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Mullen Automotive, Inc. (NASDAQ:MULN) shares are trading lower Tuesday after rising Monday following the announcement of a large purchase agreement.
The Details:
Mullen shares climbed more than 8% on Monday after the company announced a $210 million purchase agreement with Volt Mobility for 3,000 Class 1 and Class 3 EV cargo vans and trucks over a 16-month period. Mullen will receive an initial $3 million deposit within 60 days and additional payments as the vehicles are delivered. The company said it will begin shipping the first vehicles immediately.
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“Volt is reshaping the way people and businesses move across the UAE and GCC,” said David Michery, CEO of Mullen Automotive. “This landmark agreement provides Mullen with exposure to leading global transportation companies and the opportunity for utilizing Mullen EVs across the UAE and other areas of the Middle East.”
Mullen shares are pulling back Tuesday on heavy trading with more than 68 million shares already traded in the session. According to data Benzinga Pro, the stock is down by more than 70% over the past month.
By now you're likely curious about how to participate in the market for Mullen Automotive – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.
In the the case of Mullen Automotive, which is trading at $0.33 as of publishing time, $100 would buy you 294.12 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
MULN Price Action: According to Benzinga Pro, Mullen Automotive shares are down 8.83% at 33 cents at the time of publication Tuesday.
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Image: Courtesy of Mullen Automotive, Inc.
Posted In: MULN
