its Second Amended and Restated Certificate of Incorporation. As a result, every 100 shares of common stock previously held were combined into one new share. The move reduced the number of outstanding shares from approximately 220 million to around 2.2 million.
Despite the dramatic reduction in the share count, the reverse split did not alter the par value of Mullen’s common stock, which remained at $0.001 per share, nor did it affect the number of authorized shares of common or preferred stock. Proportional adjustments were also made to outstanding equity awards, warrants, and convertible notes, though the number of shares reserved under the company’s 2022 Equity Incentive Plan remained unchanged, in accordance with the plan’s terms.
No fractional shares were issued as part of the split. Instead, all fractional interests were rounded up to the nearest whole share, a step the company said was taken to ensure equitable treatment of all shareholders. The reverse split was applied uniformly and did not alter any shareholder’s proportional ownership, aside from minor changes due to rounding.
Continental Stock Transfer & Trust Company, Mullen’s appointed transfer agent, managed the exchange process. Shareholders with book-entry accounts saw their holdings automatically adjusted, while those holding shares through brokers or custodians also experienced automatic conversion, subject to the practices of their respective institutions.
The reverse stock split marked a significant milestone as Mullen, like many emerging EV manufacturers, grappled with volatile markets, heightened regulatory scrutiny, and investor pressure. Whether the move ultimately succeeded in bolstering the company’s market stability and retaining its Nasdaq listing remained uncertain.