Mullen Automotive to hold special shareholder meeting Dec. 15 to vote on proposed reverse stock split

Mullen Automotive Inc.
MULN,
-19.48%
said Thursday it will convene a special shareholder meeting on Dec. 15 to vote on the board’s proposal for a reverse stock split at an exchange ratio of between 1-for-2 to 1-for-100. The move is aimed at giving the electric vehicle company a stock price of at least $1 so it can comply with Nasdaq minimum listing requirements. The stock was down 6.8% in premarket trade after closing Wednesday at 34 cents. The stock has fallen 99% in the year to date, while the S&P 500
SPX,
-0.17%
has gained 12%.