Mullen Automotive, a small electric vehicle startup, has once again sidestepped delisting from the Nasdaq after facing repeated warnings over its failure to meet the exchange’s minimum bid requirements. Despite showcasing several vehicles, the company has yet to begin production and has been on the brink of losing its public trading status for the past two years.
The trouble began in September 2022, when Mullen received its first warning from the Nasdaq for failing to maintain a $1 minimum bid price over 30 consecutive business days. Initially, the company was given until March 6, 2023, to regain compliance, but this deadline was later extended to September 5, 2023. While Mullen managed to regain compliance at one point, it soon fell out of line again. Last month, the automaker implemented a 1-for-100 reverse stock split in a bid to satisfy the Nasdaq’s requirements. As a result, a scheduled November 14 hearing on Mullen’s delisting has been canceled, as the company is now in compliance once more.
The latest vehicle from Mullen is the Five RS, a high-performance electric crossover that made its debut at the Consumer Electronics Show (CES) in January. The Five RS is powered by dual motors, delivering a combined 1,000 horsepower and 850 lb-ft of torque. According to Mullen, the crossover can accelerate from 0 to 60 mph in under two seconds, with a top speed exceeding 200 mph. It is equipped with a 100 kWh battery, providing an estimated range of up to 300 miles on a single charge.
Mullen has set ambitious plans for the Five RS, with production expected to start in late 2025 and sales beginning in mid-2026. However, like many electric vehicle startups, the challenge remains in turning these promises into reality.
