Mullen Secures Its Nasdaq Standing After Hitting Price Compliance Targets

Electric vehicle manufacturer Mullen (Nasdaq: MULN) announced on October 16, 2024, that it has achieved full compliance with Nasdaq listing requirements, particularly the minimum bid price standard outlined in Listing Rule 5550(a)(2). The company’s equity will remain actively traded on The Nasdaq Capital Market, marking a positive milestone for the Southern California-based automaker. The previously scheduled regulatory hearing that was set for November 14, 2024, has been officially cancelled, with the matter now considered closed.

What This Means for Mullen’s Market Position

The compliance achievement represents a significant turnaround for the company. Following formal notification from The Nasdaq Stock Market LLC on October 16, Mullen is projected to be removed from Nasdaq’s noncompliant companies roster within approximately four business days. This development solidifies the company’s standing in the market and removes previous uncertainties surrounding its listing status.

Behind Mullen’s Commercial EV Push

The company operates two manufacturing facilities strategically positioned across the United States: a 120,000 square-foot operation in Tunica, Mississippi (operational since August 2023) and a 650,000 square-foot plant in Mishawaka, Indiana. These facilities focus on producing next-generation commercial electric vehicles designed for fleet and commercial applications.

Mullen’s product lineup includes the Mullen ONE, a Class 1 EV cargo van, and the Mullen THREE, a Class 3 EV cab chassis truck—both receiving CARB and EPA certification as of January 2024 and cleared for U.S. sales. The company holds IRS approval for federal EV tax credits on its commercial vehicles through its Qualified Manufacturer designation, enabling customers to access up to $7,500 per vehicle purchase. Additionally, the Mullen THREE recently received California Air Resources Board (CARB) HVIP approval, offering qualified buyers up to $45,000 in cash vouchers at the point of purchase.

Expanding Commercial Reach

Mullen has broadened its dealer network to seven authorized dealers, including the recently added Papé Kenworth alongside previously announced partners such as Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, Eco Auto, and Randy Marion Auto Group. This distribution expansion covers key markets across the Midwest, West Coast, Pacific Northwest, New England, and Mid-Atlantic regions.

The company also secured Foreign Trade Zone (FTZ) status approval for its Tunica manufacturing facility, providing operational advantages including duty deferment and elimination of duties on exported vehicles.