Bollinger Innovations Reverse Split Triggers 31.8% Stock Plunge Post-Rebrand
By ATTN Desk · Editorial oversight: Sean Han
Introduction
Bollinger Innovations, Inc. (NASDAQ: BINI) is a Southern California–based automotive company specializing in commercial electric vehicles (EVs). Effective July 28, 2025, the firm completed its rebrand from Mullen Automotive Inc., consolidating Class 1, 3, and 4 EV offerings under the Bollinger Innovations name. Vehicle manufacturing occurs in Tunica, Mississippi, where the company assembles its Class 1 ONE cargo van, Class 3 THREE cab chassis truck, and Class 4 B4 electric truck.
Corporate Structure and Workforce
Bollinger Innovations operates a U.S. manufacturing facility in Tunica, Mississippi, and maintains a network of more than 50 dealer and service locations nationwide. Its leadership team is led by CEO and Chairman David Michery, who has over 25 years of management and restructuring experience. The company’s workforce includes automotive engineers, production specialists, and sales personnel focused on commercial fleet electrification and dealer support.
Electric Vehicles by CHUTTERSNAP
Recent Developments
• July 28, 2025 – The Nasdaq ticker changed from MULN to BINI; no action was required by existing shareholders.
• August 4, 2025 – A 1-for-250 reverse stock split became effective to meet Nasdaq’s $1.00 minimum bid price requirement; pre-split shares of common stock were automatically consolidated.
Financial and Strategic Analysis
On August 4, 2025, BINI shares closed at $5.92, down 31.76% from the prior close of $8.68, on a volume of approximately 643,537 shares. Key metrics (pre-split) include:
| Metric | Value |
|---|---|
| Market Capitalization | $2.268 billion |
| Shares Outstanding | 383.05 million |
| 52-Week Trading Range | $5.53 – $14.55 billion* |
| TTM Revenue | $8.932 million |
| TTM EBITDA | $213.67 million |
| Net Margin (TTM) | –4,961.58% |
| Debt-to-Equity (MRQ) | 16.35% |
*The upper range figure reflects pre-split adjusted data.
The reverse split is intended to maintain compliance with Nasdaq listing standards. Future compliance will depend on sustaining a bid price above $1.00. An earnings release is scheduled for August 14, 2025.
Market Position and Industry Context
Bollinger Innovations targets the U.S. commercial EV segment, with Class 1, 3, and 4 vehicles certified by the California Air Resources Board and the U.S. EPA. As of January 2024, the ONE and THREE models are in production, and the B4 is planned for launch on September 16, 2024. The global EV market is projected to grow at a compound annual growth rate of 22.6% through 2027, supported by federal and state incentives that include up to $7,500 in federal tax credits and additional vouchers in California, Massachusetts, and Illinois. The company’s dealer network and U.S.-based manufacturing position it to serve fleet operators focused on reducing emissions and operating costs.
tl;dr
On July 28, 2025, Mullen Automotive Inc. formally became Bollinger Innovations, Inc. (NASDAQ: BINI). A 1-for-250 reverse stock split took effect on August 4, 2025, consolidating approximately 423.5 million pre-split shares into about 1.7 million post-split shares to comply with Nasdaq’s $1.00 minimum bid rule. BINI stock dropped 31.76% to $5.92 on the split date. The company must maintain its share price above $1.00 and publish quarterly results on August 14, 2025, to retain its listing and support ongoing commercial EV production.