MULN Stock Slides Lower After Mullen Wins ELMS Bankruptcy Auction

InvestorPlace2022-10-11

Mullen Automotive (MULN) was the only bidder for the Electric Last Mile Solutions (ELMSQ) bankruptcy auction. The company bid about $92 million to receive assets like remaining inventory, intellectual...

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMULN Stock Slides Lower After Mullen Wins ELMS Bankruptcy Auction\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-10-11 04:11 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2022/10/muln-stock-slides-lower-after-mullen-wins-elms-bankruptcy-auction/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Mullen Automotive (MULN) was the only bidder for the Electric Last Mile Solutions (ELMSQ) bankruptcy auction.\nThe company bid about $92 million to receive assets like remaining inventory, intellectual...</p>\n\n<a href=\"https://investorplace.com/2022/10/muln-stock-slides-lower-after-mullen-wins-elms-bankruptcy-auction/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"MULN","symbol_name":"Mullen Automotive","start_time":0,"source_url":"https://investorplace.com/2022/10/muln-stock-slides-lower-after-mullen-wins-elms-bankruptcy-auction/","article_id":"2274459903","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2274459903","pubTimestamp":1665432689,"sourceInfo":{"source_id":"investorplace","name":"InvestorPlace"},"weMediaInfo":null,"summary":"Mullen Automotive (MULN) was the only bidder for the Electric Last Mile Solutions (ELMSQ) bankruptcy","collect":0,"end_time":0,"defaultTopTitle":"investorplace.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"MULN":"Mullen Automotive","BK4099":"汽车制造商"},"translate_title":"马伦赢得榆树破产拍卖后，马伦股价下跌","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ELMS":1,"MULN":1},"content_text":"Mullen Automotive (MULN) was the only bidder for the Electric Last Mile Solutions (ELMSQ) bankruptcy auction.\nThe company bid about $92 million to receive assets like remaining inventory, intellectual property and a plant in Indiana.\nMULN stock is down more than 90% year-to-date (YTD).\n\n\n\n\nSource: Ringo Chiu / Shutterstock\nMullen Automotive (NASDAQ:MULN) stock is down by more than 10% today, even briefly touching a new 52-week low of 24 cents. The company’s investor relations page shows no new updates. However, Capital reports that the electric vehicle (EV) company just emerged as the technical winner of the Electric Last Mile Solutions (OTCMKTS:ELMSQ) bankruptcy auction. No other company placed any bids. As a result, the auction was cancelled and a sale hearing was set for Oct. 13.\nOn Oct. 27, Mullen’s “Strikingly Different” tour will begin at the Rose Bowl in Pasadena, California. Later on, the tour will visit cities like Dallas, Miami, Atlanta and more. In Spring 2023, the tour will also continue with a focus on the East Coast, Midwest and Northwest.\nThat said, shares of MULN stock are still down over 90% year-to-date (YTD) as investors grow impatient with the launch of the Mullen Five. Production is scheduled to begin during the fourth quarter of 2023. Meanwhile, deliveries are scheduled to begin during Q2 2024.\n\n\n\n\n\n\nWhy Is MULN Stock Down Today?\nLast month, Mullen agreed to a stalking horse bid of about $92 million to acquire the assets of bankrupt Electric Last Mile Solutions. A stalking horse bid is an initial bid that cannot be undercut by any following, competing bids. The deadline for competing bids had been set to Oct. 3, while the auction for the assets was to be held on Oct. 7. Now as the technical winner, Mullen will receive a plant in Indiana, intellectual property rights, remaining inventory and any customer and supplier information.\nLast September, ELMS announced that it had shipped its first Urban Delivery units to Randy Marion Automotive Group as part of a binding purchase order for 1,000 units. In its latest earnings report, the bankrupt company also announced that it had signed agreements with several companies, including Cox Automotive, Wuling Motors and CATL, a large Chinese battery manufacturer. Furthermore, ELMS had inked collaborations with Ample and EVgo (NASDAQ:EVGO) to begin developing a “battery and charging ecosystem.”\nDid Mullen Overbid for ELMS Assets?\nWhen a company is acquired, the acquirer’s stock usually goes down while the acquired company’s stock usually goes up. This seems to be happening with MULN stock. Meanwhile, shares of ELMSQ stock are stagnant today, though still up more than 100% for the past five trading days.\nInvestors may also be worried that Mullen overbid for ELMSQ, as the $92 million bid accounts for nearly 70% of Mullen’s current market capitalization. Adding more fear to MULN stock is the fact no other company placed any bids following Mullen’s initial bid. That suggests the company may have bid too much, or that ELMS’s assets were undesirable.\nFor now, Mullen’s most valuable asset seems to be its proprietary solid-state battery (SSB). The battery was independently tested by Indiana’s Battery Innovation Center and is expected to deliver over 600 miles of range for the Mullen Five.\nOn Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.\nRead More: Penny Stocks — How to Profit Without Getting Scammed\nOn the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.\n\nEddie Pan specializes in institutional investments and insider activity. He writes for InvestorPlace’s Today’s Market team, which centers on the latest news involving popular stocks.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSubmit\n\n\n\n\n\n\n\nArticle printed from InvestorPlace Media, https://investorplace.com/2022/10/muln-stock-slides-lower-after-mullen-wins-elms-bankruptcy-auction/.\n©2022 InvestorPlace Media, LLC\n\n\n\n\n\nSponsored Headlines\n\n\n\n\n\n\n\n\n\n\n\n\n\t\t\t\t\tMore from InvestorPlace\t\t\t\t\n\n\n\n\n\n\n\n\n\n\n\n\t\t\t\t\t\t\t\t\tStocks to Sell\t\t\t\t\t\t\t\t\n\n\n\n\t\t\t\t\t\t\t\t7 Dow Stocks to Sell Before They Die\t\t\t\t\t\t\t\n\n\n\n\t\t\t\t\t\t\tBy Louis Navellier and the InvestorPlace Research Staff\n\n\t\t\t\t\t\t\t\tOct 10, 2022\t\t\t\t\t\t\t\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\t\t\t\t\t\t\t\tMarket Analysis\t\t\t\t\t\t\t\t\n\n\n\n\t\t\t\t\t\t\t\tWhere Will Lucid Motors Be in 5 Years?\t\t\t\t\t\t\t\n\n\n\n\t\t\t\t\t\t\tBy Luke Lango\n\n\t\t\t\t\t\t\t\tOct 7, 2022\t\t\t\t\t\t\t\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\t\t\t\t\t\t\t\tMarket Analysis\t\t\t\t\t\t\t\t\n\n\n\n\t\t\t\t\t\t\t\tOur Experts Weigh in on the “Fed Pivot”\t\t\t\t\t\t\t\n\n\n\n\t\t\t\t\t\t\tBy Jeff Remsburg\n\n\t\t\t\t\t\t\t\tOct 6, 2022","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2274459903"}