Mullen Automotive Moves to Guard Investor Interests
In a bid to enhance shareholder value, Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle manufacturer, has announced that its Board of Directors has sanctioned a stock buyback program, which allows the company to acquire up to $25 million of its common stock until December 31, 2023. This move comes as Mullen Automotive perceives its stock to be significantly undervalued, trading at a noteworthy discount to its current cash position of approximately $235 million.
The buyback plan, which has been devised in compliance with Securities and Exchange Commission (SEC) regulations, will allow the company to repurchase its shares on the open market or via privately negotiated transactions depending on market conditions. However, the board retains the right to amend or terminate this buyback program at any time before its expiration date.
Mullen Automotive Continues Fight Against Market Manipulation
Mullen Automotive isn’t just focusing on returning capital to shareholders. The company is actively fighting against alleged market manipulation. Mullen Automotive recently retained the services of Christian Attar, formerly of the Christian Levine Law Group, and partnered with Warshaw, Burstein, LLP, with a specific goal to combat illegal naked short selling of its common stock.
Based on reports received from ShareIntel, the company believes it may have been a target of market manipulation involving naked short selling. With evidence gathered since their initial announcement on April 28, Mullen Automotive is now in a position to task the law firm with an active investigation and, where appropriate, legal action against market manipulators engaging in illegal activities.
David Michery, CEO and chairman of Mullen Automotive, stated, “We are initiating this buyback program as an attractive opportunity to deploy capital and return value to our shareholders.” He also emphasized that the company is ready to take robust action against any market manipulators exploiting illegal tactics such as naked short selling and spoofing.
By taking a twofold approach of initiating a buyback program and actively combating potential market manipulation, Mullen Automotive showcases its commitment to protecting shareholder value and maintaining a fair market environment.
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