Mullen Automotive Inc. MULN stock is up 12% in premarket trades on Thursday after the company said it remains on track to meet its previously announced objective of production and sale of its Class 3 commercial electric vehicles during the quarter ending Sept. 30. The Brea, Calif.-based company said it has received $279 million in purchase orders from Randy Marion Automotive Group for Mullen Class 1 and Class 3 EV vans and trucks. The company said it issued its statement in response to queries about a 90% decline in its stock price since March 31. Mullen Automotive said it currently trades at a discount to its current cash position of $135 million.
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