© Reuters.
Mullen Automotive (NASDAQ:), a penny stock in the electric vehicle (EV) sector, has seen a 7% recovery on Friday, following a dramatic 35% drop due to concerns over a potential NASDAQ delisting. The company had been facing the risk of delisting for not maintaining a $1 share price.
The recovery was somewhat dampened by a sell-off that occurred after the release of Nonfarm Payrolls data revealing a surge in US hiring. This news led to a 1% dip in NASDAQ 100 futures, affecting many stocks, including Mullen Automotive.
In an attempt to address the delisting threat, Mullen has taken decisive action. The EV firm has requested an extension from the NASDAQ Hearings Panel and hired Donohoe Advisory Associates to represent its interests.
Simultaneously, Mullen is dealing with a stock manipulation lawsuit. The company is contesting allegations against TD Ameritrade, Charles Schwab (NYSE:), and National Financial Services. Details regarding the nature of the lawsuit are yet to be disclosed.
In more positive news for the company, Mullen has announced a significant development in its operations. The firm recently delivered its first Mullen Three semi-truck chassis to Randy Marion Automotive Group. This milestone could potentially signal a new phase in Mullen’s business trajectory and market positioning in the EV sector.
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