Mullen Automotive 1-for-100 Reverse Stock Split
Mullen Automotive, a U.S.-based electric vehicle manufacturer, announced it will implement a 1-for-100 reverse stock split of its common stock, effective June 2, 2025. The move aims to help the company regain compliance with Nasdaq’s $1.00 minimum bid price requirement. Post-split, Mullen’s shares will continue trading under the ticker symbol “MULN,” but with a new CUSIP number. The stockholders approved the measure during a special meeting held on May 21, and the board subsequently selected the 1-for-100 ratio within the previously authorized range of 1-for-2 to 1-for-250.
The reverse split will consolidate every 100 existing shares into a single new share, reducing the number of outstanding shares from approximately 80 million to 800,000. While the split affects all shareholders proportionally, no fractional shares will be issued; instead, holdings will be rounded up to the nearest whole share. Equity awards, convertible notes, warrants, and preferred stock conversion rates will be adjusted accordingly, although the total shares reserved under Mullen’s 2022 Equity Incentive Plan will remain unchanged.
Mullen emphasized that the reverse split will not alter the par value or the total number of authorized shares. The company’s transfer agent, Continental Stock Transfer & Trust Company, will oversee the transition, and shareholders do not need to take any action to receive the adjusted shares. With the EV market under pressure and Mullen seeking to shore up investor confidence, the reverse split marks a critical move to maintain its listing and stabilize its financial standing in the public markets.
Mullen Automotive Settles with GEM Group
On May 9, 2025, Mullen Automotive entered into a settlement agreement with GEM Group to resolve a longstanding legal dispute. Under the agreement, GEM has a 55-day due diligence period (extendable) to evaluate acquiring Mullen’s Mishawaka, Indiana, facility in full satisfaction of a judgment. During this period, all collection efforts are paused. CEO David Michery stated the settlement ends four years of litigation and allows the company to focus on growth. Meanwhile, Mullen is expanding its Tunica, Mississippi, manufacturing plant to meet rising demand for its electric commercial vehicles.
Mullen 1.4M EV Order from Cashflow
Mullen Automotive has announced a new order for 20 Class 3 all-electric Mullen THREE trucks from Cashflow on Wheels, a Houston-based logistics provider specializing in last-mile delivery for FedEx and Amazon. The deal, valued at approximately $1.4 million, will be fulfilled through Mullen dealer Pritchard Automotive.
The move supports Cashflow on Wheels’ strategic transition to EVs, driven by operational savings of $500+ per route per week observed during testing. CEO Kendrick Edwards emphasized the scalability and cost-efficiency of EVs for future expansion. Mullen CEO David Michery noted the order reflects rising demand for green commercial vehicles.
Founded in 2023, Cashflow on Wheels is focused on efficient, sustainable logistics while creating jobs and economic opportunities across its delivery network.