As of May 17, 2023, Mullen’s common stock has traded above $1 for 10 consecutive business days, and the Company awaits confirmation from Nasdaq that it meets Nasdaq’s requirements for continued listing as a result thereof.
On Sept. 7, 2022, Nasdaq provided notice to the Company that, based on the previous 30 consecutive business days, the Company’s listed common stock no longer met the minimum $1 bid price per share requirement as set forth in Nasdaq Listing Rule 5810(c)(3)(A)(ii) (the “Deficiency”). The Company was provided 180 calendar days, or until March 6, 2023, to regain compliance. On March 8, 2023, Nasdaq approved the Company’s request for a 180-day extension, through Sept. 5, 2023, to meet the $1 minimum bid price requirement. The Company implemented a reverse stock split to cure the Deficiency, which was effective as of May 4, 2023.
