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MULN Stock – Where to Next?

After completing its first cargo vans delivery at the end of March, Mullen Automotive Inc. (NASDAQ: MULN) is set to have its first cut of revenues since its launch. During this month, MULN collaborated with Global EV technology INC, and EV Technologies to form a new company that aims to improve upon the two companies’ existing battery technologies and start implementing them to MULN’s vehicles. Thereafter, the JV announced its execution of EV technologies contract to install its current technology into Washington D.C. government fleets. Through this news and a potential Saudi contract, MULN stock could be on the path to recover soon and given the company’s major long-term potential in the EV industry, MULN stock could be a bargain at its current PPS at an all time low.

MULN Stock News

MULN first captured the spotlight for its short squeeze potential – a combination of high short interest, low float, and positive news. Currently the off-exchange short volume ratio is around 57% and short interest is around 19.22% of the float.

Options Flow

Looking at unusual whales options flow, call volume was 82% at Friday’s close and bullish premiums amounted to 56%.

However, looking at premiums above $10,000 with expiries this month, the majority of whales were bearish. A whale with a $14 thousand premium sold his call with a June 17th expiry and a strike price of $1.50 on the 2nd. Two other bears sold their calls with $18 thousand and $22 thousand premiums expiring on the 17th and the 10th. A few more bought puts with premiums ranging from $12 thousand to $17 thousand with June 17th expiries and a strike price of $1.50. But its important to note that these whales chose sweeps which shows that they are not completely convinced of their bearish positions and are hedging their bets.

The option chain with the most volume is currently calls with a strike price of $1.50 and July 15th expiry. This signals that many investors are looking at the long-term when trading options for MULN stock. However a very close second are calls with a strike price of $1.50 expiring on June 10th.

Short Squeeze

Fundamentally, Mullen’s potential short squeeze is being fueled by its impressive solid state-battery technology. The company filed a number of trademarks for its EV battery technology in 2021 which is a sign that February’s announcement was a long time coming. It’s important to mention that if this technology proves feasible, Mullen would be able to offer a better driving range than both Tesla and Lucid. While the Mullen FIVE is not scheduled to roll out until 2024, the company’s CEO Michery noted that “We can say with almost certainty that this technology, once implemented on the Mullen FIVE, will deliver over 600 miles of range on a full charge.”

This was the spark which made MULN one of the most active tickers on StockTwits and Reddit for several weeks. While some of the momentum has died out since February, MULN’s shareholder base has been re-energized with the results of its battery testing. Considering that this was the catalyst which got the ball rolling the first time, MULN stock could see bullish price action especially now that the company has been added to the Russel 2000 and 3000 indexes.

Russel 2000 & 3000

While the stock will be officially added on June 27, 2022, the recent announcement will likely fuel higher than average trading volume. This is an important catalyst for MULN because the Russell indexes capture the 4,000 largest U.S. stocks as of May 6th, ranking them by total market capitalization. These indexes are used by investment managers and institutional investors in their investment strategies and approximately $10.6 trillion in assets are benchmarked against Russell’s U.S. indexes.

As Michery – Mullen’s CEO – shared, “I believe that our inclusion in the Russell Indexes will bring Mullen Automotive great visibility within the institutional investment community. This is an excellent milestone for our Company, which will provide increased liquidity and investor awareness.”

MULN Stock & Esousa

However, one factor impacting the stock has been MULN’s securities purchase agreement with Esousa Holdings. In February, the company announced that it had received funding through a $30 million equity line from Esousa Holdings LLC and debt financing from existing shareholders. The terms of this agreement allows Esousa to purchase $30 million worth of shares at $.68 per share over 12 months. According to the agreement, Esousa is not able to own more than 9.9% of MULN’s shares. However, it does have the right to not only short MULN’s shares but to sell shares to its partners as well. In light of this agreement, some have speculated that Esousa is able to profit off of MULN’s shares using the difference between the discounted price and the market price. 

In addition to this, the company has to issue shares to Esousa to cover its equity line of credit. This means if its price per share drops, MULN would be required to issue more shares. This is why MULN recently filed a S-3 form for the issuance of up to 228 million outstanding shares – with up to 30 million issuable to Esousa. According to MULN’s filing on March 1st, Esousa holds 18 million shares directly and 1.8 million shares through Ceocast Inc. The document also states that MULN’s OS is currently at 188 million shares which shows that MULN’s share structure has been impacted as a result and MULN’s higher than average trading volume could also be attributed to the larger pool of outstanding shares. 

This is one reason why investors have speculated that Esousa is on track to takeover the company if it pushes the price per share low enough to delist MULN. It’s worth noting that Esousa Holdings LLC. and CEOCast also appear to be managed by the same Michael Wachs who was banned from the banking and brokerage industries after facing disciplinary action from the NASD in 1998. Needless to say, Esousa’s reputation is less than glowing. 

Despite concerns regarding Esousa’s increasing position in MULN, the company has taken measures to prevent a possible takeover. While issuing the 228 million shares, the company included 11 million shares issued to CEO David Michery to ensure that the management’s percentage of ownership stays close to 76%. This has effectively thwarted any attempt at a takeover since it would require the company’s own management to sell its shares.

MULN Management

Thankfully, MULN’s CEO David Michery is in it for the long haul. Michery founded the company in 2014 as a successor company from the acquisition of CODA Automotive and Mullen Motor Cars. So far he has created 12 trademarks to develop the company’s brand and vision. Michery is also known for building several companies which were later valued at hundreds of millions – a bullish sign for Mullen which will be competing against EV manufacturers with notable resources. He has also made it a goal to keep the company’s manufacturing and operations entirely based in the USA. In this way, he is determined to have Mullen Technologies play a role in shaping a self-sustaining local economy. Michery recently shared that he is “proud of the incredible progress Mullen has made so far,” before adding that the company is just getting started.

