Why Is Mullen Stock Up 69% on Wednesday?

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Why Is Mullen Stock Up 69% on Wednesday?

InvestorPlace2023-07-06

Mullen stock is up more than 69% today on a number of promising developments.The company offered guidance for the future production of its Class 1, Class 2 and Class 3 vehicles.Additionally, Mullen ...

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RontheTrader
·2023-07-06
Mullen all the way
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Indeed, alongside the upcoming start to production of Mullen’s Class 3 electric vehicles (EVs), it seems investors have newfound reason to hold onto their hopes for the company.What’s up with Mullen lately?Well, in a recent interview, Michery revealed that the company expects 660 Class 1 vehicles to “leave the factory” in 2023. Meanwhile, 930 Class 3 vehicles are expected to “leave the factory to customers” this year as well. Next year, Michery stated the company also plans on releasing 368 Class 1 one-seaters, some 11,000 Class 1 two-seater vehicles and 3,000 Class 3 vehicles.According to Michery, the one-seaters are intended mostly for short deliveries. The one-seaters will also likely play a smaller role in sales.MULN Stock Soars on Naked Short Selling InvestigationInterestingly, this guidance is not the only news item out of the oft-downtrodden EV maker. Mullen also recently announced that it has retained Christian Attar and Warshaw, Burstein, LLP for its investigation into alleged naked short selling. Mullen noted that Christian Attar has collected millions of dollars on behalf of clients in recent years in the prosecution of market manipulation.“Since our announcement on April 28, we have been actively investigating naked short selling and we now have enough intel to have the law firm actively investigate and, where justified, take action against any market manipulators using naked short selling, spoofing or other illegal acts,” said CEO David Michery.If you recall, Mullen announced back in late April that it had hired Shareholder Intelligence Services to investigate market manipulation and fraudulent short selling. This was in response to higher-than-normal trading volume and “evidence of unusually high levels of failure to deliver on short sales.”Between its recent production schedule and its commitment to investigate market manipulation, Mullen seems to have found some initiative lately. Investors have clearly taken notice as well. 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