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Mullen Automotive, Inc. (NASDAQ:MULN) shares are trading higher Tuesday after the company's CEO and chairman David Michery provided a business update.
The Details:
Michery said the company maintains a "strong financial position," and Mullen's total assets are expected to be approximately $191.4 million as of June 30, 2024.
He highlighted Mullen's achievement of receiving all federal and state regulatory requirements and qualifying for multiple state level incentives that will help make its EVs more affordable, promoting additional sales.
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Michery also said Mullen Automotive is advancing its solid-state polymer pack program and is continuing to conduct battery and vehicle testing since Class 1 EV cargo van road testing began in February 2024. Mullen expects to have the solid-state polymer packs fully certified for production and sale in the second half of 2025.
According to data from Benzinga Pro, Mullen shares are climbing on heavy volume and are trading below the stock’s 50-day moving average of $2.42.
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in Mullen Automotive's case, it is in the Consumer Discretionary sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
MULN Price Action: According to Benzinga Pro, Mullen Automotive shares are up 16.5% at 89 cents at the time of publication Tuesday.
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Image: Courtesy of Mullen Automotive, Inc.
Posted In: MULN
