Mullen Automotive Inc MULN shares are trading higher Monday after the company announced it has secured exclusive sales, distribution and branding rights for its I-GO vehicle.
The Mullen I-GO was designed as a last mile delivery vehicle. The I-GO has been fully certified for sale in select European markets and will have a starting price of $11,999. It will be retailed and serviced through local European distributors.
Related Link: Mullen Automotive Soars After Securing Sales License For I-GO EV In Europe
"Essentially, this transaction provides the Company revenue generating opportunities, promotes and extends the Company's brand into other countries while at the same time allowing the Company to remain fully focused on its mission of manufacturing its lineup of electric vehicles in the USA," said David Michery, chairman and CEO of Mullen.
Mullen is engaged in manufacturing electric vehicles and energy solutions.
MULN Price Action: Mullen has a 52-week high of $5.86 and a 52-week low of 21 cents.
The stock was up 32% at 50 cents at time of publication, according to Benzinga Pro.
Photo: courtesy of Mullen.
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