MULN received a bit of a boost following a video interview on March 16th with Milton Todd Ault III – Executive Chairman and Founder of BitNile (NASDAQ: NILE). In the interview, Michery reviews Mullen’s history commenting that it was showcased by Microsoft and Cribs at its start. Building upon Mullen’s reputation for being at the “forefront of electrifying America”, Michery acquired CODA for its intellectual property with the goal of shaping the road ahead for electric vehicle manufacturing. Commenting on Tesla’s success in the interview, Michery clearly sees Mullen as a serious contender in the EV space. 

In a recent interview with CarBuzz, Michery also showed great ambition for the company’s most anticipated EV – the Mullen FIVE – as well as its luxury model – the RS. Currently, the company plans to have a full working prototype of the RS this summer, and Michery has already shared that it will be “a quarter of a million-dollar vehicle that will compete with million-dollar vehicles”. With Michery at the helm of MULN, many shareholders are optimistic about MULN’s long-term potential in the EV space. 

CarBuzz Interview

When the interview with CarBuzz was featured on March 14th, it clearly brought some new eyes to the company – causing the stock to rally 28.9%. It’s easy to see why, since CarBuzz shared with its over 9 million monthly visitors that “The Mullen Five is a luxury crossover in the fullest sense of the word luxury”. Carbuzz followed this glowing praise by saying that Mullen  “will be joining Tesla, Rivian, and Lucid as real American competition to legacy automakers as the EV market grows.” 

Carbuzz was quick to note that, for true car fans, Mullen offers all the elements of luxury that drivers could wish for. The model’s visual design is attributed to Andreas Thurner who was also responsible for the sleek interior of the 2009 Rolls-Royce Ghost. While Marian Petrelecan, an engineer who worked with BMW and Chrysler, is executing the schematics of this vision.  

As is, the Mullen Five is expected to launch with a 95-kWh battery pack giving it 325 miles of range for a base price of $55,000. However, when announcing its battery technology at the end of February, Michery noted that “We can say with almost certainty that this technology, once implemented on the Mullen FIVE, will deliver over 600 miles of range on a full charge.” Considering that the FIVE is intended to begin production in early 2024 with sales beginning at the end of the year, it’s uncertain when this technology will be put to use. 

Meanwhile, Michery has put fiscal responsibility at the company’s core. MULN saved on initial costs by purchasing the facility from Green Tech Automotive early on. In addition to this, the facility is designed with scalability in mind which means if demand is higher than estimated, Mullen will be able to meet demand in relatively short order. Now, it has room to expand its facility and in preparation for the start of production MULN is planning to extend the assembly facility and add a body and paint shop on-site. Mullen has also partnered with several notable players such as hofer powertrain, Comau, ARRK, Dürr and DSA Systems. Together, these partnerships will play a “crucial role in bringing the FIVE to market with the latest technology and in least amount of time.” 

Institutional Investors

It appears, Michery isn’t the only one bullish on Mullen’s potential since Acuitas Group Holding increased its position by 158.40% by buying an additional 18 million shares according to the March 10th filing. This comes after Insider Monkey listed MULN as one of the ten penny stocks to buy in March noting that three hedge funds held the stock in Q4 of 2021, up from 2 in the preceding quarter.

*Updated June 5th, 2022

Currently, MULN has 86 institutional shareholders holding 7,701,314 shares in total. While some big names make up this shareholders’ list such as Jane Street Group, Llc, Citadel Advisors Llc, Susquehanna International Group, Llp, and Vanguard Group Inc, one particular investment caught shareholders’ attention.

On May 12th, Blackrock Inc. disclosed owning 682,525 shares – a 249% increase from its previous position. This is a particularly bullish sign since Blackrock is the world’s largest asset manager.

*Updated March 31st, 2022

Fortune 500 Company

During an appearance on Benzinga’s Listmaker EV event, Michery grabbed investors’ attention when he promised a major announcement in Q2 regarding a Fortune 500 company purchasing MULN’s cargo vans. Michery was bullish on the company’s potential and ensured investors that there will not be any delays in production – an issue many EV companies are facing due to supply chain woes. 

Following this interview, MULN stock saw a huge increase in its trading volume which contributed to an over 40% increase in the stock as many investors speculated what the official announcement could reveal.

Defense Production Act

Meanwhile, the global shortage in oil supply could lead President Biden to invoke the Defense Production Act to increase production of minerals for EV batteries. Under this order, EV manufacturers will gain access to government funding to improve their production capacity or perform studies on metals extraction projects. If Biden actually invokes this order, MULN would benefit due to its need for liquidity – possibly accelerating its solid-state polymer battery studies.

*Updated April 4th, 2022

John Taylor Promotion

Bringing in fresh blood, MULN promoted John Taylor as its new senior vice-president of Global Manufacturing and Strategic Planning. With vast experience in the automotive industry, Taylor has overseen several plant start-ups as well as the launch of 12 vehicles in the US and globally. 

Beginning his career at General Motors, Taylor served as launch manager, operations manager, and machine and equipment manager while contributing to 11 vehicle launches. Following his tenure at GM, Taylor joined Tesla – becoming one of the EV giant’s first 50 employees. At Tesla, Taylor led its advanced manufacturing engineering group and played a pivotal role in opening Tesla’s Fremont facility. 

