- NASDAQ:MULN fell by 7.7% during Friday’s trading session.
- Mullen looks to be the winning bid for the assets of Electric Last Mile Solutions.
- Mullen-rival Canoo also hit a new all-time low on Friday as EV startups sit on the brink.
Mullen Automotive (MULN) closed out another losing week as the electric vehicle startup posted a near 7% loss over the past five trading days. On Friday, shares of MULN fell by a further 7.7% and closed the trading week at a price of $0.30, a new all-time low for the company. It was an ugly close to the week after the markets rallied to start October. All three major averages closed Friday in the red but were still able to post modest gains overall for the week. Overall, the Dow Jones lost 2.1%, the S&P 500 fell by 2.8%, and the NASDAQ dropped lower by 3.8% during the session.
Mullen Automotive stock price
As of the time of writing, Mullen looks like it is the successful bidder for the assets of Electric Last Mile Solutions (ELMSQ). The now defunct EV maker will sell its assets and liabilities to Mullen for a total cost of $93 million. Mullen will also be able to use its production facility in Mishawaka, Indiana, if it is indeed successful in obtaining the ELMS assets. The deal would provide Mullen with an immediate injection of EV assets, but it remains to be seen if it will have any positive effect on Mullen’s stock.
Mullen was not the only EV startup to hit a new all-time low price on Friday. Canoo (GOEV) stock dropped 7.4% on Friday and closed the week at a price of $1.50. Despite its much publicized deal with WalMart (WMT), Canoo’s stock continues to drop like a stone during the ongoing market downturn.
MULN 5-minute chart 10/7/22
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