Brea, calif., oct. 19, 2023 (globe newswire) -- via ibn – mullen automotive inc. (nasdaq: muln) (“mullen” or the “company”), an emerging electric vehicle (“ev”) manufacturer, announces today the company has filed a preliminary proxy statement with the securities and exchange commission (the “sec”) regarding a special stockholders' meeting to be held on dec. 15, 2023, (the “special meeting”) to authorize mullen's board of directors to effect a reverse stock split of the company's common stock at an exchange ratio between 1-for-2 to 1-for-100 (the "reverse stock split"). mullen expects that the primary focus of the board in determining whether or not to effectuate the reverse stock split will be the ability to obtain and maintain a continued price of at least $1.00 per share of its common stock on the nasdaq capital market without effecting the reverse stock split. the reverse stock split will only be implemented if necessary to regain compliance with nasdaq listing rule 5550(a)(2), which sets forth a minimum bid price of $1.00.
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