Mullen Automotive Stock Is Tumbling Thursday: What's Driving The Action?

Mullen Automotive Inc (NASDAQ:MULN) shares are diving Thursday after the company announced a 1-for-100 reverse stock split.

What To Know: Electric vehicle manufacturer Mullen announced that it will effect a 1-for-100 reverse stock split of its common stock, effective June 2. The company’s stock will begin trading on a split-adjusted basis at the market open on Monday.

Mullen said the reverse stock split is intended to bring the company into compliance with the Nasdaq’s minimum bid listing requirements of $1 per share.

Mullen shareholders voted to approve a proposal on May 21 allowing the company to authorize a reverse stock split in the range of 1-for-2 to 1-for-250. The company’s board approved the 1-for-100 reverse split this week.

No fractional shares will be issued in ...