Mullen Automotive Inc (NASDAQ: MULN) is making a powerful reversal northbound after the Company acquired all of electric vehicle company ELMS’s (Electric Last Mile Solutions) assets in an all-cash purchase. In the Chapter 7 approved transaction, Mullen acquired ELMS’s manufacturing plant, all inventory and intellectual property. The factory in Mishawaka, IN, provides Mullen with the capability to produce up to 50,000 vehicles per year. The acquisition allows acceleration of the path to production and market for Mullen FIVE and Bollinger B1, B2 retail vehicles by 12 plus months. The platform and plant acquisition results in a significant reduction of the Company’s previously forecast overall spend commercial Product Platforms to be assembled at Mullen’s Tunica MS. Facility for Launch of Mullen Class 1 and Class 3 Commercial Delivery vehicles into Market in 2023. The Mishawaka, IN factory that forms part of the Company’s acquisition, previously produced General Motors Hummer H2 SUV and SUT and also subsequently contract manufactured the Mercedes-Benz R-Class vehicle.
MULN is probably the most exciting story in small caps and the most explosive as the stock is sitting at just $0.37 since reversing off $0.21 lows. On Thursday the Company kicks off its “Strikingly Different” tour with the first stop in California on Oct 27 and 28 at the Rose Bowl in Pasadena. Investors will have the chance to drive the Mullen FIVE themselves and report back on it and this will be a game changer for MULN if the FIVE can do what they say it can. While the event is open to the public, ‘Front Row’ FIVE reservation holders and Mullen investors will be offered the first priority to reserve a spot on tour. MULN saw a surge earlier this year after 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 under $0.50 but they have and its game on now as MULN short position has more than doubled over the past few weeks.
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Mullen Automotive Inc (NASDAQ: MULN) is a Southern California-based automotive company that owns and partners with several synergistic businesses working toward the unified goal of creating clean and scalable energy solutions. Mullen has evolved over the past decade in sync with consumers and technology trends. Today, the Company is working diligently to provide exciting EV options built entirely in the United States and made to fit perfectly into the American consumer’s life. Mullen strives to make EVs more accessible than ever by building an end-to-end ecosystem that takes care of all aspects of EV ownership.’
Mullen recently purchased a 124,700 sq ft facility located in Tunica, Mississippi that now serves as an advanced manufacturing engineering center and vehicle production facility. The Company is working on an expansion of the existing 124,700 sq ft by an additional 1.2M sq ft; designing assembly lines (Body, Paint, General, and Offline); and preparing for the complexities of the manufacturing processes, while ensuring flexibility for critical changes. This plan includes utilizing existing assets that are currently in place for initial validation, and in parallel, begin efforts to design, develop, build, and equip the facility to support planned production for Mullen FIVE and all other upcoming vehicles.
MULN is making big moves in battery technology; results of Mullen’s solid-state polymer battery testing with the Battery Innovation Center (BIC) in Indiana. Testing results from BIC show the solid-state polymer cell, rated at 300 Ah and 3.7 volts, tested in at 343.28 Ah at 4.2 volts, exceeding expectation and in line with test tolerance from previous EV Grid test results. The test data collected from both BIC and EV Grid have exceeded expected test tolerance and show an impressive outcome and future for solid-state batteries. It is expected that with this technology, when scaled to the vehicle pack level, a 150-kilowatt hour solid-state battery can deliver over 600 miles of range on a full charge for the Mullen FIVE EV Crossover. In general, solid-state batteries offer higher energy density, faster charging time, smaller size and safety compared to traditional lithium-ion cells.
The Company’s flagship, the Mullen FIVE represents Mullen Automotive’s entry into the full-electric, mid-size luxury SUV market. The Mullen FIVE is competitively priced starting at $55,000 – for the United States market before federal and state incentives are applied. Offering at least two optional packages, with a price range from a base price of $55,000 to $75,000 (for additional features), will allow customers to purchase a vehicle with options that best fit their budgetary and performance needs. Product validation is expected to begin in the 4th quarter of 2023 with the first sellable vehicles 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.
Mullen provided a first look at the ultra-high-performance EV sport crossover the FIVE RS. The Mullen FIVE RS is an ultra-high-performance EV that will feature a top speed of 200 mph and acceleration from 0-60 mph in just 1.9 seconds. The vehicle will be equipped with 800-volt architecture, all-wheel drive, a two-speed gearbox and over 1,000 horsepower.
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Mullen recently announced the kickoff dates of its “Strikingly Different” Tour for the Mullen FIVE EV Crossover with the first stop in California on Oct 27 and 28 at the Rose Bowl in Pasadena, California. From there, the U.S. tour will continue to Las Vegas, Nevada, on Nov. 10 and 11 at the world-famous Las Vegas Motor Speedway.
