Mullen Automotive (MULN) Announcement of Stock Split, Legal Action Deadline, and Innovation in Semi-Solid State Batteries
In a significant move aimed at bolstering its market position, Mullen Automotive Inc. has executed a 1-for-100 reverse stock split of its common stock. The reverse split, which took effect on April 11, 2025, reduced the number of outstanding shares from approximately 220 million to around 2.2 million.
The reverse stock split, a common strategy among emerging EV manufacturers, is designed to address volatile markets, heightened regulatory scrutiny, and investor pressure. The move also helps Mullen Automotive preserve its listing on the Nasdaq Capital Market. Following the adjustment, Mullen's shares continue to trade under the ticker symbol "MULN," but on a split-adjusted basis.
In a strategic collaboration, Mullen Automotive has partnered with Enpower Greentech Inc. for the production of semi solid-state batteries at its Fullerton, California Battery Center. The partnership aims to reduce tariff-related costs and supply chain risks, offering a significant advantage in the competitive EV market.
The production is expected to begin by early 2026, with EGI also launching U.S. manufacturing in Michigan by late 2025. The partnership aims to produce SWIFT Series semi solid-state batteries for commercial and industrial applications, including EVs, aerospace, and drones.
The collaboration leverages EGI's advanced silicon-anode-based SSB technology, offering twice the energy density, ultra-fast charging, and longer life cycles. John Taylor, formerly of Tesla and GM, will oversee the program's commercialization.
Proportional adjustments were made to outstanding equity awards, warrants, and convertible notes. The new CUSIP identifier for the post-split shares is 62526P703. The exchange process was managed by Continental Stock Transfer & Trust Company, Mullen's appointed transfer agent.
Mullen's facility will feature three battery lines, including a low-volume solid-state polymer R&D line. However, specific details or status updates on the progress, production readiness, or operational partnership have not been widely disclosed or confirmed by official sources. For the latest updates, it is recommended to check official press releases from Mullen Automotive or Enpower Greentech directly or trusted automotive industry reporting sources.
The success of the reverse split in bolstering Mullen's market stability and retaining its Nasdaq listing remains uncertain. Nonetheless, the strategic partnership with Enpower Greentech marks a significant step forward in Mullen Automotive's mission to advance EV battery manufacturing and innovation.
- Mullen Automotive's strategic partnership with Enpower Greentech, aimed at producing semi solid-state batteries, could offer an advantage in the competitive EV market by reducing tariff-related costs and supply chain risks.
- In the realm of finance and business, this technology-based collaboration between Mullen Automotive and Enpower Greentech seems to be a crucial step towards advancing EV battery manufacturing and innovation.
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