Moreover, Taylor was crucial in manufacturing the Tesla Model S as well as the architecture of Tesla’s future EVs. In light of this, Michery is bullish “John’s international manufacturing experience will come into play as he strategizes and evaluates Mullen’s other domestic and international manufacturing opportunities”.

Given Taylor’s vast experience in the EV industry, MULN is positioned to capitalize on his reputation and experience as it develops its manufacturing facility in Mississippi. In light of this personnel change, MULN appears to be on the right track since Taylor’s promotion could assist in the launch of the Mullen FIVE in 2024.

*Updated April 18th, 2022

Hindenburg Short Report

At the start of April, MULN stock saw a slight dip in response to a short report from Hindenburg Research. The report titled “Mullen Automotive: Yet Another Fast Talking EV Hustle” highlights Michery’s past CEO roles at “nearly half a dozen failed penny stock companies, several of which had their securities registrations terminated or revoked by the SEC”. Later on, the report predicts that shares resulting from its dilutive capital “will likely become available for sale in a matter of weeks, which we expect will crush the stock”.

The lengthy report takes a jab at MULN’s solid state battery announcement as well as the company’s line of EV cargo vans which are reportedly rebranded from the Chinese manufacturer – Tenglong. While this is to be expected from a short-selling firm like Hindenburg Research, the most dangerous accusation appears to be that MULN misrepresented the test results regarding commercialization targets for its battery. 

This has led many analysts to compare MULN to a developer of solid-state lithium metal batteries – Quantumscape (NYSE: QS) – which spent $151.5 million on R&D last year and over $263 million for its commercial application over the last three years. Whereas, MULN appears to have uncovered this technology with much lower R&D spending – leading some to question the legitimacy of its findings.

Institutional Investors

Yet, MULN has attracted new institutional investors such as Cutler Group LP and Susquehanna International Group, Llp in April. Despite the short report, MULN stock has stayed above $2 and as is, short interest is 13.5% of the float, leading some investors to hope that a short squeeze will emerge from the bearish sentiment.

*Updated May 10th, 2022

Battery Innovation Center

Following the negative sentiment for MULN stock brought on by Hindenburg’s short report, MULN agreed with the Battery Innovation Center (BIC) to perform further testing on its solid-state polymer battery. These tests aim to determine the capacity of the battery as well as its ability to provide constant discharge over different power levels emulating the applications of EVs. Already well-known for their testing reliability, Michery is bullish these tests will “certify our solid-state battery”. With the test results set to be released in May, bullish investors are confident the results will be similar to the previous testing in February. In light of this, MULN stock could run based on positive testing results.

With this in mind, MULN intends to begin producing EV battery packs at its high voltage battery R&D facility in Monrovia. Currently modifying the facility, MULN will produce EV batteries for all of its EV programs including the ONE EV Cargo Van, FIVE EV Crossover, and DragonFLY EV. By producing batteries at its own facility, MULN is expected to reduce its dependence on third-party suppliers and limit the risks associated with supply chain tightness. Moreover, MULN will significantly reduce its costs while increasing the efficiency of battery production. Given that MULN needs more liquidity for the production of its EVs, reducing its costs could be a bullish sign for the company’s financials.

*Updated June 5th, 2022

Battery Testing Results

MULN recently shared the results of its solid-state battery testing which proved the naysayers wrong after highlighting the battery’s massive potential. Although the battery was rated at 300 Ah and 3.7 volts, MULN’s solid-state battery exceeded expectations and generated 343.28 Ah at 4.2 volts. In light of this, the solid-state battery would be able to deliver a range of over 600 miles on one charge once scaled to the vehicle pack level and at a 150-kilowatt hour equivalent. These results are in line with the previous tests conducted by EV Grid last February which launched MULN stock into the limelight.

The President and CEO of BIC – Ben Wrightsman – shared that, “The cell thus far has performed as stated, and we will continue to test additional parameters to characterize the overall capabilities and performance.” Given that solid-state batteries offer higher energy density, faster charging time, as well as being smaller and safer from traditional lithium-ion batteries, MULN has the potential to revolutionize the EV industry once its battery is incorporated in its vehicles.

To clarify on the results of the testing, Michery appeared on the Risk On Live podcast hosted by the Executive Chairman of BitNile Holdings,Inc. (NASDAQ: NILE) – Milton Todd Ault III. Unfortunately, the interview did not bolster the stock as much as expected and the stock fell roughly 15% during after hours trading.

Bezinga Interview

However, Michery joined Benzinga’s All Access show on June 3rd at 11 am Eastern time to discuss the results of the battery testing. Over the course of the interview, Michery highlighted that MULN had already made its delivery to the undisclosed Fortune 500 company. This means that the company’s pilot program began with MULN’s delivery on May 12th. Michery reported that the customer is pleased with the EV cargo vans’ performance so far and together both companies are working on the details of the PR.

The press release is expected to come out before Q2 comes to a close but the relationship between both parties is the result of over a year’s work developing the pilot program. This announcement will likely be another catalyst for MULN stock which has seen more activity since the results of BIC’s battery testing.

On that note, Michery shared that some major OEMs have started negotiations with MULN as a result of the battery results. MULN has commenced preliminary discussions with these parties and some are speculating that these talks could result in MULN selling its battery model – possibly boosting its balance sheet further down the line.

Since the battery cell can be scaled up or down for potential use in cellphones, power tools, or other technology, Michery shared that he could see Mullen licensing its technology to everyone for use like Bluetooth has with its technology.

