Mullen Automotive Inc. (NASDAQ:MULN) ("Mullen" or the "Company"), an emerging electric vehicle ("EV") manufacturer, announces an update on the Company's stock buyback program with an additional repurchase of 2,000,000 in shares of its common stock. The buyback program started on Aug. 16, 2023, and can continue through Dec. 31, 2023.
As of today's date, the Company has repurchased $5,610,600 in shares of its common stock, which includes an additional 2,000,000 shares in new purchases since the Company's original announcement on Aug. 17, 2023.
"As I have stated on many prior occasions, I believe that our stock is undervalued. The Company has a strong balance sheet and we continue to execute on our business plan, including our recent Class 3 production start with the first vehicles rolling off the line," said David Michery, CEO and chairman of Mullen Automotive.
On July 6, 2023, the Board of Directors (the "Board") of the Company authorized a stock buyback program, pursuant to which the Company may, until Dec. 31, 2023, purchase up to $25 million in shares of its outstanding common stock. The shares may be repurchased, from time to time, in the open market or in privately negotiated transactions depending upon market conditions and other factors, and in accordance with applicable regulations of the Securities and Exchange Commission (the "SEC"). The authorization of the stock buyback program does not obligate the Company to purchase any shares and may be terminated or amended by the Board at any time prior to its expiration date.
For more information on Mullen Automotive or SEC public filings, please visit the investor relations section of Mullen's website or SEC.gov.