: Mullen Automotive stock bounces off record low after it has ‘sufficient capital’ for at least a year

Shares of Mullen Automotive Inc. MULN bounced 12.2% in premarket trading Wednesday, after the electric vehicle maker called a moratorium on investor financing, saying it had “sufficient capital” for at least the next 12 months. The stock’s rally comes a day after it plunged 29.9%, reversing an early gain, on massive trading volume of 342.5 million shares, to close at a record low of 16.05 cents. The company said its stock continues to trade at a “steep discount” to its current cash position of $135 million, or 38 cents a share, as of June 13. “Despite the decline in stock price, management believes the Company has already met or is positioned to meet the previously announced objectives,” the company said in a statement. The stock has plummeted 95.5% over the past three months through Tuesday, while the Global X Autonomous and Electric Vehicles exchange-traded fund DRIV has rallied 13.3% and the S&P 500 SPX has gained 9.6%.

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