Mullen Automotive Stock News: MULN stock on hold ahead of battery test report

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.

Ivan Brian FXStreet

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.

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

Author

Ivan Brian

FXStreet

Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.

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