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Tuesday, September 27, 2022

Mullen Automotive Inc (NASDAQ: MULN) EV Startup and Maker of the Mullen FIVE is Heating Up & Getting Noticed

Mullen Automotive Inc (NASDAQ: MULN) is probably the most exciting story in small caps and the most explosive as the stock is sitting at just over $1 on massive volume and interest from Investors. MULN went public via a reverse merger with a blank check Company in November 2021 in a successful IPO which saw the stock rocket to highs of $16 shortly after going public. Since then, the stock has been subject to a massive short selling campaign that has decimated the share price of MULN to lows of 0.52 in February just before the Company reported that testing on its solid-state polymer cells reveals the potential for a 150-kilowatt-hour battery pack that delivers over 600-plus miles of range, a significant advancement over today’s current lithium-Ion batteries. The shorts may not have anticipated that many of the same traders involved in the Gamestop and AMC massive short squeezes would find MULN at $1 but they have and its game on now. The volume is incredible with MULN regularly trading between $100 million and $500 million in dollar volume and the Company has a total market valuation of just $47 million with at least 3.7 million shares MULN sold short already. 

Since MULN went public on the NADSAQ in November 2021 the Company has been doing nothing but growing and putting out great news; they purchased an advanced manufacturing and engineering center with plans to build out another 1.2 million square feet of manufacturing space, they increased their reservation limit for the Mullen FIVE EV Crossover to 25,000 reservations proving they are ready to sell over 25,000 vehicles, they announced they are on track to start delivery of their vans Fleet in Q2, 2022 which will bring in some $60 million in short term revenues, they announced partnerships with ARRK, DURR and DSA and a partnership with Comau to develop a body shop for the MULN EV. The most significant news from MULN came on February 28 when the Company reported its testing of solid-state polymer cells reveals the potential for a 150-kilowatt-hour battery pack that delivers over 600-plus miles of range and highlights an 18-minute DC fast charge which can yield over 300 miles of range representing a significant advancement over today’s current lithium-Ion batteries. Everyone knows how hot the EV market is with Tesla trading at a market valuation over $800 billion, making Elon Musk among the richest men on Earth. MULN at a total valuation of just $47 million, shorted into oblivion, with the GME and AMC guys currently accumulating could not be more explosive here. 

Mullen Automotive Inc (NASDAQ: MULN) operates a Southern California-based electric vehicle company that operates in various verticals of businesses focused within the automotive industry. The Company has two electric vehicles under development, one of which, Mullen FIVE is expected to begin delivery of in the second quarter of 2024. The Company also operates CarHub, a digital platform that leverages artificial intelligence to offer an interactive solution for buying, selling and owning a car, and Mullen Energy, a division focused on advancing battery technology and emergency point-of-care solutions. Mullen recently purchased a 124,700 sq ft facility located in Tunica, Mississippi which serves as their new headquarters. The Company is working on an expansion of the existing 124,700 sq ft by an additional 1.2M sq ft. 

The Company’s flagship, the Mullen FIVE represents Mullen Automotive’s entry into the full-electric, mid-size luxury SUV market. The Mullen FIVE has a sleek, sexy design and is competitively priced starting at $55,000 – for the United States market and is expected to be available in the fourth quarter of 2024. The Mullen FIVE is expected to deliver an electric range up to 325 miles, will reach 0 to 60 in 3.2 seconds with a max speed of 155 miles per hour. The Mullen FIVE also delivers fast charge times from 0 to 80% (260 miles of range) in just 21 minutes. Level 2.5 Advanced Driver Assistance System. U.S. Designed, Engineered & Manufactured Pure Electric Vehicle. Luxury interiors with customizable seating configurations and Multi LED intelligent LIVE screen technology that listens and reacts. For more info on the Mullen Five go here. 

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The Mullen FIVE is built on an EV Crossover skateboard platform that offers multiple powertrain configurations and trim levels in a svelte design that is Strikingly DifferentTM. The FIVE debuted at the LA International Auto Show in mid-November and was awarded the LA Auto Show’s ZEVAS Award for the “Top SUV Zero Emission Vehicle (ZEV)” easily beating out both the Rivian R1S and Lincoln Aviator Grand Touring. MULN CEO David Michery stated at the time: “The FIVE is a very competitive EV that was able to go up against an impressive set of competitors, including both legacy brands and exciting new startups. The fact that so many people voted for the FIVE, helping us beat the other finalists, the Rivian R1S and the Lincoln Aviator Grand Touring, by a huge margin to win this award is a tremendous testament to what we are trying to accomplish.” 

MULN rocketed up over 100% on February 28 after the Company reported its next-generation solid-state polymer battery technology recently achieved a significant advancement over today’s current lithium-Ion batteries. Mullen’s testing of solid-state polymer cells reveals the potential for a 150-kilowatt-hour battery pack that delivers over 600-plus miles of range and highlights an 18-minute DC fast charge which can yield over 300 miles of range. Mullen is working towards utilizing solid-state polymer battery packs in its second-generation Mullen FIVE EV Crossovers, with in-vehicle prototype testing set for 2025. Mullen’s first-generation FIVE EV Crossover, due in late 2024, is planned to launch with traditional lithium-ion cell chemistry. 

Mullen is also conducting extensive research and development into other advanced battery technologies, including lithium-sulfur and lithium-iron-phosphate. Mullen’s ultimate goal is to deliver EV batteries that will surpass today’s existing lithium-Ion technology and offer a host of benefits such as increased efficiency, energy density, and range while also lowering the cost, weight, thermal and environmental risks. 

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MULN is probably the most exciting story in small caps and the most explosive as the stock is sitting at just over $1 on massive volume and interest from Investors. MULN went public via a reverse merger with a blank check Company in November 2021 in a successful IPO which saw the stock rocket to highs of $16 shortly after going public. Since then, the stock has been subject to a massive short selling campaign that has decimated the share price of MULN to lows of 0.52 in February just before the Company reported that testing on its solid-state polymer cells reveals the potential for a 150-kilowatt-hour battery pack that delivers over 600-plus miles of range, a significant advancement over today’s current lithium-Ion batteries. The shorts may not have anticipated that many of the same traders involved in the Gamestop and AMC massive short squeezes would find MULN at $1 but they have and its game on now. The volume is incredible with MULN regularly trading between $100 million and $500 million in dollar volume and the Company has a total market valuation of just $47 million with at least 3.7 million shares MULN sold short already. Since MULN went public on the NADSAQ in November 2021 the Company has been doing nothing but growing and putting out great news; they purchased an advanced manufacturing and engineering center with plans to build out another 1.2 million square feet of manufacturing space, they increased their reservation limit for the Mullen FIVE EV Crossover to 25,000 reservations proving they are ready to sell over 25,000 vehicles, they announced they are on track to start delivery of their vans Fleet in Q2, 2022 which will bring in some $60 million in short term revenues, they announced partnerships with ARRK, DURR and DSA and a partnership with Comau to develop a body shop for the MULN EV. The most significant news from MULN came on February 28 when the Company reported its testing of solid-state polymer cells reveals the potential for a 150-kilowatt-hour battery pack that delivers over 600-plus miles of range and highlights an 18-minute DC fast charge which can yield over 300 miles of range representing a significant advancement over today’s current lithium-Ion batteries. Everyone knows how hot the EV market is with Tesla trading at a market valuation over $800 billion, making Elon Musk among the richest men on Earth. MULN at a total valuation of just $47 million, shorted into oblivion, with the GME and AMC guys currently accumulating could not be more exciting here. We will be updating on MULN when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with MULN.

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Disclosure: we hold no position in MULN either long or short and we have not been compensated for this article.

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