Mullen automotive director Ignacio Novoa sells $114,142 in inventory

Ignacio Novoa, a director at Mullen Automotive Inc. (NASDAQ:MULN), has just lately offered shares of the corporate, in response to a submitting with the Securities and Change Fee. The transactions, which occurred over a number of months, amounted to a complete sale of $114,142. The gross sales come as the corporate, presently valued at simply $8.34 million, faces vital challenges, with InvestingPro information displaying a regarding 99.93% decline in inventory worth year-to-date.

The gross sales have been executed in three separate transactions. On October 13, 2023, Novoa offered six shares at a value of $4,058 every. This was adopted by a sale of 134 shares on January 24, 2024, at $666.61 per share. The ultimate transaction occurred on March 21, 2024, involving the sale of 1 share at $469.00.

These transactions mirror adjusted share quantities and costs as a result of reverse inventory splits that Mullen Automotive carried out on December 21, 2023, and September 17, 2024. With out these changes, the gross sales would have included 57,000 shares at $0.4058, 13,334 shares at $6.6661, and 19 shares at $4.69, respectively.

Following these transactions, Novoa now not holds any shares in Mullen Automotive.

In different latest information, Mullen Automotive has been making vital strides in its operations. The corporate has reported a surge in EV gross sales, producing $5.5 million from promoting 100 Class 1 and Class 3 EV cargo vans and vehicles. To additional bolster its monetary place, Mullen Automotive has secured a further $4.4 million in financing via the issuance of senior secured convertible notes and associated warrants.

On the manufacturing entrance, the corporate has invested $12 million in battery growth and manufacturing, with plans to include amenities in Mishawaka, Indiana, and Fullerton, California, into its operations. This transfer is geared toward enhancing Mullen Automotive’s U.S. manufacturing capabilities.

When it comes to partnerships, Mullen Automotive has expanded its nationwide seller community via collaborations with Bergey’s Truck Facilities and Broadway Ford (NYSE:F) Truck Heart, extending its attain into the mid-Atlantic and Midwest areas respectively. The corporate has additionally introduced strategic partnerships with Emerald Transportation Options and the Nationwide Auto Fleet Group.

Lastly, Mullen Automotive has fulfilled a Class 3 EV truck order for Westland Floral, a growth that might considerably bolster its industrial momentum. These are latest developments in Mullen Automotive’s operations.

This text was generated with the help of AI and reviewed by an editor. For extra info see our T&C.