Is a Reverse Stock Split Coming for Mullen (MULN) Stock?

InvestorPlace2022-11-17

Mullen Automotive (MULN) will propose a reverse stock split at its special meeting of stockholders.The company has also proposed to increase shares authorized to 5 billion from 1.75 billion.MULN stock...

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Yee97
2022-11-18
Yee97
Is it still a good buy if there is coming reverse stock split?

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Notably, the first proposal asks shareholders to approve a reverse stock split in the range of between 1-for-2 shares and 1-for-25 shares. In addition, since MULN stock is included in the Russell 2000 index, it must have a minimum closing price of $1 during the “rank day” in May. Nov. 21 is the record date for the vote. The final decision of the vote will be disclosed on Dec. 23.\nOn Sept. 9, Nasdaq notified the electric vehicle (EV) company that it had failed to comply with the $1 minimum bid price requirement. Mullen has 180 calendar days after Sept. 9, or until March 6 next year, to meet the minimum price. If Mullen is unable to meet the $1 mark for 10 consecutive days before the deadline, it can request another 180-calendar-day extension. However, the company will have to then notify Nasdaq of its plans to achieve the minimum bid price.\nHere’s what investors should know about MULN stock moving forward.\n\n\n\n\n\n\nMULN Stock: Mullen Asks Shareholders to Vote on Reverse Stock Split\nIf shareholders approve the reverse split proposal, Mullen’s board is authorized to enact the split. However, if Proposal No. 2 is rejected, the board can still enact a reverse split at its discretion before Dec. 1, 2023.\nProposal No. 2 seeks to increase the shares of common stock authorized to 5 billion from the current 1.75 billion. That marks an increase of 185% and would severely dilute existing shareholders. Meanwhile, Proposal No. 3 seeks to change Mullen’s state of incorporation from Delaware to Maryland. The filing does not give any reason for this change.\nNext, Proposal No. 4 seeks to satisfy a securities purchase agreement. The proposal is for issuing $150 million in notes and $190 million in Series D preferred stock. Each are “convertible into shares of Common Stock and warrants exercisable into shares of Common Stock.”\nAs of the record date, 1.3 billion shares of common stock will be outstanding, with each share receiving one vote. On top of that, Series B and C shares carry one vote as well. Meanwhile, Series A shares carry 1,000 votes each.\nYesterday, Mullen announced that CEO David Michery had purchased one Series AA share for $25,000 in cash. That single share carries 1.3 billion votes “only on Reverse Stock Split Proposal.” This implies that Michery will vote for a reverse split.\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/2022/11/is-a-reverse-stock-split-coming-for-mullen-muln-stock/.\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\tElectric Vehicles\t\t\t\t\t\t\t\t\n\n\n\n\t\t\t\t\t\t\t\tHedge Funds Betting Big This EV Stock Will Kill Tesla\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\tNov 16, 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\tHot Stocks\t\t\t\t\t\t\t\t\n\n\n\n\t\t\t\t\t\t\t\tWhy Amazon Layoffs Are NOT a Reason to Buy AMZN Stock\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\tNov 16, 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\tWhat to Do with Crypto Now\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\tNov 15, 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":[{"id":9963483777,"gmtCreate":1668736319300,"gmtModify":1676538104843,"author":{"id":"3553374749042728","authorId":"3553374749042728","name":"Yee97","avatar":"https://community-static.tradeup.com/news/926d6ddbccc0af27ebe740d569c6d487","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3553374749042728","authorIdStr":"3553374749042728"},"htmlText":"Is it still a good buy if there is coming reverse stock split?","listText":"Is it still a good buy if there is coming reverse stock split?","text":"Is it still a good buy if there is coming reverse stock split?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9963483777","repostId":2284520727,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":2,"commentSize":1,"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/2284520727"}