Mullen Automotive Plunges 10.94% Despite Strategic Wins

On April 17, 2025, Mullen Automotive's stock price plummeted by 10.94% during pre-market trading, marking a significant decline in a short period.

Mullen Automotive recently secured a commercial EV order from Global Expert Shipping in Los Angeles, which could potentially boost its market presence and revenue streams. This development comes as the company continues to expand its partnerships and supply agreements, such as the one with Enpower Greentech Inc. to build semi-solid-state batteries for EGI’s SWIFT series.

In addition to these strategic moves, Mullen Automotive has implemented a reverse stock split effective April 11, 2025. This action is part of the company's broader efforts to enhance its financial stability and operational efficiency. The company has also announced significant cost-cutting initiatives while reporting a record increase in GAAP revenue for the current fiscal quarter.

Mullen Automotive has also made strides in legal battles, successfully defeating a motion to dismiss in a federal spoofing lawsuit. This victory allows the company to proceed with its efforts to combat artificially deflated stock prices, which could potentially restore investor confidence and stabilize the stock price.