mullen automotive

mullen automotive

Photo by Ringo Chiu/ Shutterstock

In a virtual stockholder meeting today, EV hopeful Mullen Automotive announced that shareholders had approved a proposal to increase authorized common stock from 1.75 billion total shares up to 5 billion total shares.

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Photo by Hasnain Sikora on Unsplash

In a brief investor relations call today, Mullen Automotive approved a reverse stock split. The ratio of the reverse split is yet to be determined, but could range from 1-for-2 up to 1-for-25 and will be determined by the company’s Board of Directors. Such a reverse split could help the company raise its share price above $1 and thus avoid delisting on the Nasdaq Stock Exchange.

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