Over the course of the interview, Michery discussed the ATVM loan application which still has a long wait ahead of it until receiving feedback from the U.S. Department of Energy. He also addressed insider selling. Michery himself has sold 1.05 million shares since March and cited the 1% rule when explaining his decision to sell. This appears to be part of Rule 144 regarding its trading volume formula. This states that “the number of equity securities you [an affiliate] may sell during any three-month period cannot exceed the greater of 1% of the outstanding shares of the same class being sold, or if the class is listed on a stock exchange, the greater of 1% or the average reported weekly trading volume during the four weeks preceding the filing of a notice of sale on Form 144”.

The topic of dilution was also brought up and Michery confirmed that the company had enough cash to get through the year. However, the company’s development plan calls for spending $1.3 billion. While this is less than others in similar situations, MULN will need to raise additional capital in the future to fund its development.

Overall, this is part of MULN’s adherence to efficiency whenever possible which is what Michery pointed to when asked to explain MULN’s reduced spend compared to Quantumscape (NYSE: QS) – a developer of solid-state lithium metal batteries which spent $151.5 million on R&D last year alone.

Throughout the interview, Michery hinted at a significant transaction which he’d been working on over the last 24 hours. While he could not confirm that it would be finalized, he did compare Mullen to the Washington Nationals which won the world series in 2019 despite very few expecting the team to win. This bullish interview gave MULN stock a temporary boost before closing at $1.25 in after hours trading and will likely carry into the new week now that MULN has announced its inclusion on the Russel 2000 and 3000 indexes.


On that note, MULN filed an ATVM loan application with the U.S. Department of Energy for its ONE EV Cargo Van Program. If MULN is granted this loan, MULN could accelerate development of its other programs with the $65 million the company expects to receive in Q2. It is worth mentioning that the AVTM program has provided manufacturers of light-duty vehicles with more than $8 billion since its inception. 

Since the ONE EV is already competing with market leaders Ford Transit Connect and Ram Promaster City Cargo Van, its unknown whether MULN’s application for the loan will be approved. Considering that MULN has been pursuing this loan since 2019, the DOE has been following the company’s development over that period and if it receives approval then launching the FIVE in 2024 will be even more achievable for the company.

National Tour

Capitalizing on the country’s enthusiasm for EVs at the moment, MULN will start a six-week national test drive tour for its flagship car in October. During this tour, FIVE reservation holders will be able to test drive and experience the FIVE in person for the first time. At the same time, MULN added its advanced FIVE RS to the “Strikingly Different” U.S. test-drive tour which is planned for spring 2023. Given the high capabilities of the FIVE RS, customers will not be allowed to drive the car themselves. However, they will be able to ride alongside a professional IndyCar driver. As the launch of the FIVE and its variants draws closer, these efforts to showcase the car could increase reservations for MULN’s flagship car.

*Updated May 13th, 2022

Mullen FIVE EV

As the company is looking to develop its flagship car – the FIVE, MULN signed a proposal with Thurner Design to develop the FIVE RS. According to this proposal, Thurner will be responsible for designing and surfacing the EV before beginning the visualization and high imaging phase. Given that Thurner is responsible for designing vehicles for major brands like Porsche, Lamborghini as well as Aston Martin, MULN is positioning the FIVE for major success when it is released. With this in mind, reservations for the FIVE more than doubled in Q2 compared to Q1 which shows the massive interest in MULN’s flagship EV.

*Updated June 5th, 2022

Linghang Guochuang Group Partnership

While MULN was partners with LGG in 2019, the outbreak of Covid-19 led both companies to sideline the relationship. However, MULN recently announced that its partnership with LGG is back in place as both parties work on the integration of its solid-state polymer cell technology into the vehicle pack level.

As MULN’s CEO David Michery shared, “Scaling from the cell level to pack level development is a major accomplishment and one I am proud to announce is progressing with LGG as our partner.”

Both companies have already been working on the project over the past few months and considering the encouraging results of the solid-state battery testing, this partnership is a bullish sign. As it stands, MULN believes that it can develop its technology for use in the second generation of the Mullen FIVE Crossover. 

New Hirings

Looking to ramp up the production of its EV programs, MULN made a number of hires for vehicle engineering, vehicle integration, powertrain systems and manufacturing. Through these new hires, MULN appears to be on track to introduce the Mullen FIVE EV in 2024 as planned. 

MULN also appointed Richard Curtis to oversee MULN’s international operations. Curtis has over 35 years of experience in the automotive industry and was the president of Imperium Motor Company. Prior to becoming Imperium’s president, Curtis was a turnaround specialist for Lithia Automotive Group, as well as a director of EVs for the largest privately owned dealership in Northern California. With great experience in the Asian market, MULN expects Curtis’ hiring will assist the company in expanding throughout Asia and other parts of the world. In this way, MULN’s FIVE EV could see increased demand around the world as its rolls out.

*Updated July 11th, 2022

Purchase Orders

While investors are anticipating the announcement of the Fortune 500 company, MULN shared positive news as the company signed an agreement with Amazon delivery partner DelPack Logistics, LLC (DPL). According to this agreement, DPL will purchase up to 600 Mullen Class 2 EV Cargo Vans over the coming 18 months – with the first 300 vans to be delivered by November 30th. Considering DPL’s reputation as a leader in last mile package delivery, MULN could be well-positioned for more deals with major companies in the future. 

With this in mind, MULN delivered its first EV van under a pilot program to a telecommunications provider in the Southeast last May. The van is currently being modified to meet the requirements of the customer in anticipation of a purchase order. As the company is able to secure orders for its EV vans, MULN could be poised to continue improving its financials in the coming quarters. 

