Mullen Automotive Inc ( MULN ) shares are trading lower Thursday after rallying nearly 200% on Wednesday. Here’s a look at what’s going on.

What To Know: Mullen Automotive ( MULN ) has settled claims in a lawsuit filed by Bollinger Motors founder Robert Bollinger. In connection with the settlement, Bollinger Motors has emerged from receivership and Mullen Automotive ( MULN ) has increased its ownership stake in the company to 95%.

Mullen chairman and CEO David Michery has been named CEO and chairman of Bollinger Motors.

“Vehicle sales and customer service remained the top priority for Bollinger Motors throughout the receivership process, and I commend the team for continuing to gain momentum, even during this distraction,” Michery said. 

“We look forward to putting this chapter in the rearview mirror and continuing to help customers find more sustainable transportation options. We are focused on the shared vision of both Mullen Automotive ( MULN ) and Bollinger Motors to help electrify fleets with world-class vehicles and industry-leading customer and dealership support.”

The Bollinger B4 Chassis Cab is available for order and through the company’s national dealer network. Bollinger Motors is also continuing to develop its Bollinger B5 all-electric Class 5 commercial truck, which is expected to launch in 2026.

Mullen also announced on Thursday that its commercial EVs are now eligible for incentives through the ComEd Business & Public Sector EV rebate program in Illinois.

The Mullen ONE Class 1 EV cargo van qualifies for an incentive of up to $7,500 through the ComEd program. ComEd also offers up to $30,000 in incentives on Medium-Duty EVs. Mullen’s commercial lineup includes the Mullen ONE, Class 1 EV cargo van, and the Class 3 EV cab chassis truck Mullen THREE.

Mullen on Tuesday announced plans to relaunch its Mullen FIVE RS EV Crossover, with sales set to begin in Germany in December 2025. The company also announced a partnership with German engineering and manufacturing firm Faissner Petermeier Fahrzeugtechnik AG.

The pullback in Mullen shares on Thursday comes after the stock closed Tuesday up 198.7% after the company announced it entered into securities purchase agreements following its 1-for-100 reverse stock split.

MULN Price Action: Mullen shares were down 30.8% at $11.15 at the time of publication Thursday, according to Benzinga Pro. 

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