Mullen Automotive Inc (MULN) Options

What a bizarre mess.

They don’t produce any cars and never will. A few years back with some of the early funding Michery contracted to get a couple of prototypes built for around $2 million. The earlier narratives used these cars to pump the stock. Pretty typical penny stock story…only on a much more expensive scale.

They did a “tour” with the vehicles that was highly hyped.

About a year ago (or maybe less) they announced they were abandoning the passenger car market to focus on commercial trucks. It would probably have cost them $1 Billion to actually bring the Mullen Five into actual mass production.

Interestingly they still have a “passsenger vehicle” division listed in their website.

Thank you. I can't bring myself to read about what they do to the trucks. And cars.

Seems to be a very strange way to run a business.

They import Chinese Class 1 and Class 3 EV truck kits and assemble them and make modifications that supposedly make them legal in the US. The amount of modification is said to be significant enough that they can say they are American made. You’d have to go back through the PR’s.

They also have a majority interest in a company called Bollinger that does produce trucks as well. Almost went into bankruptcy but Mullen threw them a life line.

They have already produced around 300 of the Chinese Class 1 and 3 vehicles and have sold 8-10. The rest sit on the lots of the Randy Marion dealership. This all came out of the ELMS bankruptcy a couple of years ago when they bought the assets.

Nobody is buying them and after one year Randy Marion can return them.

It is going to be an interesting 6-10 months from now.

They got $250 million in funding from Esousa/Ault which killed the stock price over 99.99%. They are working through the second $250 million.

The dilution is the worst I have ever seen.

What ARE they producing? Certainly not electric cars. Or trucks.

It is because of the significant production assets they have. Only problem is nobody is buying what they are producing.

That’s what makes this so interesting.

That's quite a burn.

Of all the stocks I have watched in the last dozen years (a mere shadow of your experience 😉) this has been the most interesting.

It will implode at some point…and a lot of assets to actually deal with…which will be interesting.

A delisting would move that along quickly as there is no way he can raise $16 million a month from the OTC (his current cash burn).

Pulling up a chair, and will get some popcorn.

So the way the rule is written it appears to be backwards looking. At the time of the 3rd reverse split they had only done 1:225. It appears Nasdaq doesn’t give a rip about what that third one was only that they were under the 1:250 limit when they did it. I haven’t found anything to suggest that Nasdaq limits them to 1:250 in total….it only seems to related whether they get a grace period based on what the total ratio has been in the last 2 years.

I am curious whether Nas turns a blind eye to an RS if it is done prior to the 30 day expiring.

I would hope not. It will be interesting to see what Nasdaq does. They are not obligated to process/approve an RS and can delist a stock for massive dilution…in the public interest. Have they ever done that? Who knows.

But if they wanted to demonstrate to the serious companies on Nasdaq that they are serious about the influx of penny stocks since the changes to 15c2-11, this would be the one to kick off.

But I am not holding my breath.

Yes, you're right. The 1:250 rule is from 2020. Given that, how did the company manage to do three last year?

And I agree with you that the new rule is inadequate. What people--and professionals like Virtu--want to see if for the exchange to stop listing so many shitty companies, and to get rid of more of those it has already listed.

The 30 days below $1 ends this Friday. That means they would get a notice of delisting next week regardless of what the stock does on Monday since they have done a total of 1:22,500 in the last 17 months and are not eligible for any grace periods. They could still appeal, but it would be straight forward for Nasdaq to decline…which might be an optimistic assumption.

Originally the shareholder vote was scheduled for Friday and many of us pointed out the problem with that. And sure enough a couple of weeks ago Michery moved it back to Monday.

He knows exactly what the situation is.

Why do they have to get it done by Friday morning? How long has the stock price been out of compliance with the listing standard? Can't they negotiate with Nasdaq for another 180 days? I know that's been limited now, but in reality, the exchange seems willing to allow issuers endless delays of one kind or another.

That is not a new rule…it’s been around for awhile I believe.

What Nasdaq has proposed is that when a company appeals their second grace period they are removed until the appeal.

Which is completely inadequate in my opinion.

They don’t deal with serial reverse splits that are completed prior to triggering the 30 day period…which is exactly what Muln is trying to do here.

Something isn’t right. If they don’t get the RS done for Friday open they are screwed. This is why Michery moved the vote back to Monday.

My question is would they have submitted this to Nasdaq for approval before announcing? If I was Nasdaq I would put a hold on things. Otherwise all their talk of making it harder for penny stocks to remain on Nasdaq via reverse splits is meaningless.

