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Mullen Drops 26% After Q1 Results

Maker of commercial EVs reports $2.9M in revenue

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. 

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