Mullen Automotive, Inc. (MULN) Stock on a Bearish Ride, Here’s Why

Mullen Automotive, Inc. (MULN), an electric vehicle company, declined 3.54% during Thursday’s regular trading session to close the day at $3. In the premarket, MULN has slid 6% and consequently was trading at $2.82 when last checked. The stock had been in a red hot form for the last few weeks, but it appears that its rising streak is coming to an end, the potential reason eroding interest of investors since last few days. Let’s have a look at some recent developments related to MULN stock.

Article from Wccf

On Thursday, MULN announced that an article was published by Wccf Tech, a leading tech-related publication house, on the 21st of March. The article highlighted that Mullen is seeing a sustained increase from a growing fan base for its FIVE EV Crossover. The article said that the most prominent of the reasons for a growing interest in the products of the company is the ownership of an EV manufacturing facility in Mississippi.

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Update Regarding Solid-State Polymer Battery Technology

On the 28th of February, MULN provided an update regarding the solid-state polymer battery technology. The solid-state polymer battery is hailed as an advancement compared to the lithium-ion batteries used nowadays. The testing of solid-state polymer cells revealed what would be the potential of a 150-kilowatt-hour battery pack which could deliver more than 600-plus miles of range as well as could depict an 18-minute DC fast charge, yielding over 300 miles of range.

MULN Received Funding

In early February, MULN reported having obtained $4 million in funding via a combination of initial drawdown of $2.5 million through a $30 million equity line from the Esousa Holdings, LLC., as well as debt financing from the existing shareholders of the company. As a result, the total funding received by the company throughout the period from December to February was more than $40 million.  

What’s Coming Up for MULN?

Looking ahead, analysts are of the view that even though MULN stock holds several positive signals at the moment, they are not enough for it to be considered a buy candidate. Hence, at the current level, the stock should be considered a hold candidate while waiting for future developments.

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