Patent Applications

Aiming to develop its Mullen Five EV, MULN filed more than 130 patents in 24 countries to support the FIVE Crossover program. These applications are related to the design and styling of the Mullen FIVE Crossover covering the exterior and interior design of the much anticipated EV. Out of these applications 19 design patents are in the US which are pending and awaiting examination. Meanwhile, the company filed 117 international design patents with 30 already granted. Based on this, MULN appears to be on the right track to start rolling out the FIVE in 2024 as planned.

Debt Reduction

Considering the company’s dependence on debt to finance its ongoing EV programs, MULN was able to eliminate $17.5 million of its debt. Based on this, MULN reduced its debt from more than $30 million to $11 million. Through this debt reduction, MULN could focus its efforts on developing its EVs. With this in mind, MULN could be well-positioned to report better financials in the coming quarters. 


Looking to accelerate the production of its EV pipeline, MULN reached an agreement to secure $275 million in funding pending shareholders’ approval. If shareholders approve this funding, MULN intends to develop its EV Cargo Van program, the FIVE EV Crossover, as well as the FIVE RS program. In light of this, MULN stock could be one to watch closely in anticipation of shareholders’ decision on this funding.

*Updated October 11th, 2022

Irvine Facility

As the company is preparing to kick start manufacturing its line of EVs, MULN opened a new 16-thousand-square-foot automotive development center in Irvine, California to support its growing automotive team. In this way, MULN intends to split its automotive teams between this new facility and its Monrovia facility. With this in mind, MULN plans to allocate its engineering, styling, program management, marketing, and finance teams to the new facility. Meanwhile, battery, powertrain, thermal, and infotainment teams will be located in Monrovia. By expanding its corporate footprint, MULN appears to be on the right track to move into the production phase and out of the pre-revenue phase.

Bollinger Motors Acquisition

With this in mind, MULN acquired a 60% interest in EV truck manufacturer Bollinger Motors for $148.2 million in cash and stock. Through this acquisition, MULN is well-positioned to enter into the medium-duty truck classes 3-6 – in addition to the B1 and B2 sport utility trucks which are considered to be Bollinger’s specialty. By combining Bollinger’s vehicles with its existing class 1 and class 2 EV cargo vans, MULN has the potential to become a leader in the class 1-6 commercial light and medium duty truck segments. 

On that note, Bollinger’s acquisition could be extremely profitable for MULN since Bollinger’s vehicles are receiving strong interest from major customers in high-volume segments like delivery, telecom, municipal services, and utilities. In light of this high demand, MULN stock could be one to watch in anticipation of its financials in the coming quarters.

Looking to further develop its highly-demanded trucks, Bollinger entered into a partnership with leading truck body and trailer manufacturer Wabash to develop a last-mile refrigerated delivery electric truck. To facilitate this, Wabash intends to integrate its EcoNex technology with Bollinger’s class 4 electric chassis cab. Since this technology is made from material that is more durable, lighter, and more thermally efficient than other commercial products, this new truck is expected to have more uptime and less charging time than other electric trucks. In light of this, MULN could be set to realize revenues soon thanks to Bollinger’s vehicles.

Electric Last Mile Acquisition

In addition to the Bollinger acquisition, MULN agreed to a stalking horse bid to acquire the assets of bankrupt EV manufacturer – Electric Last Mile Solutions Inc – last September. These assets include Electric Last Mile’s manufacturing plant, inventory, and intellectual property. With this in mind, the auction took place on October 7 and MULN’s offer was declared the successful bid. While acquiring these assets could aid MULN in its pursuit of starting production, the stock plunged by as much as 25%. This drop is mainly due to the bearish sentiment surrounding the cost of the deal as MULN will pay $55 million for the asset, in addition to $37 million in liabilities. Given that MULN is yet to realize revenues, MULN could be in a poor financial position if its endeavors do not realize their full potential.

EVs Development

MULN has also been working extensively to develop new technologies for its EVs pipeline as by opening a new technology center in Michigan. This new center will include a new division of engineers and technology developers to focus on further developing MULN’s class 1-5 commercial vehicles. In this center, MULN’s EV technology team will work to develop efficient technologies that utilize less energy while providing greater vehicle range and power. By opening this new center, MULN is capitalizing on the fact that EV companies are reducing their teams as it added 20 new hires and intends to have more than 50 employees by EOY. Based on this, MULN stock could be poised for significant growth once the company starts manufacturing its pipeline of EVs.

Moreover, MULN entered into a partnership with Team Rosberg Engineering from Germany to develop the vehicle chassis and safety features of the much anticipated Mullen Five EV Crossover. Meanwhile, MULN has been working with ARRK to finalize the structural layout for the Mullen Five with computer-aided engineering simulation loop since December 2021, and is expected to be completed next year. Through these partnerships, MULN could be on track to achieve its target of starting production in Q4 2024 and Q1 2025. 

MULN has also signed a partnership with Watergen Inc to develop and equip its EVs with technology that produces fresh drinking water from the air for vehicle occupants. Through this technology, MULN vehicle owners would be provided with up to 5 liters of drinking water daily while the vehicle is moving. Based on this feature, MULN’s EVs could witness higher demand which could allow the company to realize substantial revenues. Considering that the company intends to test this new technology in Q1 2023, MULN stock could be well-positioned to run as its EVs would be the first vehicles with such technology.

Strikingly Different Tour

Meanwhile, MULN is preparing to kick off its Strikingly Different for the Mullen Five EV Crossover in California on October 27 and 28. After California, the tour will continue to Las Vegas on November 10 and 11. As this tour would present an opportunity for investors to witness the Five EV Crossover, MULN stock could be set to run when the tour starts.

