{"id":4367,"date":"2023-05-05T00:43:21","date_gmt":"2023-05-05T04:43:21","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/mullen-1-for-25-reverse-stock-split-to-take-effect-may-4th\/"},"modified":"2023-05-05T00:43:21","modified_gmt":"2023-05-05T04:43:21","slug":"mullen-1-for-25-reverse-stock-split-to-take-effect-may-4th","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=4367","title":{"rendered":"Mullen 1-for-25 reverse stock split to take effect May 4th"},"content":{"rendered":"
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\u00a9 Reuters. Mullen (MULN) 1-for-25 reverse stock split to take effect May 4th<\/span>
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Mullen Automotive Inc (NASDAQ:) announced Wednesday that the electric automaker will effect a 1-for-25 reverse stock split of its common stock, par value $0.001 per share. The company announced the split will become effective on May 4, 2023, at 12:01 a.m.<\/p>\n

Mullen\u2019s management was vocal about avoiding a reverse split until all compliance extensions run out.<\/p>\n

The split is intended to bring the Company into compliance with the $1.00 minimum bid price requirement for maintaining its listing on Nasdaq. However, there is no guarantee the Company will meet the minimum bid price requirement.<\/p>\n

At the Company\u2019s reconvened Special Meeting of Stockholders held on January 19, 2023, the Company\u2019s stockholders approved a proposal to authorize a reverse stock split of the Company\u2019s Common Stock, at a ratio within the range of 1-for-2 to 1-for-25. The Company\u2019s board of directors approved a 1-for-25 reverse split ratio Wednesday May 3rd.<\/p>\n

The 1-for-25 reverse stock split will automatically combine and convert 25 current shares of the Company\u2019s Common Stock into one issued and outstanding share of Common Stock. The Reverse Stock Split will not change the par value of the Common Stock nor the authorized number of shares of Common Stock, preferred stock or any series of preferred stock.<\/p>\n

No fractional shares will be issued in connection with the Reverse Stock Split. All fractional shares will be rounded up to the nearest whole share.<\/p>\n

Mullen\u2019s Common Stock will continue to trade on The Nasdaq Capital Market (\u201cNasdaq\u201d) under the existing symbol \u201cMULN\u201d and will begin trading on a split-adjusted basis when the market opens on May 4, 2023.<\/p>\n

Shares of MULN are down 18.15% in afternoon trading on Wednesday.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Mullen (MULN) 1-for-25 reverse stock split to take effect May 4th Mullen Automotive Inc (NASDAQ:) announced Wednesday that the electric automaker will effect a 1-for-25 reverse stock split of its common stock, par value $0.001 per share. The company announced the split will become effective on May 4, 2023, at 12:01 a.m. Mullen\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":3353,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-4367","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nMullen 1-for-25 reverse stock split to take effect May 4th | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. Mullen (MULN) 1-for-25 reverse stock split to take effect May 4th Mullen Automotive Inc (NASDAQ:) announced Wednesday that the electric\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=4367\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mullen 1-for-25 reverse stock split to take effect May 4th | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"\u00a9 Reuters. 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