• MULN stock slipped 2% on Monday to close at $1.29.
  • Mullen Automotive is set to release battery test results in early May.
  • The EV automaker also applying to the Department of Energy for a loan to fund van production.

MULN stock remains high on retail investors' watchlists despite some recent controversy surrounding the stock. Those loyal to the meme stock name have been suffering though, as MULN stock has recorded some steep losses with the stock being down 55% over the past month alone. 

Read more EV stock research

MULN stock news: Battery-testing and loan-application

MULN stock began cracking on the Hindenburg Research report which you are now by no doubt familiar with. Just in case you are not the title should clue you in "Yet another Fast Talking EV hustle." The report was damaging and MULN stock fell sharply. Since then it has largely been one-way traffic until Mullen Automotive announced that the Battery Innovation Centre would engage in testing on their batteries

“We have begun working with the Battery Innovation Center located in Indiana to retest and certify our solid-state battery,” said David Michery, CEO and chairman of Mullen Automotive. “BIC is a well-respected battery laboratory, and we look forward to publishing their results related to cell testing coming up in May,” Michery added. This release is from April 21. In the same press release, Mullen stated that results are due early May so this could be the catalyst that investors have been waiting for. Or of course, it could be further bad news if the test results are disappointing. This is high-risk early-stage investing so bear that in mind, but the event appears imminent so at least prepare for some volatility in MULN stock price.

Mullen Automotive also announced that it has recently applied for a loan from the Department of Energy to help with the production of the Mullen One EV van, CEO David Michery announced:

“We are proud to announce the submission of our ATVM loan application for the Mullen ONE EV Cargo van program” (...) “We began our ATVM loan journey in 2019, and the DOE has been following our progress since then. I want to thank the entire Mullen Automotive team for working diligently on this submission. I also want to thank the DOE for their continued support of our initiative to put Americans back to work. This is a huge milestone for us, with many more to follow.”

The submission of a loan request naturally does not in any way guarantee a loan will be forthcoming.

MULN stock forecast: All about momentum

MULN stock reacts to news and then spikes violently before calming down. So be aware of the trend when or if this news does arrive. Penny stocks are not exactly a steady or consistent in terms of levels or indicators. Obviously, all recent metrics like moving averages RSI, MFI, etc are negative.

But in volatile penny stocks, these are not the main driver. News flow hype and rumors tend to result in spikes in momentum. When this stops it is time to exit and wait for the next opportunity. We are currently in one of those waiting modes.

MULN stock chart, daily

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content

Recommended content

Editors’ Picks

EUR/USD jumps towards 1.0600 as USD wilts amid risk rebound

EUR/USD jumps towards 1.0600 as USD wilts amid risk rebound

EUR/USD is trading back above 1.0550,resuming its recovery towards 1.0600 in early Europe this Wednesday. The US dollar meets fresh supply as the risk rebound extends, despite looming recession fears. ECB Forum, US Durable Goods and Fedspeak eyed. 


GBP/USD consolidates gains below 1.2300 amid weaker USD, Brexit woes

GBP/USD consolidates gains below 1.2300 amid weaker USD, Brexit woes

GBP/USD is holding onto the latest upside below 1.2300 in early European trading, The risk-on mood dents the US dollar's safe-haven appeal while the UK presses on with changes to the Brexit deal despite EU opposition. US data awaited. 


Gold bulls aim for $1,850 on Russia news, softer USD

Gold bulls aim for $1,850 on Russia news, softer USD

Gold Price extends Friday’s recovery to $1,836 ahead of Monday’s European session. The precious metal’s upside moves could be linked to the softer US dollar, as well as chatters surrounding a ban on gold imports from Russia.

Gold News

SEC vs. Ripple: Brad Garlinghouse announces expansion out of the US if outcome is unfavorable

SEC vs. Ripple: Brad Garlinghouse announces expansion out of the US if outcome is unfavorable

XRP will expand out of the US if the payment giant faces a loss in the lawsuit. The community awaits the court's ruling on his speech and related documents. Analysts remain bullish on Ripple price

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!