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Shares of Mullen Automotive Inc.
MULN,
rallied 3.6% in active premarket trading Monday, after the electric vehicle maker announced an order for 30 Mullen-Go commercial urban delivery vehicles by Ireland-based Newgate Motor Group. Trading volume of 15.2 million shares made the stock the most actively traded ahead of the open. Mullen said the order from Newgate marks the first sale of vehicles for delivery outside of the U.S. The company expects the order, with an estimated value of $321,000, to be booked in the current quarter. “As I have stated previously, the Mullen-GO is a great alternative vehicle for commercial delivery in dense metro European cities,” said Mullen Chief Executive David Michery. “The small size is perfect on tight Euro streets and the zero emissions and lower cost of ownership is a great combination for potential commercial customers.” Mullen’s stock, which closed at a record low of 10.1 cents on July 3, has plunged 93.9% over the past three months.
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