This stock is 1 for 22,500 in the last 17 months. It is the posterchild for what should be removed.

Nasdaq states that a company can't do more than a combined reverse split of 1:250 over a 2 year period.

Yes, that will be a problem for them.

I suspect the next won't spark a Nasdaq delisting. My guess is that the new rule specifies that the clock on the two years started ticking when the new rule became effective. So MULN won't have to worry about any of last year's splits.

Oh, I know, the o/s is growing like Jack's beanstalk. I just wonder when they expect to have to do a reverse split, and why.

lol, I don't bother to wonder whether they'll ever make any electric cars. Or trucks. Or batteries.

Perhaps the assumption was that NASD can't calculate all that, as I am sure Davie boyo couldn't either.

What about being delisted by Nasdaq. Nasdaq states that a company can't do more than a combined reverse split of 1:250 over a 2 year period.

Mullen was slick - from May to December 2023 they did a combined reverse split of 1:22,500.

The slick part is the first R/S was 1:25 and the second was 1:9 for a combined 1:225 (under the 1:250) and then the last one was 1:100 in December.

Do you believe the next R/S will trigger a Nasdaq delisting?

The Os went from 40 million to +85 to + 350 in the last few weeks.

Toxic financiers trying to get their money back plus interest.

S1s abound, pumpers galore

Lots of fun

I think they must anticipate issuing a ton of stock. Well, it isn't just what I think; it's what they say. They'll do the r/s if they lose compliance with the SEC's listing standards. Right now, they're in no danger of that happening, so they must have something in mind that'll take the o/s through the stratosphere once again

For the moment it is a 'you had to be there' kinda thing. (Shareholders meeting)

I'm sure they'll spit out the results soon enough

So there isn't any kind of official notice?? Like a link to an announcement?

Sorry, I just pointed you in the direction of the results. If they have a plan about announcing it, I have no idea.

Most likely a mythical new future sale followed by EOD bomb, as usual

Post 72153.
Everything voted yes.

The size of the RS is now up to management (I use the term loosely)

Most likely 1-100.

So what about the shareholder vote? Do they plan to announce the results?

Oh, they are certainly setting records.

If it hasn't already been achieved they are certainly on the way to being the longest running continuous pos on record.

At least Enron and bre-x got things over quickly

MULN for the record a new 52 week low

Anyone who STUPIDLY bought shares of MULN just this morning has ALREADY LOST ALL OF THEIR MONEY - CRAZY!!

$MULN hopefully Nasdaq lets Michery do another reverse split.

$$$$$$$$$$

David enjoyed it as well I'm sure of 😆

And I meant that to be a pm.

Oh well

Just between you and me, my off the wall idea was that he could sell that junk collecting dust, offer customers 100 year zero interest financing, they get the 40 grand government subsidy, MULN claims sales, the customer actually walks away with a more or less free piece of junk and a 40k check

Just saying, if I was an evil devious bastard that wanted to milk the government, that is how I would move forward.

😆 lol

wayne
There was 20 million in gold bullion on the titanic if i got my facts correct and the question is whether it was stashed on the iceberg by Captain Kidd.

Leave the dead rest in peace.

When this goes back up
I will have enough to buy airbags to raise the Titanic and see if anybody stold the gold.

Wayne
I bought a little more now have 8 times as many shares after the reverse split.

To bad they didn't amend the RS ratio to a million for one.

Then I could stop reading this board

$MULN: ALL PROXY ITEMS "APPROVED" YESTERDAY !

What a dang dang surprise LMAO - when the CEO criminal serial con controls the ENTIRE "vote" hustle......

REVERSE SPLIT NUMERO FOUR WILL BE "ANNOUNCED" IN THE NEXT DAY OR TWO to BEAT THE DE-LIST CLOCK.........it was "voted" cough cough and DIRTY DAVE aka THE FAT MAN aka MAN BOOBS "approved"" it......UP TO A 1 for 100 REVERSE is in the hopper now......

THIS SHIT HEAP NEEDS POLICE TAPE and SHUT DOWN - it's over here other than the insiders milking the last dilution dumps and moving their ill gotten crime money off-shore and going on the run etc.......

ANOTHER TERRENCE PEIZER ACUITIS PONZI RETAIL RAPE !!

