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Mullen Automotive, Inc. (NASDAQ:MULN) shares moved lower on Tuesday after the electric vehicle maker announced a consolidation of its business and a forthcoming rebrand to streamline operations and improve financial efficiency.
The company revealed plans to merge operations with its subsidiary Bollinger Motors, adopt a new corporate name, Bollinger Innovations, and update its NASDAQ ticker symbol prior to August 15, 2025.
The restructuring involves centralizing its commercial vehicle operations in Oak Park, Michigan, and consolidating all sales, marketing, and service divisions under the Bollinger brand.
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Since the beginning of 2025, Mullen said it has reduced its workforce by 155 positions and expects to cut operating expenses by at least $35 million annually.
Executives say the consolidation eliminates duplicative functions and focuses resources on the company's core offerings in the Class 1, 3, and 4 electric commercial vehicle segments.
"After the consolidation, we are laser focused and confident we will drive our products into the market while being fiscally responsible under one unified brand," said Jim Connelly, Chief Revenue Officer of Bollinger Motors.
Jonathon New, Chief Operating Officer of Mullen Automotive, emphasized that the move would unlock substantial savings across sales, engineering, and operations.
David Michery, CEO and Chairman of Mullen, added the changes are essential for scaling toward profitability.
The updated lineup includes the Mullen ONE, a Class 1 electric cargo van, and the Mullen THREE, a Class 3 cab chassis EV truck, both fully certified under U.S. safety and emissions regulations.
Meanwhile, Bollinger's B4 Chassis Cab, an all-electric Class 4 truck, boasts a 158-kWh battery pack, 185-mile range, and payload capacity of 7,325 pounds.
Executives noted the company anticipates meaningful sales orders this fiscal quarter.
Price Action: MULN shares are trading lower by 5.7% to $0.1109 at last check Tuesday.
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Posted In: MULN
