Mullen Automotive, Inc. ( MULN ) shares are trading lower on Thursday following the company’s announcement of a 1-for-60 reverse stock split.

The reverse split, set to take effect on February 18, aims to bring the company into compliance with Nasdaq’s $1.00 minimum bid price requirement for continued listing.

The company’s stock will continue to trade under the existing symbol, and will begin trading on a split-adjusted basis when the market opens on February 18.

The new CUSIP number for the common stock following the reverse stock split will be 62526P604.

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While the reverse stock split is a strategic move to maintain its Nasdaq listing, Mullen Automotive ( MULN ) has also been making significant efforts to strengthen its U.S.-based battery production capabilities.

According to Benzinga Pro, MULN stock has lost over 99% in the past year.  

The company recently purchased additional battery production equipment from Nikola Corporation, continuing its push to expand American-made battery capabilities.

This follows a $3.5 million acquisition of battery production assets from Nikola’s subsidiary, Romeo Power, in September 2023.

Additionally, Mullen has submitted a $55 million matching fund request to the U.S. Department of Energy to support its U.S. manufacturing expansion.

Price Action: MULN shares are trading lower by 19.7% to $0.2441 at last check Thursday.

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