Mullen Automotive rallies 68% premarket in massive volume after it announces $25 million share buyback program

Mullen Automotive Inc.’s stock MULN rallied 68% in premarket trade Thursday, a day after it rose 58%, after the company announced a plan to buy back $25 million of its own stock. The Brea, Calif.-based EV maker and meme stock said it believes its stock is “significantly” undervalued and trading at a big discount to its current cash position of about $235 million. “We are initiating this buyback program as an attractive opportunity to deploy capital and return value to our shareholders,” said David Michery, CEO and chairman of Mullen Automotive. Some 235 million shares had already traded in the premarket. On Wednesday,…