- MULN stock fell by 7.28% during Wednesday’s trading session.
- Mullen continues to fall lower as pressure mounts on its NASDAQ listing status.
- EV stocks tumble as markets whipsaw in the final hours of trading.
MULN stock fell for the fourth consecutive day and once again hit a new all-time low price as the EV startup keeps trying to find a bottom on its chart. On Wednesday, shares of Mullen (NASDAQ:MULN) dropped by a further 7.28% and closed the trading day at a price of $0.41. It was a volatile trading day following Fed Chairman Powell’s expected interest rate hike of a further 75 basis points. Stocks rallied shortly after but then plummeted into the closing bell. Overall, the Dow Jones lost 522 basis points, the S&P 500 dropped lower by 1.71%, and the NASDAQ posted a loss of 1.79% during the session.
Also read: Tesla Stock Deep Dive: Price target at $400 on China headwinds, margin compression, lower deliveries
Mullen could find itself in trouble soon as its stock price continues to trade well below the $1.00 threshold. The company could request an extension to the NASDAQ exchange to remain listed. Still, like fellow meme stock Sundial Growers (NASDAQ:SNDL), it will likely just be delaying the inevitable reverse split. The stock has now closed below $1.00 per share since July 25th. With its recent acquisition of Bollinger Motors and bid on Electric Last Mile Solutions (OTC:ELMS), shareholders are probably wondering what Mullen’s end game is.
Mullen stock price chart
It was another ugly day for EV stocks as Tesla (NASDAQ:TSLA), Rivian (NASDAQ:RIVN), and Ford (NYSE:F) extended their losses. Chinese EV makers Nio (NYSE:NIO) and XPeng (NYSE:XPEV) tumbled as a weakening Chinese economy and the real estate sector continued to weigh on ADR stocks. Lucid (NASDAQ:LCID) was one of the lone risers on Wednesday after receiving praise from Kelley Blue Book for its vehicle quality and value. LCID also benefitted from reassurance in Ford’s announcement that they are not the only major automaker facing rising cost issues.
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