*Updated November 14th, 2022

ELMS Acquisition

Following its bid to acquire the assets of the defunct EV manufacturer, MULN received major news as the US Bankruptcy Court approved its bid to acquire ELMS’s assets in an all-cash deal. According to this approval, MULN will acquire ELMS’ manufacturing plant, inventory, and intellectual property. With this in mind, many investors are bullish on MULN acquiring ELMS’ facility since it has the capability to produce 50 thousand vehicles per year. In this way, MULN is confident this facility could accelerate the production of the Mullen Five and Bollinger B1 and B2 vehicles by more than 12 months. Based on this, MULN could be well-positioned to enhance its financial position earlier than expected as it rolls out its portfolio of EVs.

I-GO License

Further looking to finally realize revenues, MULN secured exclusive sales, distribution, and branding rights to the urban delivery EV I-GO in a number of European markets. Considering the high demand for such vehicles in Europe, this license could allow MULN to increase its brand awareness in Europe while extending its marketing reach. At the same time, this license provides MULN with a major opportunity to realize revenues in the near term which could be used to finance the development of its pipeline of EVs. In this way, MULN would not have to dilute its shares or add debt to its balance sheet to fund its operations. Meanwhile, this license allows MULN to capitalize on the inefficiency in last-mile delivery in urban markets which could allow the I-GO to witness high demand in its markets. In light of this, MULN stock forecast appears to be brighter than ever for the coming years.

Looking to facilitate the sale of I-GO in the UK and Ireland, MULN entered into an agreement with Newgate Motor Group to become the marketing, sales, distribution, and servicing agent for the I-GO. With this in mind, Newgate is considered to be one of the most respected dealership groups in the auto industry and has represented several brands including Renault, Kia, and Mercedes-Benz. Additionally, Newgate has significant relationships in the vehicle distribution business across the UK and several parts of Europe. As a result, the I-GO could be poised to witness substantial success upon its launch in the European market.

Moreover, MULN and Newgate entered into another dealership agreement that includes sales training, service training, flooring, parts, and warranty. This deal also includes the terms in which Newgate will purchase the initial units of the I-GO for vehicle demonstrations and 500 vehicles per year. With the first shipment of vehicles set to be delivered on December 20, MULN is currently working with Newgate on the importation, registration, and licensing requirements for the successful import and distribution of the I-GO into the UK and Ireland. In light of this, MULN stock price could be set to witness a boost following the delivery of the vehicles to Newgate.

Bollinger Motors

As for Bollinger Motors, MULN’s subsidiary announced Our Next Energy (ONE) as its supplier for modular, linkable Aries battery packs for its all-electric commercial platforms and chassis cabs. These Aries battery packs contain no nickel or cobalt which offers better durability and daily charging of up to 100% without compromise. In this way, Bollinger is well-positioned to capitalize on technological advancement and production logistics thanks to this partnership. Moreover, this partnership allows Bollinger to accelerate the delivery of its fleet which would allow the subsidiary to increase its production. Based on these deals, MULN stock could be a bargain at its current PPS given its long-term potential.

Debt Elimination

While the company has been busy closing deals over the past month, MULN also reached an agreement to eliminate $13 million of its debt through a debt obligation to Esousa Holdings. By eliminating this debt, MULN saved more than $3.5 million in interest expenses and reduced its overall debt from $30 million last year to less than $10 million. With the company working to become debt free, MULN stock could be a smart investment at its relatively low PPS.

*Updated January 24th, 2023


Preparing to launch the I-GO EV into the European market, MULN shared in December that sample vehicles were on their way to Newgate in Ireland and are expected to be delivered this month. Once I-GO is established in the UK market, MULN intends to look for additional opportunities in Europe to increase I-GO’s presence throughout the European market. With this in mind, I-GO has significant potential to witness high demand in the European market thanks to its small size in condensed metro European cities, zero emissions, and low price. In light of this, MULN could be well-positioned to capitalize on I-GO’s attractive qualities in obtaining a large market share in the European commercial delivery EV market.

Randy Marion Automotive

As for its US marketing efforts, MULN announced Randy Marion Automotive (RMA) as the first dealer group partner for the company’s commercial EV fleet which is scheduled to launch in 2023. With this in mind, RMA is considered to be one of the largest and most respected commercial vehicle dealers in the US. Thanks to this reputation, MULN could be on track to witness substantial demand for its commercial EV fleet. MULN’s fleet is set to include class 1-3 cargo vans and cab chassis as well as Bollinger’s class 4-6 chassis. Considering the many uses of MULN’s commercial EV fleet, the company appears to be well-positioned to witness major financial growth once its fleet is launched into the market. 

In light of its deal with RMA, MULN received a purchase order for 6000 class 1 EV cargo vans from Randy Marion Isuzu, LLC – a member of RMA – valued at nearly $200 million. Given the significance of this order, MULN appears to be financially set to fund its ongoing endeavors including funding its acquisition of ELMS’ assets. With the company looking to be in a great position for the long term, MULN stock could be a bargain at its current PPS.

EV Charging Network

Since the roll-out of MULN’s EVs is approaching, the company entered into a definitive agreement with Loop Global Inc. to build next-generation public and private EV charging technology, infrastructure, and network solutions. Through this partnership, MULN’s experience in EV design and engineering along with Loop’s experience in EV charging infrastructure could allow for the deployment of reliable EV charging stations. On that note, MULN’s Loop-powered EV charging network is expected to support level 2 and level 3 DC fast charging while featuring smart charging technology. Based on this, MULN’s charging network could prove to be a major asset for the company in the long term.

