MULN Responds to Nasdaq Compliance Notice for Delayed SEC Filing – Green Car Stocks
Mullen Automotive Inc., an electric vehicle manufacturer traded on the NASDAQ as MULN, recently disclosed that it received notification from Nasdaq for failing to meet Listing Rule 5250(c)(1) standards. This non-compliance was a result of the delay in filing the company’s Annual Report on Form 10-K for the fiscal year ended on September 30, 2024. Although this notice does not have an immediate impact on the company’s stock trading on the Nasdaq Capital Market, any failure to resolve the issue could result in delisting. Mullen has been given a 60-day timeframe to submit the report or present a compliance plan. There is a possibility of an extension for up to 180 days if approved. The company aims to file its Form 10-K by January 31, 2025, or earlier, to fulfill the compliance requirements efficiently.
Mullen Automotive, headquartered in Southern California, is dedicated to developing the next generation of commercial electric vehicles (EVs) and operates two vehicle plants in the United States. These manufacturing facilities are located in Tunica, Mississippi, covering 120,000 square feet, and Mishawaka, Indiana, spanning 650,000 square feet. In August 2023, Mullen commenced commercial vehicle production in Tunica, and shortly after, in September 2023, received approval from the IRS for federal EV tax credits on its commercial vehicles. This approval includes a Qualified Manufacturer designation offering customers the opportunity to receive up to $7,500 per vehicle. By January 2024, both the Mullen ONE, a Class 1 EV cargo van, and the Mullen THREE, a Class 3 EV cab chassis truck, have been certified by the California Air Resource Board (CARB) and the Environmental Protection Agency (EPA) and are available for sale in the U.S. Additionally, the CARB-issued Hybrid and Zero-Emission Truck and Bus Voucher Incentive Program (HVIP) approval on the Mullen THREE provides a cash voucher of up to $45,000 at the time of vehicle purchase.
Mullen Automotive has been dedicated to expanding its market reach, having recently partnered with Papé Kenworth and several other dealers, including Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, Eco Auto, and Randy Marion Auto Group. These partnerships offer sales and service coverage in key markets across the Midwest, West Coast, Pacific Northwest, New England, and the Mid-Atlantic regions. Additionally, the company has secured Foreign Trade Zone (FTZ) approval for its Tunica, Mississippi, commercial vehicle manufacturing facility. The approval of FTZ status provides various benefits, such as the deferment of duties owed and the elimination of duties on exported vehicles.
In conclusion, while facing the challenge of non-compliance with Nasdaq listing rules, Mullen Automotive continues to demonstrate its commitment to innovation and growth in the electric vehicle market. Its compliance plans are well underway, with the filing of the Form 10-K expected within the specified timeframe. The company’s dedication to expanding its product line, securing partnerships, and obtaining necessary certifications underscores its position as a major player in the industry.
