MULN Stock Forecast: Mullen Automotive inches higher, extending win streak to five days

NASDAQ: MULN gained 1.6% during Tuesday’s trading session.
Mullen reworked its convertible note agreement with its largest shareholder.
Electric truck maker Rivian jumped by 10% after an industry leader hinted at declining costs.

Stocks Reporter FXStreet

Mullen Automotive (MULN) rose higher for the fifth consecutive day as the stock continued to build off of the company’s recent catalysts. On Tuesday, shares of MULN gained 1.6% and closed the trading session at a price of $0.51. Stocks rallied for the third straight day as all three major averages rose ahead of the start of big tech earnings. Alphabet (GOOGL) and Microsoft (MSFT) both fell about 7% in afterhours trading as the former missed on earnings and sales, while the latter showed slowing Azure Cloud growth and uncertain guidance. Overall, the Dow Jones added 1.1%, the S&P 500 gained 1.6%, and the Nasdaq rose by 2.3% during the session.

Mullen Automotive stock price

Overshadowed by acquiring the rights to be the distributor of I-GO EVs in Europe on Monday was the fact that Mullen re-worked its convertible note agreement with Esousa Holdings. Esousa is the largest shareholder of Mullen’s stock and will receive convertible promissory notes with a value of $12.94 million. The new deal sees the maturity extended to July 2025 and is also able to be exercised at a discount of 5%.

Electric truck maker Rivian (RIVN) jumped higher by 10% on Tuesday after Tesla (TSLA) CEO Elon Musk stated that input costs were declining. This is the reason that Musk gave for Tesla reducing its MSRP in China by 9% for the Model Y and 5% for the Model 3. While price declines are usually a sign that margins will fall, if costs are also declining, it likely means margins will not be impacted as much. This was the reason EV stocks were rising higher on Tuesday.

MULN 5-minute chart 10/25/22

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Stocks Reporter

FXStreet

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