Bollinger Innovations Shares Plunge 28% After 1-for-250 Reverse Split Amid Rebrand
By ATTN Desk · Editorial oversight: Sean Han
Introduction
Bollinger Innovations Inc (NASDAQ: BINI) is a Southern California-based automotive company that designs and manufactures commercial electric vehicles (EVs). Formerly known as Mullen Automotive Inc, the company officially changed its name and ticker symbol on July 28, 2025. Bollinger Innovations operates a U.S. manufacturing facility in Tunica, Mississippi, and develops Class 1, Class 3, and Class 4 commercial EVs under its current branding.
Corporate Structure
Bollinger Innovations maintains a vertically integrated model with in-house engineering, assembly, and a dealer network. The company reports:
- A U.S. production plant in Tunica, MS, covering 120,000 square feet.
- A commercial dealer network comprising over 50 locations, including partners such as Papé Kenworth and Ziegler Truck Group.
- An employee base with backgrounds in automotive engineering, manufacturing, and business restructuring, reflecting over 25 years of leadership experience under CEO David Michery.
Electric Vehicles by CHUTTERSNAP
Developments and News
On July 28, 2025, Bollinger Innovations officially transitioned from Mullen Automotive Inc and began trading under the ticker BINI. On August 4, 2025, the company executed a 1-for-250 reverse stock split to comply with Nasdaq’s minimum bid price requirement of $1.00. As of market close on August 19, 2025, the stock traded at $0.4253, a decrease of 28.15% on a volume of 2,886,543 shares. A Special Meeting of Stockholders is scheduled for September 11, 2025, to ratify the reverse split and related corporate actions.
Financial and Strategic Analysis
Bollinger Innovations reported trailing twelve-month (TTM) revenue of $9.34 million and a net loss of $472.94 million, attributed to ongoing research and development activities and production scaling costs. Key financial metrics (as of August 19, 2025) include:
| Metric | Value |
|---|---|
| Share Price | $0.4253 |
| Daily Change | –28.15% |
| Volume | 2,886,543 |
| Market Cap (intraday) | $1.24 million |
| Revenue (TTM) | $9.34 million |
| Net Income (TTM) | –$472.94 million |
| Cash on Hand (MRQ) | $454,660 |
| Levered Free Cash Flow (TTM) | $29.19 million |
| Enterprise Value / Revenue | 3.94 |
Strategic initiatives emphasize domestic U.S. assembly, development of solid-state polymer batteries, and expansion of commercial EV offerings. The company’s product lineup includes the Class 1 Mullen ONE cargo van, Class 3 Mullen THREE truck, and the Class 4 Bollinger B4 chassis cab, all of which are certified by the CARB and EPA.
Market Position and Industry Context
Bollinger Innovations competes in the commercial EV segment, where the global market is forecast to grow at a compound annual growth rate (CAGR) of 22.6% through 2027. The company targets fleet operators, municipalities, and service providers, leveraging federal and state incentives—such as the $7,500 federal tax credit and California’s Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) vouchers—to promote fleet adoption. Bollinger Innovations aims to establish a presence through its U.S.-based manufacturing, dealer partnerships, and proprietary chassis designs.
tl;dr
As of August 19, 2025, BINI shares decreased by 28.15% to $0.4253 with a trading volume of 2.9 million, following the execution of a 1-for-250 reverse split on August 4 to maintain compliance with Nasdaq listing requirements. The company changed its name and ticker on July 28, and a stockholder meeting is scheduled for September 11 to approve corporate actions. Bollinger Innovations continues production of Class 1 to 4 commercial EVs in Tunica, MS, while advancing battery technology and expanding its dealer network. The future outlook focuses on meeting Nasdaq compliance, scaling production, and capitalizing on commercial fleet incentives.