Mullen Automotive Seeks Capital Amid Strategic Changes

Mullen Automotive Inc.: Company Overview

Mullen Automotive Inc. (NASDAQ: MULN), headquartered in Brea, California, is a public electric vehicle (EV) manufacturer founded in 2014 by David Michery. The company emerged from the acquisition of CODA Automotive and Mullen Motor Cars and owns or partners with several businesses focused on clean-energy solutions. Mullen’s product lineup includes rebadged commercial vehicles—such as the Mullen ONE cargo van and Mullen THREE low-cab-forward truck—as well as offerings under the Bollinger Motors brand. On July 7, 2025, shares traded on the NASDAQ under the ticker MULN at $0.3241, reflecting a 45.01% increase, on a volume of 55,042,002 shares.

Corporate Structure and Experience

Mullen employs between 51 and 200 staff across its corporate, engineering, and manufacturing functions. Key facilities include:

• A commercial assembly plant in Tunica, Mississippi (a U.S. Foreign Trade Zone) for Class 1–3 vehicles.
• An additional assembly location in Mishawaka, Indiana.

Leadership is headed by CEO David Michery, whose vision drives Mullen’s EV ecosystem—covering research, financing, sales, and service. In September 2022, Mullen acquired a majority stake in Bollinger Motors, adding Class 4 electric truck capabilities to its portfolio.

Electric Vehicles by CHUTTERSNAP

Recent Developments and News

On June 16, 2025, Mullen filed an amended Current Report on Form 8-K/A, updating disclosures under Items 2.01, 7.01, and 9.01. Ten days later, on June 26, 2025, the company submitted preliminary proxy materials (Form PRER14A) for a special stockholders’ meeting on July 22, 2025, to vote on a potential reverse stock split aimed at maintaining NASDAQ listing requirements. On June 30, 2025, Mullen filed an amended S-1 registration statement (Form S-1/A) to register securities under the Securities Act of 1933, reflecting plans to access additional capital.

In its newsroom on June 25, 2025, Mullen announced it would accept cryptocurrency—including Bitcoin and the $TRUMP meme coin—for purchases of Mullen and Bollinger commercial EVs. Reports from Automotive News on June 10 and June 6, 2025, covered CEO David Michery’s acquisition of Bollinger Motors, industry commentary on tariffs, and updates on EV startup CEOs. A securities class action settlement hearing is scheduled for June 20, 2025, in the Central District of California relating to allegations of misleading statements during Mullen’s reverse merger.

Milestones in production and certification include the start of commercial vehicle assembly in Tunica in August 2023, CARB and EPA certification of the Mullen ONE and THREE in January 2024, and the Bollinger B4 Class 4 production launch on September 16, 2024. The Mullen FIVE RS is scheduled to launch in Germany in December 2025.

Financial and Strategic Analysis

Mullen’s trailing twelve-month revenue stood at $8.93 million, with net losses recorded at $439.11 million, resulting in negative profit margins and a market capitalization of approximately $1.06 million (intraday). The enterprise value is $24.84 million, with total cash reported at $1.4 million as of the most recent quarter. Additionally, for the year ending September 30, 2024, Mullen reported a loss of $506 million on $1 million in revenue and had approximately $10 million in cash.

The Form S-1/A filing indicates an intention to raise equity capital, while the proxy materials propose a reverse stock split to enhance share price compliance. Mullen’s strategy focuses on scalable commercial EVs manufactured in the U.S., utilizing federal and state incentives to lower the total cost of ownership for fleet customers. Partnerships with dealer networks and initiatives such as cryptocurrency acceptance aim to broaden Mullen’s market access.

Market Position and Industry Context

Mullen operates in the commercial EV segment, projected to expand at a 22.6% compound annual growth rate through 2027. Its Class 1 ONE van and Class 3 THREE truck are eligible for up to $7,500 in federal tax credits, $15,000 in Massachusetts MOR-EV incentives, and up to $45,000 in California HVIP vouchers. Illinois rebates through ComEd further enhance cost savings. By manufacturing vehicles domestically and positioning through strategic dealer partnerships, Mullen aims to meet fleet electrification demands across municipal, university, and small-business markets.

tl;dr

As of July 7, 2025, MULN shares trade at $0.3241, reflecting a 45.01% gain on high volume. Between June 16 and June 30, 2025, Mullen filed amended Form 8-K, preliminary proxy materials for a July 22 reverse split vote, and a Form S-1/A to raise capital. On June 25, it began accepting cryptocurrency for vehicle purchases. A June 20 settlement hearing will address past securities litigation. Production facilities have been operational since August 2023; CARB/EPA certifications were secured in January 2024, and Bollinger B4 trucks began production on September 16, 2024. The Mullen FIVE RS is anticipated for a December 2025 debut in Germany. The company's future outlook is contingent on successful capital raises, NASDAQ compliance, and scaling U.S. commercial EV production.