Why did the price go up more than 20%?

  • Mullen Automotive Inc’s (NASDAQ:MULN) stock price rose more than 20% before it went public today. this is the reason.

Mullen Automotive Inc’s (NASDAQ:MULN) stock price rose more than 20% before it went public today. Investors are responding positively to the company’s financial results for the second quarter.

These are the salient points:

– Cash and cash equivalents in Q/Q increased to +$65.2 million, primarily driven by the issuance of Mullen’s Series C Preferred Stock at $8.84/share.

– Bond payout, current portion down nearly 10.8% from the previous quarter to $16.9 million

Total assets increased by approximately 138.4% to just over $100 million, primarily driven by financing activities.

Shareholders’ equity increased positively on a quarterly basis from a deficit of -$10.5 million to a surplus of +$52.6 million

After the period ended March 31, 2022, Mullen Automotive Inc. Agreement with Thurner Design to develop Mullen FIVE RS, a high-performance electric sports crossover featuring nearly 1,100 horsepower, 0-60 mph in 1.95 seconds, and a top speed of 200 mph.

Between late April and early May 2022, Mullen Automotive received a total of $15 million from exercising the CEOcast Equity Line Credit in exchange for collateral for common stock. CEOcast has exercised orders for 12.7 million common shares to amortize this credit facility.

In May 2022, Mullen signed a bid with Thurner Design to develop the Mullen FIVE RS, a high-performance EV sports crossover featuring nearly 1,100 horsepower, 0-60 mph in just 1.95 seconds, and a top speed of 200 mph. . The proposal includes two phases: 1) design, appearance and design support, and 2) higher visualization and imaging. The Thurner Design team is responsible for shaping and directing designs and brands such as Rolls-Royce Motorcars, Bentley Motors, Bugatti, Porsche, Lamborghini, Aston Martin and Mullen Automotive.

Mullen FIVE bookings increased significantly in the quarter ending March 31 and more than doubled the volume achieved in the fourth quarter of 2021, which included the world debut of the Mullen FIVE at the Los Angeles International Auto Show in November 2021. Booking progress continues to build It shows strong consumer interest.

Key quote:

“We made great progress during the second quarter and showed significant financial progress going forward. Our balance sheet continues to improve and our electric vehicle programs are moving forward, including the start of the Mullen FIVE RS program.”

– David Mishri, CEO and Chairman of the Board of Directors of Mullen Motors Corporation

Disclaimer: This content is for informational purposes. Before making any investment, you should do your own analysis.

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