In This Article:
Mullen Automotive (NASDAQ:MULN) said it will postpone publishing its annual report for the fiscal year ending September 30, expecting to post results by January 24, 2025. Declared in a U.S. Securities and Exchange Commission report, the delay results from the continuous financial scrutiny of the company's assets and income. Mullen pointed out that although the operational outcomes might differ from the preceding period, but they haven't estimated the changes.
Premarket trading saw Mullen Automotive's shares rise almost 25%, at the time of writing, they were up 14%.The company also changed its intended reverse stock split ratio from 1-for- 2 to 1-for-100. Moreover, the split is meant to give flexibility to preserve Nasdaq listing compliance. At the annual meeting set for February 27, 2025, shareholders will cast votes on the proposal and other matters.Separately, Mullen expanded the company's presence in electric commercial vehicles by selling its Mullen ONE electric van to Mr. Appliance, marking its first venture into the home services market.
This article first appeared on GuruFocus.