On October 19 MULN announced the US Bankruptcy Court approval on Oct. 13th, 2022 of its acquisition of electric vehicle company ELMS’s (Electric Last Mile Solutions) assets in an all cash purchase. In the Chapter 7 approved transaction, Mullen will acquire ELMS’s manufacturing plant, all inventory and intellectual property. Acquisition benefits include:
The factory in Mishawaka, IN, providing Mullen with the capability to produce up to 50,000 vehicles per year
Allows acceleration of the path to production and market for Mullen FIVE and Bollinger B1, B2 retail vehicles by 12 plus months
Commercial Product Platforms to be assembled at Mullen’s Tunica MS. Facility for Launch of Mullen Class 1 and Class 3 Commercial Delivery vehicles into Market in 2023.
The platform and plant acquisition results in a significant reduction of the Company’s previously forecast overall spend
The Mishawaka factory that forms part of the Company’s acquisition, previously produced General Motors Hummer H2 SUV and SUT and also subsequently contract manufactured the Mercedes-Benz R-Class vehicle. This makes it the perfect fit for production of the Mullen and Bollinger portfolio of consumer vehicles. The ELMS asset acquisition and the recent acquisition of the majority ownership of Bollinger Motors, gives Mullen the ability to integrate Bollinger’s vehicle platforms, B1 and B2 along with Mullen’s FIVE and FIVE RS platforms into an already existing and capable high volume manufacturing facility. As a result, this will accelerate launch of the Bollinger B1, B2 retail vehicles by 12 plus months.
Manufacturing optimization will include moving the Mullen FIVE EV Crossover production to the Mishawaka Factory from the Tunica, MS facility. Mullen FIVE production is planned to begin production in 2024. Tunica will now become the Commercial Manufacturing Center and capitalize to produce all Mullen and Bollinger Class 1 to 6 commercial vehicles. With the additional Manufacturing capacity, total production volumes are expected to exceed Mullen’s previous business plan projections. The commercial portfolio is expected to increase over 50% with the addition of the ELMS assets and the retail portfolio is expected to more than double with the addition of Bollinger vehicles and the manufacturing capacity of Mishawaka. The Company’s majority ownership acquisition of Bollinger Motors was closed in August 2022 with a combination of stock and cash. The ELMS acquisition will be completed as an all-cash purchase.
David Michery, CEO and chairman of Mullen Automotive stated: “Mullen’s acquisition of Bollinger was one of the largest transactions of its kind in the EV market. Upon closing the ELMS transaction, the Company will be in a position to strategically leverage all its acquired assets to shorten its production path and aggressively expand into the commercial and consumer EV market.”
Currently trading at a $190 million market valuation MULN has significantly improved its balance sheet since last year adding $60 million in cash on the books per last filling. The ELMS’s (Electric Last Mile Solutions) acquisition is a major step in the right direction for MULN and it significantly advances the Company’s goals while lowering the cost of growth and increasing capacity. While Mullen was set to begin manufacturing in 2024 the acquisition means plans have now been expedited by up to a year, implying that production of the FIVE series of SUV crossovers might begin in 2023. The “Strikingly Different” tour which kicks of this Thursday could be a serious game changer for MULN if the FIVE can do what they say it can do.The short position that has more than doubled in recent weeks has to be seriously concerned here; the stock was trading as high as $16 shortly after its IPO and the Company is in better shape now that it’s ever been.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.
MMTec, Inc. (NASDAQ: MTC) ended the day at $2.0700 with a gain of $0.5800 (+38.93%). The stock prices fluctuated between $1.4000 – $2.5299, with more than 2.98M shares exchanging hands.
So why did MTC surge today ?
The failure of Silicon Valley Bank led to a sell-off in equities and a shift to safe-haven assets, such as US Treasuries and gold. Markets have calmed down somewhat, and the worst of the equity sell-off seems to be over. However, the market anticipates that the markets will be somewhat uneasy until a better understanding of inflation is reached and what the Federal Reserve will do next week.
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Despite most investors currently avoiding the banking sector, Wall Street sees potential opportunities, particularly in regional banks. The chaos in the market has created opportunities in the industry and several banking stocks are being punished just for being a banking stock. The collapse of Silicon Valley Bank was due to its specialisation in venture-capital financing, which made it vulnerable to the higher interest rate regime of the past 12 months.
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Therfore, today’s gains in MTC seems to be more a sympathy bounce considering the overall banking sector. Earlier in March, MMTEC, Inc. (Nasdaq: MTC) declared that it will relocate its operations from Beijing to the Hong Kong Special Administrative Region, effective March 6, 2023. The Company’s subsidiary, MM Future Technology Limited, which is a Hong Kong incorporated limited company, will assume all operations previously conducted by its subsidiary, Gujia (Beijing) Technology Co., Ltd. However, Gujia will continue to carry out specific technical research and development functions. Further, the Company, through its subsidiary HC Securities (HK) Limited, and other entities, will continue to invest its human resources in asset management and securities underwriting, and other related businesses, aiming to attract global funds to invest in the Chinese market and support China’s economic growth. The Company’s new operations headquarters is located at Room 2302, 23rd Floor, FWD Financial Center, 308 Des Voeux Road Central, Sheung Wan, Hong Kong.
