Mullen Automotive Executes Reverse Stock Split and Expands Payment Options

Introduction to Mullen Automotive Inc.

Mullen Automotive Inc. (NASDAQ: MULN) is an American electric vehicle manufacturer headquartered in Brea, California. Since becoming publicly traded on November 5, 2021, the company has pursued a vertically integrated model—owning and partnering with businesses to develop energy solutions and electric passenger and commercial vehicles. Its product portfolio includes the Mullen ONE Class 1 cargo van, the Mullen THREE Class 3 urban utility truck, and, through its majority stake in Bollinger Motors, the Bollinger B4 Class 4 electric truck.

Corporate Structure and Workforce

Founded in 2014 by CEO David Michery, Mullen Automotive emerged from the acquisition of CODA Automotive and Mullen Motor Cars. According to LinkedIn data, the company employs between 51 and 200 staff across functions such as engineering, finance, parts and service, and corporate development. U.S. manufacturing and assembly operations are located in Tunica, Mississippi (commercial vehicles) and Mishawaka, Indiana (passenger vehicles). Mullen’s commercial dealer network includes Papé Kenworth, Ziegler Truck Group, and Range Truck Group, providing sales and service coverage in key regions including the West Coast, Midwest, Pacific Northwest, New England, and the Mid-Atlantic.

Electric Vehicles by CHUTTERSNAP

Recent Developments and News

• On June 2, 2025, Mullen executed a 1-for-100 reverse stock split—reducing its outstanding common shares from approximately 80 million to 800,000—to satisfy Nasdaq’s $1.00 minimum bid price requirement. Trading continued under the symbol MULN with a new CUSIP (62526P802).
• On June 25, 2025, the company announced it would accept cryptocurrency as payment for Mullen and Bollinger commercial EVs.
• On June 10, 2025, CEO David Michery highlighted Mullen’s focus on commercial electric vehicles following the acquisition of Bollinger Motors.
• On June 6, 2025, Bollinger Motors exited receivership after repaying its founder and restoring operations for its B4 electric truck.
• On July 8, 2025, Mullen filed a definitive proxy statement (DEF 14A) for a Special Meeting scheduled for July 22, 2025, to seek shareholder approval for two securities purchase agreements totaling $12.6 million and the previously implemented reverse stock split.
• On July 10, 2025, an amendment to Schedule 13G disclosed that Esousa Holdings LLC, Michael Wachs, and Esousa Group Holdings LLC collectively hold 210,992,582 shares, representing 9.9 percent of the company’s common stock.

Financial and Strategic Analysis

As of July 11, 2025, Mullen’s share price stood at $0.1936—up 28.30 percent on the day—with trading volume of 36,732,803 shares. In the 12-month period ending September 30, 2024, the company reported $1 million in revenue against a net loss of $506 million and held $10 million in cash. In its DEF 14A filing, Mullen proposed raising $1.6 million and $11 million through convertible securities to fund operations and development. The reverse split reduced outstanding shares, addressing Nasdaq compliance but increasing share concentration. Mullen's commercial EVs qualify for the full $7,500 federal tax credit and, in select states, up to $45,000 under California’s HVIP program and $15,000 via Massachusetts’ MOR-EV incentive. The company is also pursuing development of next-generation solid-state polymer batteries and is preparing the Mullen FIVE RS for a December 2025 launch in Germany.

Market Position and Industry Context

Mullen competes in the electric vehicle sector, focusing on applications in last-mile delivery and commercial fleets. Its rebadged imports from Chinese manufacturers—such as the Xiaohu FEV (Mullen Go), Wuling G100 (Mullen Campus/One), and Qiantu K50 (Mullen GT/GTRS)—have been the subject of scrutiny. Mullen’s CARB and EPA certifications (achieved in January 2024) enable fleet customers to access significant incentives. To date, the company has conducted over 100 vehicle demonstrations for institutions including Princeton University, UCLA, and municipal fleets in Los Angeles, Seattle, and Raleigh. Through strategic partnerships, an expanding dealer network, and targeted capital raises, Mullen is working to establish its presence in the commercial EV segment while also exploring opportunities in performance and passenger markets.

tl;dr

Mullen Automotive executed a 1-for-100 reverse stock split on June 2, 2025, and is holding a Special Meeting on July 22, 2025, to approve $12.6 million in financing agreements. As of July 10, 2025, insiders hold nearly 10 percent of shares. The company broadened its payment options on June 25, 2025, by accepting cryptocurrency for Mullen and Bollinger vehicles. With EPA and CARB certifications and incentive-eligible models in production, Mullen aims to leverage new funding, solid-state battery development, and the December 2025 European launch of the FIVE RS crossover.