Shares of Mullen Automotive Inc. (Nasdaq: MULN) dropped 26% to $7.32 each after the Brea-based commercial EV maker reported fiscal first-quarter results.
Mullen reported revenue of $2.9 million for the quarter, mostly from sales from its Bollinger Motors unit. It has a current market cap of $7 million.
The company in October promised it would generate $75 million in sales for the six-month period ending in March.
The company said it’s reducing expenses.
See the Feb. 24 issue for more information.
