Shares of Mullen Automotive Inc.
MULN,
sank 8.9% in premarket trading Wednesday, which puts them on track to close at their 12th record low in June. The electric vehicle maker’s stock has plummeted 81.2% month to day through Tuesday, which would break the previously monthly-record selloff of 62.2% in May 2023. The continued selloff comes even after the company said Tuesday that it received an additional $100 million in funding from certain investors, which leaves the company with more than $235 million in cash and cash equivalents on its balance sheet. “We are in the best financial position in our company’s history and remain fully committed and highly focused on producing, selling and delivering our vehicles to our customers prior to the end of 2023,” said Chief Executive Officer David Michery.
