Mullen Automotive Invoices Randy Marion for Additional 50 Cargo Vans

Shares of Mullen Automotive Inc. (MULN) witnessed a surge of 5.3% in morning trading on Thursday, following an announcement by the electric vehicle maker regarding the invoicing of Randy Marion Automotive Group for $1.7 million. This payment is in relation to the delivery of another 50 cargo vans. Furthermore, Mullen Automotive anticipates shipping and invoicing an additional 285 cargo vans to Randy Marion within the next five business days.

Delivery-wise, Mullen Automotive has now successfully provided 171 vans to Randy Marion, which cumulatively amounts to approximately $9.3 million. Randy Marion has committed to purchasing a total of 1,000 Mullen vehicles for a sum of $63 million, with the majority of these deliveries scheduled for 2024.

Following a reverse stock split of 1-for-100 on December 21, Mullen's stock surged by an impressive 44.8% as it regained compliance with minimum-bid listing requirements. Despite this recent positive trend, the stock had experienced a decline of 73.9% over the past three months. In contrast, the Global X Autonomous & Electrical Vehicles ETF (DRIV) recorded a gain of 5.9%, while the S&P 500 (SPX) saw an advance of 11.4%.