Mullen Automotive, Inc. ( MULN ) shares are trading lower Monday after the company announced it acquired an additional 21% of Bollinger Motors.

What To Know: The additional stake brings the company’s total ownership in Bollinger to 95% and boosts shareholder equity by approximately $3.5 million.

“This is an important moment for both Mullen Automotive ( MULN ) and Bollinger Motors,” said David Michery, CEO and chairman of Mullen Automotive ( MULN ) and Bollinger Motors. “Our investment in acquiring the vast majority of remaining shares and resolving certain significant outstanding debt demonstrates our belief in and continued commitment to Bollinger’s vehicle lineup and future.”

Bollinger will continue developing and producing the B4 platform, its all-electric Class 4 commercial truck, leveraging Mullen's resources and expertise to accelerate progress and integrate into Mullen's broader EV ecosystem. Mullen may be facing selling pressure as the company had just $2.3 million in cash, cash equivalents and restricted cash as of March 31.

Mullen also began trading on a split-adjusted basis on Monday after its 1-for-100 reverse stock split went into effect. The reverse stock split was intended to bring the company into compliance with the Nasdaq's minimum bid listing requirements of $1 per share.

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MULN Price Action: At the time of publication, Mullen shares were down 30.07% at $5.74, according to data from Benzinga Pro.

Image: courtesy of Mullen Automotive ( MULN ).