Shares of Mullen Automotive Inc.
MULN,
slipped 0.2% toward another record low in premarket trading Thursday, even after the electric-vehicle maker announced its first revenue recorded with the sale of 22 EV cargo vans. The company said the sale to Randy Automotive Group generated $308,000 in revenue, which will be recorded in company’s fiscal third-quarter, which ends June 30. Mullen said shipping of the vehicles starts Thursday from its Tunica, Mississippi assembly plant. The stock had plunged 36.5% over the past two days to close Wednesday at a record low of 11.0 cents, even after the company said it received additional financing that put it in the “best financial position” in its history. The stock has plummeted 95.8% over the past three months, while the Global X Autonomous and Electric Vehicles exchange-traded fund
DRIV,
has advanced 9.1% and the S&P 500
SPX,
has gained 8.7%.
