BREA, Calif. - Mullen Automotive Inc. (NASDAQ: NASDAQ:MULN), an emerging electric vehicle manufacturer, has announced that it has regained compliance with Nasdaq's listing requirements.
The company received formal notice from The Nasdaq Stock Market LLC on Monday, confirming that it met the annual shareholder meeting requirement as outlined in Nasdaq Listing Rule 5620(a). This follows a previous announcement on January 24, 2024, where Mullen disclosed it had satisfied the minimum bid price requirement of Nasdaq Listing Rule 5550(a)(2).
With these developments, Mullen Automotive is now fully compliant with all Nasdaq continued listing standards and will maintain its listing on The Nasdaq Capital Market. The Nasdaq Panel has resolved to continue the listing of Mullen's securities and is closing the matter related to its compliance. The company anticipates its removal from Nasdaq's list of noncompliant companies within approximately four business days following the receipt of the compliance notification.
Mullen Automotive, based in Southern California, is developing a range of electric vehicles, including the Mullen FIVE EV Crossover and various commercial EVs.
The company's portfolio expanded with the acquisition of majority ownership in Bollinger Motors on September 7, 2022, and the purchase of assets from Electric Last Mile Solutions on December 1, 2022, which included intellectual property and a manufacturing plant in Mishawaka, Indiana.
This news update is based on a press release statement from Mullen Automotive Inc.
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