MULN stock gained more than 5% on Monday. MULN stock could be delisted as soon as September 15. has finally begun to develop an uptrend following the $3.5 million purchase of battery manufacturing equipment from Romeo Power.
“Purchasing the Romeo assets is consistent with our battery pack production path and previous announcements for our high voltage facility in Monrovia. Overall, this purchase further enhances our capabilities for battery pack production right here in California and the US,” said David Michery, founder, chairman and CEO of Mullen.
The company has recently been reeling from NASDAQ’s announcement that it has chosen to delist MULN common stock from its exchange due to the well-telegraphed criterion that listed companies need to keep their share price above $1.00.