We will be updating on MTC when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with MTC.
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Cazoo Group Ltd (NASDAQ: CZOO) last traded at $2.62, a gain of +0.6400 (+32.32%). More than 5M shares exchanged hands compared to an average daily volume of 228K shares. Considering that the 52 week high of CZOO is more than 65$, there seems to be a lot of room to the upside.
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Why did CZOO surge last week? Welcome to the Carvana of the UK!
Cazoo, a publicly traded company (NYSE: CZOO), was founded in 2018 by serial entrepreneur Alex Chesterman OBE. The company’s mission is to revolutionize the UK’s car buying and selling experience by offering consumers better selection, value, transparency, convenience, and peace of mind. Cazoo’s goal is to make the car buying or selling process as simple as purchasing any other product online. The company enables customers to buy, sell, or finance a car entirely online, with delivery or collection available in as little as 72 hours.
Recently, Cazoo Group Ltd, the UK’s leading online car retailer, updated its business performance and progress with the restructuring announced in January. The CEO, Alex Chesterman, expressed satisfaction with the progress made so far in 2023, despite the challenging economic environment. The company has taken swift and decisive management action to restructure the group, improve unit economics, and reduce fixed costs. The rightsizing of headcount and operational footprint is well underway, and the company expects to complete the restructuring before the end of Q1 2023. The company has seen significant improvement in its GPU, with retail GPU tracking at approximately £900, up from £600 in Q4 2022. Cazoo has sold over 100,000 cars entirely online in the UK in the three years since its launch. The company remains fully focused on driving higher profitability and has appointed Jonathan Dunkley as Chief Operating Officer. Cazoo’s cash reserves remain strong, and the company expects to achieve profitability without external funding until H2 2024. The company expects to end 2023 with over £100m of cash and cash equivalents on its balance sheet and sell 40,000-50,000 UK retail units in the current year.
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The online car market in the UK has been growing rapidly in recent years, driven by increasing consumer demand for convenience and transparency in the car buying process. Online car retailers such as Cazoo, Carzam, and Cinch have emerged as major players in the market, offering a wide selection of used cars for sale online with home delivery or pickup options. These companies use advanced technology to provide customers with a seamless buying experience, including virtual vehicle inspections, transparent pricing, and easy financing options. The COVID-19 pandemic has further accelerated the shift towards online car buying as consumers seek to avoid in-person interactions and dealerships adapt to new ways of doing business.
So if CZOO learns from Carvana’s mistake, there is little to no doubt that CZOO could be the talk of the town in days to come. We will be updating on CZOO when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with CZOO.
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Shares of Ocean Biomedical (NASDAQ:OCEA) surged more than 100% on Thursday, following a talk by the company’s scientific co-founder, Dr. Jack A. Elias, at Brown University’s Legorreta Cancer Center. The preclinical-stage biotech, which went public on the NASDAQ on February 15, focuses on developing novel treatments for deadly diseases, including malaria, multiple cancers, and pulmonary fibrosis.
During the talk, Dr. Elias presented exciting details about potential therapies to suppress tumors in various cancers, focusing on the company’s work in understanding the role of the protein Chitinase 3-like-1 (CHI3LI) in the progression of lung cancer. He also discussed his discoveries on how certain monospecific and bispecific antibodies can be used as therapies to treat non-small cell lung cancer (NSCLC) and glioblastoma multiforme (GBM). The company aims to expedite these findings into phase 1 trials.
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The excitement over this preliminary news stems from the large target groups for both diseases. According to Cancer.net statistics, NSCLC is the leading cause of cancer death and the second-most diagnosed cancer in the US, affecting around 236,740 people. GBM is the most common primary brain tumor in adults, with an average survival period of just 15 months and no cure.
The recent surge in Ocean Biomedical’s shares also comes on the heels of an announcement on February 28 that co-founder Dr. Jonathan Kurtis had been awarded a patent for the discovery of the third parasite target PfCDPK-5. This target has the potential to be used to halt the malaria parasite in various stages of its cycle, opening up new possibilities for treating this deadly disease.
Ocean Biomedical’s focus on developing novel treatments for deadly diseases and its recent exciting findings have generated significant investor interest. However, it is important to note that investing in preclinical-stage biotech companies carries a high level of risk. There is no guarantee that these discoveries will translate into effective treatments or that the company will receive regulatory approval.
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Nevertheless, the positive developments from Ocean Biomedical are a significant milestone and hold great promise for patients suffering from deadly diseases such as cancer and malaria. If the company’s discoveries prove successful in further clinical trials, they could potentially generate significant revenue and transform the standard of care for these diseases. We will be updating on OCEA when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with OCEA.
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Disclosure: we hold no position in OCEA, either long or short, and we have not been compensated for this article