Shares of Mullen Automotive Inc.
MULN,
rallied 5.3% in morning trading Thursday, after the electric vehicle maker said it invoiced Randy Marion Automotive Group $1.7 million for delivering another 50 cargo vans. The company said it expects to ship and invoice Randy Marion for another 285 cargo vans within the next five business days. Based on recent delivery announcements, the company has now delivered 171 vans to Randy Marion for a total cost of about $9.3 million. In total, Randy Marion has committed to 1,000 Mullen vehicles for $63 million, with most of the deliveries expected in 2024. Mullen’s stock has run up 44.8% since it enacted on Dec. 21 a 1-for-100 reverse stock split to regain compliance with minimum-bid listing requirements. But the stock was still down 73.9% over the past three months, while the Global X Autonomous & Electrical Vehicles ETF
DRIV,
has gained 5.9% and the S&P 500
SPX,
has advanced 11.4%.
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