Mullen Automotive, Inc. MULN shares are trading lower Thursday. The company announced that it has filed preliminary proxy statement to the SEC to hold a stockholders' meeting to effect a reverse stock split.
What To Know:
Mullen Automotive filed a preliminary proxy statement to the SEC regarding a special stockholders' meeting to be held on Dec. 15. for approval to effect a reverse stock split of the company's common stock at an exchange ratio between 1-for-2 to 1-for-100.
Mullen stated that the purpose of the reverse stock split is to regain compliance with the Nasdaq minimum bid price listing rule and that the board of directors will determine the precise exchange ratio after the reverse split is approved by stockholders.
Shares of MULN are down on heavy trading volume Thursday following the company's announcement.
According to data from Benzinga Pro, more than 42.3 million shares have already been traded in the session, compared to the stock's 100-day average of 54.347 million shares.
Related News: Why Streaming Service Roku Inc Stock Is Up Today
ROKU Price Action: According to Benzinga Pro, Mullen Automotive shares are down 19% at 28 cents at the time of publication.
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