Mullen Automotive Inc. (Nasdaq: MULN) yesterday released a shareholder letter in response to “the many emails and calls regarding the decrease in our share price,” the Brea-based EV maker said.
Mullen’s stock is off 92% since the end of March.
“Despite the decline in stock price, management believes we are in position to meet the previously announced objectives” for production and sale of Mullen’s Class 3 commercial vehicles during the quarter ending Sept. 30 this year, the company said.
Following the release of the shareholder letter, shares in the company climbed 11% to 25 cents apiece and a $61 million market cap.