MULN-a-CON....ALL ALL ALL one "NEEDS TO KNOW" is to read their list of GUTTER FRAUD TOXIC DEBT LENDERS and there-in lies LIES all the dirty details boys n girls....

Oh....and THE FACT that DIRTY DAVE "hired" as a PROMOTER-CON a real life EX-CON who did FIVE YRS in the federal joint for stealing cars or IRS problems....HELL NO....for SECURITIES FRAUD LMAO.....TRUE CRIME BY BIGGY HARDGE....and SAUDI-CON the tall tales pump fraud scam n scheme....:))

https://stocktwits.com/HAPPY_HOBO/message/528814778

ACUITIS - just a RETAIL RAPE CRIME SCENE via MULN-a-FRAUD and DIRTY DAVE COMBO now....same as every gig that ACUITIS sinks it's crime scene dirty mitts into....:))


https://www.justice.gov/opa/pr/ceo-publicly-traded-health-care-company-charged-insider-trading-scheme

https://www.sec.gov/news/press-release/2023-42

And then THE BIGGY HARDGE TALL TALES UNRAVEL-a-THON-CON: The dude's as exposed as a NAKED FAT MAN in a CAT-5 HURRICANE FROM HELL ITSELF NOW....he's TOAST....!!

https://www.reddit.com/r/Muln/comments/13lukcs/court_order_rescinding_expungement_for_hardges/

Just an FYI on @Mullen_USA. In announcing their partnership with Lawrence Hardge, they stated in a PR and SEC filing that "In the late 90s, Lawrence was convicted of a state crime, which was ultimately expunged." Is this true? @hardge_law87778 $MULN #MULN pic.twitter.com/6VdqvCUI0I— Post Hoc (@PostHoc94107) May 18, 2023

ONLY GETS WORSE FROM HERE boys n girls....RIGHT UP TO THE CIVIL and/or CRIMINAL INDICTMENTS and likely BOTH....:))

BIGGY HARDGE IN THE LEGAL HURT LOCKER as his "SCAM PAST FAKE STORIES" are unwinding faster than a ball of twine and a mean ALLEY CAT playing on a hot summer night....:))

https://www.reddit.com/r/Muln/comments/13lukcs/court_order_rescinding_expungement_for_hardges/



CONS HELPING CONS....MULN-a-SCAM....LMAO.....can't even make this crap up it's so freaking dirty and B A D ....BAD BAD BAD......:))

Just an FYI on @Mullen_USA. In announcing their partnership with Lawrence Hardge, they stated in a PR and SEC filing that "In the late 90s, Lawrence was convicted of a state crime, which was ultimately expunged." Is this true? @hardge_law87778 $MULN #MULN pic.twitter.com/6VdqvCUI0I— Post Hoc (@PostHoc94107) May 18, 2023

https://www.vicksburgpost.com/2001/08/29/city-man-pleads-guilty-to-securities-laws-violations/




$MULN Founder, Chairman and CEO, David Michery led 5 failed penny stock companies prior to Mullen.

Two had their securities registrations revoked by the SEC, two terminated their securities registrations, and the last one merged with a speculative gold mining company. pic.twitter.com/nUcYJJtisR— Hindenburg Research (@HindenburgRes) April 6, 2022

For its electric SUV, $MULN previously announced it received an order for 10,000 vehicles, representing $500 million in potential revenue. We called the South Florida contractor firm that placed the order. It currently has only around 11 vehicles, none of which are electric. pic.twitter.com/ovfDwCman1— Hindenburg Research (@HindenburgRes) April 6, 2022

Previously, $MULN had announced purchase orders valued at $60 million for 1,200 Class 2 commercial EV fleet vans. The order came from a small cannabis retailer with only one location, a mailbox drop address & new online store. pic.twitter.com/XIRLAEVwY5— Hindenburg Research (@HindenburgRes) April 6, 2022

SCAM....SCAM....SCAM......:))

I can’t believe this garbage is still listed
When does this go to pinks

All the way down to ZERO!!

How low can you go...

Wow - ONE PENNY - $.01 - PER SHARE COMING SOON (maybe even today) - CRAZY!!

Not much of a salesman.

He's got all those vehicles collecting dust at Randy.

If I was running this scam,

Oops, I ain't gonna post this, Davie boyo might read it.

Sorry meant Used Car Salesman lol 😆

Lol
David Michery is a used car sells man and should be in prison.

LOL...that is even more true.
Gotta makem befo you can sellem.

Gotta makem befo you can sellem.

They seem to be doing everything accept selling vehicles