To facilitate the development of this network, MULN and Loop are working together to finance and operate this charging infrastructure by utilizing Loop’s Impact Fund financing program. At the same time, Loop is offering MULN up to $300 million in funding to deploy these charging stations through its Loop-as-a-service program. With the company accelerating its efforts to build its charging network in the US, MULN stock appears to be poised for substantial growth in the future.

Reverse Split & AS Increase Vote

Given that MULN is currently not compliant with the NASDAQ minimum price listing rule, the company’s shareholders voted in favor of a prospect allowing the company to effect a reverse split to regain compliance. However, MULN intends to effect this reverse split at the later of March 6, 2023, or 180 days following that date in case the company is granted an extension by the NASDAQ to meet listing rules. Meanwhile, MULN’s shareholders are set to vote on a proposal to increase the company’s AS on January 25. If passed, MULN’s AS would increase significantly from 1.7 billion to 5 billion shares. Considering that MULN remains in its early growth stages, increasing the AS could allow the company to pursue further opportunities to grow its business, however, the potential dilution is a risk to be considered by investors.

*Updated April 28th, 2023

Nasdaq Compliance Extension

Failing to regain compliance following its 180 days extension in September 2022, MULN recently received another 180 days extension to meet Nasdaq’s $1 minimum bid price requirement. The company stated that it will implement a reverse split if it fails to meet its required $1 minimum bid price at the end of its extension period which will negatively affect shareholders devaluing their current shares.

First Cargo Van Delivery

In order to realize revenues. MULN has delivered its first patch of cargo vans to MGT – a commercial vehicle sales and leasing company with focus class 1-4 commercial vehicles. Having already delivered class 1 EV cargo vans to the company, MULN is anticipating more deliveries in the future as the company’s CEO stated “we continue to see growing interest in our commercial EV offerings”. With this in mind, investors should expect a revenue stream for MULN during the upcoming months causing financial growth for the company.

Battery Technology Advancement

Most importantly, MULN announced a partnership with Lawrence Hardge’s Global EV technology Inc. and EV Technologies (EVT) in a joint venture that aims to improve upon Energy Management Module technology. In accordance with the partnership, MULN and EVT will form a new company labeled Mullen Advanced Energy Operations (MAEO), where MULN will own 51% of equity while EVT will own 49%. In that regard, Global TV technology will be supplying its technology to the newly formed company, while MULN will provide capital and commercialization.

With this in mind, MAEO will work on enhancing Energy Management Module technology to extend battery life in EVs for greater range and performance which should be implemented in MULN’s lineup of commercial vehicles. Initial testing on OEM EVs resulted in a range increase from 269 to 431 miles – a 60% increase in efficiency – while also being tested on MULN’s Class 1 EV cargo van resulting in more than 75% increase in range. The Energy Management Module technology should be in its final stages of development in preparation for introducing it into MULN’s commercial vehicles. When it’s eventually released, the company’s commercial vehicles could have an edge over other EVs in the market with the average range of EVs being 300 miles.

Following the partnership, Lawrence Hardge of Global EV technology stated in a livestream that MULN will be announcing a $10 billion contract with Saudi Arabia, which would greatly boost the company’s capital as its recently reported cash on hand was $68.1 million in Q4 2022. However, the company is yet to confirm this news. Based on this, MULN would have a significant presence in the Middle East leading to the company most probably rivaling Lucid Group, Inc. (NASDAQ: LCID) which is making efforts to solidify its presence in the Middle East EV market

Government Contract

Subsequently, MAEO announced the execution of its contract that was previously granted to EV Technologies by the District of Columbia, Washington, D.C. The contract valued at $680 thousand grants the purchase and installation of Energy Management Modules on Chevrolet Bolts which are a part of D.C fleet government vehicles. The execution of this contract could indicate the significance of the advancements made by MAEO resulting in the federal government’s urge to implement this technology into its vehicles.

MULN Stock Financials

However, many have pointed out that despite its recent positive momentum, MULN’s financial performance has been very poor. Looking at MULN’s Q4 report, the company reported $14 million in operating costs – an $11 million increase from the same period a year earlier. However, the higher costs were likely the result of the company’s research for its polymer battery as well as ramping up the production of its EV cargo vans which are set to launch in Q2. The company reported a $4.9 million net loss in Q4 of 2020, but by Q4 of 2021 that net loss had increased to $36.5 million. Clearly, this should be a concern for investors given that MULN’s financial woes put it in a dangerous situation with Esousa – dragging the stock down and forcing the company to dilute its shareholders.  

Yet, MULN’s management appears to be playing the long game with the goal of becoming profitable in 2026. The team is cognizant of the company’s position and as Petrelecan pointed out in the CarBuzz interview, they are very conservative in their finance model.

It’s worth noting that EV companies face significant upfront costs making the timeline to profitability a long one indeed. Tesla took 18 years to become profitable and the new EV on the block – Rivian – disappointed shareholders with poor Q4 earnings and delivery guidance. Even Lucid faced major setbacks before eventually being saved by the Saudi sovereign wealth fund’s significant investment. But despite its rough start, Tesla has become an EV powerhouse and Lucid is now delivering vehicles across the country. 


