Apart from news of a major commercial deal, Mullen Automotive (MULN, Financials) disclosed on the last trading day of the year a revised reverse stock split plan and a delay in the annual report filing; the stock last traded for $1.26, up 14%.
Mullen Automotive said it will be postponing the release of its annual report for the fiscal year ended Sept. 30; currently intending to put in the report on or before Jan. 24, 2025, the company maintains financial data on its assets and profits. The annual meeting, set for Feb. 27, 2025, will have shareholders vote on the reverse split and other proposals.
Though she did not provide specific projections of the possible changes, Mullen wrote in a U.S. Securities and Exchange Commission filing that the delay may imply “a change in results of operations from the corresponding period.”
The company modified its initially proposed reverse stock split ratio inside the same SEC statement. Originally slated as a 1-for- 2 split, the current ratio is 1-for-100.
Separately, Mullen Automotive joined the home service market when Mr. Appliance announced first sales of the Mullen ONE electric van The deal highlights how aggressively the company is striving to join new economic sectors and vary its revenue sources.
