The Nasdaq stock exchange is threatening to delist Mullen Automotive, an emerging electric vehicle manufacturer whose lineup includes Class 4-6 Bollinger Motors trucks, after the company’s minimum bid price dropped below $1.
The Nasdaq Stock Market had set a Sept. 5 deadline to regain compliance, and the company is asking for a further extension, delaying a delisting that would have occurred Sept. 15.
Mullen noted in a press release that the panel asked to hear the matter has “broad discretionary public interest authority” and could extend the deadline by 180 days or apply more stringent criteria for the continued listing.
Mullen electric vehicles also include the Mullen FIVE EV Crossover, Mullen I-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs and Bollinger Motors B1 and B2 electric SUVs and Class 4-6 commercial offerings.
Mullen Automotive secured majority control of Bollinger Motors on Sept. 7, 2002, and on Dec. 1 it closed the acquisition of Electric Last Mile Solutions assets including a 650,000-square-foot plant in Mishawaka, Indiana.
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