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Mullen Automotive, Inc. (NASDAQ:MULN) stock is moving lower Friday. The company announced a 1-for-100 reverse stock split.
What To Know: The reverse stock split will take effect at market open on September 17 when the company’s shares will begin trading on a split-adjusted basis.
Mullen stated that the main intention behind the reverse stock split is to bring the company’s shares in line with the $1 minimum bid price requirement.
Shareholders approved a reverse stock split between 1-for-2 and 1-for-100 on September 9 at a special shareholders meeting. It is not guaranteed that the company will meet the minimum bid price requirement following the reverse stock split.
How To Buy Mullen Automotive Shares
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 (NASDAQ:MULN)'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.
See Also: Cruise Industry Sees Steady Rise In Web Traffic While Other Travel Sectors Decline
MULN Price Action: At the time of writing, Mullen Automotive shares are moving 21.7% lower at 13 cents, according to data from Benzinga Pro.
Image: Courtesy of Mullen Automotive, Inc.
Posted In: MULN