The same optimism could be allowed for Mullen, and as some have noted, MULN did apply for a $450 million loan from the U.S. Department of Energy’s program. This program is designed to assist companies in the EV space with the goal of reducing petroleum use in vehicles and promoting domestic manufacturing. If the company is granted this funding, then MULN’s situation could change dramatically. However, the company will have a difficult time meeting the financial viability criteria for the program. According to the criteria, loan recipients must be “financially viable without the receipt of additional Federal funding associated with the proposed project.” This means that an applicant must demonstrate a “reasonable prospect that it will be able to make payments of principal and interest on the loan as and when such payments become due under the terms of the loan documents” and that the applicant “has a net present value which is positive, taking all costs, existing and future, into account.”

As part of the application, Mullen must “develop proposals that either establish to a high level of confidence that adequate future sales will occur, or that the consequences to DOE of sales under-performance have been mitigated”. To this end, MULN intends to submit the results of its 6-month EV market exploration study which Michery stated “will play a key role in our application with the U.S. Department of Energy’s AVTM program.”

However, the DOE has specified that “In all but the most extraordinary circumstances, market studies and non-binding customer reservations to purchase vehicles or components will not be sufficient to establish adequate future sales.”

Altogether this indicates the MULN may not be a recipient of the loan program, but it is important to note that as soon as April it will have data from the sale of its EV cargo vans. This commercial electric vehicle alternative is highly customizable and will be available in a single or dual electric motor configuration. Depending on the results of these sales, MULN could see a boost in its financials and potentially become a more attractive applicant for the AVTM program.

*Updated March 31st, 2022

More than $65 Million Cash in Q2

The company hopes to improve its financial standing with over $65 million in cash and cash equivalents for Q2. This influx of cash will be important for propelling the development of the Mullen EV Cargo Van line and the Mullen FIVE EV Crossover program. On this note, Michery shared that he believes “the Company’s balance sheet is the strongest it has ever been in our history”. In light of this, it appears MULN will be able to pay off its equity line from Esousa.

*Updated May 13th, 2022

Q2 Financials

With the company’s Q2 report set to be released on May 16th, MULN stock has been gaining momentum after releasing preliminary results of its financials. These results highlighted significant growth in MULN’s financial position as the company now has $65.2 million in cash and cash equivalents mainly due to the $43.9 million raised from issuing 4.9 million Series C Preferred shares accompanied by 14.9 million warrants. 

Additionally, MULN received $29.6 million in net proceeds under the $30 million Esousa Equity Line. On that note, MULN received $15 million between late April and early May under the CEOcast equity line in exchange for 12.7 million shares. This influx of cash comes at a pivotal time for MULN as the company is advancing its battery testing as well as modifying its Monrovia facility. In light of these financing activities, MULN increased its assets by 138.5% breaking the $100 million mark.

In terms of liabilities, MULN reduced its debt significantly from last September to $22.1 million. This reduction is the result of MULN’s debt payoffs and conversion of its convertible notes. As MULN continues improving its financial position, the company is on the right track to begin manufacturing its EV models.

*Updated October 11th, 2022

Q3 Financials

Looking into MULN’s Q3 financials, the company has $84.2 million in assets including $60.9 million in cash and cash equivalents. MULN also reported $65.1 million in liabilities compared to $78.8 million at the beginning of its fiscal year. Meanwhile, MULN reported $18.2 million in operating costs which shows that MULN is on the right track to start manufacturing its EVs according to its previously set timeline. While MULN reported a net loss of $59.4 million, the company could be set to realize revenues soon thanks to its acquisition of Bollinger.

2022 Report

According to MULN’s 2022 report, the company has $302.5 million in assets and $54 million in cash. Meanwhile, the company reported $145.6 million in liabilities – including $122.2 million in current liabilities. Over 2022, MULN significantly increased its operating costs to $96.9 million compared to $22.4 million a year ago as the company has been accelerating its efforts to start manufacturing its portfolio of EVs. As a result of the company’s expanding costs, MULN reported a net loss of $740.3 million compared to $44.2 million last year. Despite this widening loss, MULN appears to be well-positioned for financial growth in 2023 and beyond with its commercial EVs set to launch this year.

Media Sentiment

@Retail_Stonks thinks MULN is now trading at an attractive price.

@mchoyla is expecting MULN to have similar success to Tesla.

Technical Analysis

MULN stock chart

MULN stock’s trend is bearish as it is currently trading in a downwards channel.

Looking at the indicators, MULN stock is trading below the 21 MA, 50 MA, and 200 MA which is a bearish sign. The RSI is oversold at 21 and the MACD is bearish.

Fundamentally, MULN has a major upcoming catalyst which is the possible $10 billion contract with Saudi Arabia as stated by Lawrence Hardge.

MULN stock chart

MULN stock is now trading at an all-time low of $.0670 which could be an enticing entry point as the stock is trading at an attractive price. MULN could be a great holding opportunity anticipating the company to report its first sum of revenues in the future and further expansions.

MULN Stock Forecast

With the company fulfilling its first cargo van delivery, MULN should be realizing revenues soon. As a result, the MULN stock forecast should be promising with the company also anticipating more deliveries in the future. Moreover, MULN’s collaboration with Global EV technology INC, and EV Technologies to improve upon the two companies existing technologies could give MULN an edge over its competitors in range and performance. The newly established company – MAEO – has already shown promising results in increasing ranges after testing the Energy Management Module technology on various OEMS and MULN’s own cargo vans. As a result, MULN already began executing the Washington D.C. awarded contract by its partner EV Technologies to start selling its Energy Management Modules to federal government. The company will also install these modules into Washington D.C. fleet government vehicles, the Chevrolet Bolts. In light of these efforts, MULN stock is shaping to be one of the most profitable long-term holds considering its current PPS.

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