Mullen Automotive (MULN) Plunges 15.60% Amid Volatility

Mullen Automotive (MULN) has experienced a significant decline of 15.60% over the past nine days, marking a notable downturn in its stock performance. Despite this recent drop, the stock has seen a remarkable surge of 1619.63% over the past nine days, highlighting the volatility and potential for rapid price movements in the market.

One of the key factors influencing Mullen Automotive's stock price is the company's recent announcement of selling its all-electric Mullen ONE Class 1 cargo van to Global Expert Shipping, a logistics company. This deal, along with multiple commercial EV orders secured from the same company, has the potential to positively impact the stock by demonstrating the company's ability to secure significant contracts and expand its market presence.

Additionally, Mullen Automotive has executed a 1-for-100 reverse stock split. This corporate action can influence investor perception and stock valuation, potentially affecting the stock price. A reverse stock split reduces the number of outstanding shares and increases the price per share, which can make the stock more attractive to certain investors and potentially stabilize or even boost the stock price.

Despite these positive developments, Mullen Automotive's stock has also touched a 52-week low of $2.02, indicating a significant downturn in the market. This low point reflects the challenges and uncertainties the company faces, which could be influencing investor sentiment and contributing to the recent volatility in the stock price.