12:16 PM EDT, 09/13/2024 (MT Newswires) -- Mullen Automotive ( MULN ) said Friday it will implement a 1-for-100 reverse stock split of its shares to meet Nasdaq's $1 minimum bid price requirement for continued listing.

The consolidation will become effective on Sept. 17, the company said.

Mullen's shares were down nearly 21% in recent trading Friday.

Price: 0.13, Change: -0.04, Percent Change: -20.96