Shares of Mullen Automotive Inc.
MULN,
leapt 11.3% in morning trading, after the electric vehicle maker said it paid $3.5 million for the battery pack production assets of Romeo Power. The stock’s rally comes after it closed at a third-straight record low of 41.9 cents on Friday, That selloff was in the wake of the delisting determination the company received from the Nasdaq. Mullen requested a hearing with the Nasdaq’s listing panel, but said there is no guarantee that it will be granted an extension on the minimum bid requirement of $1 for its stock. The company has already set two reverse stock splits, that has boosted the price of its stock by 225 times. The stock has plummeted 88.0% over the past three months.
