Ignacio Novoa, a director at Mullen Automotive Inc. (NASDAQ:MULN), has recently sold shares of the company, according to a filing with the Securities and Exchange Commission. The transactions, which occurred over several months, amounted to a total sale of $114,142. The sales come as the company, currently valued at just $8.34 million, faces significant challenges, with InvestingPro data showing a concerning 99.93% decline in stock value year-to-date.
The sales were executed in three separate transactions. On October 13, 2023, Novoa sold six shares at a price of $4,058 each. This was followed by a sale of 134 shares on January 24, 2024, at $666.61 per share. The final transaction took place on March 21, 2024, involving the sale of one share at $469.00.
These transactions reflect adjusted share amounts and prices due to reverse stock splits that Mullen Automotive implemented on December 21, 2023, and September 17, 2024. Without these adjustments, the sales would have included 57,000 shares at $0.4058, 13,334 shares at $6.6661, and 19 shares at $4.69, respectively.
Following these transactions, Novoa no longer holds any shares in Mullen Automotive.
In other recent news, Mullen Automotive has been making significant strides in its operations. The company has reported a surge in EV sales, generating $5.5 million from selling 100 Class 1 and Class 3 EV cargo vans and trucks. To further bolster its financial position, Mullen Automotive has secured an additional $4.4 million in financing through the issuance of senior secured convertible notes and related warrants.
On the production front, the company has invested $12 million in battery development and manufacturing, with plans to incorporate facilities in Mishawaka, Indiana, and Fullerton, California, into its operations. This move is aimed at enhancing Mullen Automotive's U.S. production capabilities.
In terms of partnerships, Mullen Automotive has expanded its national dealer network through collaborations with Bergey’s Truck Centers and Broadway Ford (NYSE:F) Truck Center, extending its reach into the mid-Atlantic and Midwest regions respectively. The company has also announced strategic partnerships with Emerald Transportation Solutions and the National Auto Fleet Group.
Finally, Mullen Automotive has fulfilled a Class 3 EV truck order for Westland Floral, a development that could significantly bolster its commercial momentum. These are recent developments in Mullen Automotive's operations.
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