There’s a growing legion of MULN stock bulls on social media. They’re talking about the EV Company in a way that seems to be fuelling a 430% share price surge since the beginning of December 2022.
The shares of Mullen Automotive (NASDAQ: MULN) have been rising steadily over the past few days, and it’s thanks to a battery breakthrough that got the Twits on Twitter and Stocktwits excited about the company.
Electric cars offer a unique, zero tailpipe emissions alternative to traditional vehicles, with a range of financial, performance, and environmental benefits. They can also provide car enthusiasts perks like instant acceleration and a quieter ride than most gas-powered vehicles. An EV has three main parts: an electric engine or motor, a drivetrain, and batteries. Each of these is responsible for storing the electricity that powers the vehicle. Battery power is rated in kilowatt-hours (kW), which gives an idea of how far an EV will travel on one charge. The higher the kW, the longer the driving range.
Batteries need to be recharged from a source, such as a home or public charging station. This can take a long time, as the batteries need to be fully charged before they’re ready for use again. The energy density of an EV’s batteries is constantly increasing, meaning that the number of miles you can travel before you need to recharge is improving. This is expected to result in EVs becoming cheaper to buy and lease, making them more accessible.
Shares are up 430% in a month
Mullen Automotive stock is up 430% since its lows six months ago. But it is not a safe investment because of its lack of tried and true technology and hefty cash burn.
The electric-vehicle pioneer is burning through cash at an alarming rate, putting its future production ramp-up in jeopardy. That comes as it tries to compete with more established EV companies like Rivian (RIVN) and Lucid Motors (LCID). A key risk for investors is the company’s dilutive share count, which has increased from 377 million shares to 2.25 billion. This is highly dilutive for a Nasdaq-listed company, and will likely lead to a reverse stock split shortly. Regardless, the company’s $110 million in funding needs to be spent efficiently. That means choosing one or two of its vehicles to focus on before moving on to the next one.
CEO David Michery is a hip-hop star
Hip-hop is a popular culture that has become one of the biggest industries in the world. This is a genre that has been around for over 50 years and it has a long history of innovation.
A lot of hip-hop artists have received a star on the Hollywood Walk of Fame. It is one of the highest honors for any celebrity. However, this doesn’t mean that all the rappers and hip-hop artists have received a star. There are a few that have, and these are the 11 most famous. Snoop Dogg is a very popular rapper who has won many awards and made a lot of money. He has a star on the Hollywood Walk of Fame and he is also a very popular movie actor.
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CEO David Michery’s salary is $36 million
The board at Mullen Automotive has been very generous with CEO David Michery, awarding him millions in compensation over the years. Shareholders are suing the electric car company and its board for not disclosing enough information about an outsized and unfair CEO award that could bring Michery’s voting power to near-majority control of the stock. Since the company’s inception, Michael has been a driving force behind its growth and has over 25 years of executive management, marketing, distressed assets, and business restructuring experience. He has a vision to create a suite of clean-energy, electric vehicles that are accessible for all at varied price points.
As a result, the Compensation Committee decided to offer a performance award to Mr. Michery that would motivate and incentivize him to lead the Company over the long term while aligning his interests with those of the Company’s other stockholders and providing significant stockholder value. The Compensation Committee presented a proposed PSA Agreement to the Board of Directors. The independent, non-interested members of the Board of Directors reviewed the PSA Agreement and agreed that it would motivate and incentivize Mr. Michery to continue to lead the Company over the long term while continuing his current and past standard of involvement and leadership.
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