Mullen Automotive (NASDAQ:MULN) stock opened lower by about 6% today after the electric vehicle (EV) company announced it had completed a “successful” commercial drive event and showcase at the 2023 Government Fleet Expo and Conference (GFX).
During the event, Mullen showcased its ONE Class 1 cargo van and its THREE Class 3 chassis cab truck. Members from Mullen’s technology, sales and product marketing team were present at the event to speak with potential customers.
“Mullen has already been at several commercial expos and events so far this year with many more lined up over the following months where people have the opportunity to speak with the Mullen team and sign up for a pilot or demo,” said CEO David Michery. “Our objective with these events is to provide fleet managers all over the U.S. the ability to check out and test our commercial vehicles firsthand to see the incredible value we offer.”
MULN Stock: Mullen Vehicles Showcased at 2023 GFX
On May 22, Mullen hosted a commercial drive event at GFX’s Block Party Ride and Drive, where attendees could test drive the ONE and THREE and become familiar with Mullen’s technology. Anyone who missed out at GFX will have a second chance, as Mullen will be present at the Electric Utility Fleet Managers Conference (EUFMC) from June 4 to June 7 in Williamsburg, Virginia. Fleet representatives will be present at EUFMC, which gives Mullen another chance to advertise its product.
Still, shareholders don’t seem to be putting too much weight on the news, as the price of MULN stock is still on a significant decline that started in mid-February. Earlier this month, Mullen initiated a 1-for-25 stock split, which brought shares above the Nasdaq minimum price requirement threshold of $1. Shares then proceeded to trade above $1 for 10 consecutive days, but are now below the mark again.
At the time of this writing, Mullen still appears on Nasdaq’s Noncompliant Company list. According to the exchange, it may, in its discretion, require some companies to trade above $1 for more than 10 consecutive days, but generally less than 20 consecutive days. Nasdaq factors several items into its consideration, such as price trend, margin of compliance and the market maker montage.
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On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.