Mullen Automotive sees $99M in cash equivalents, reduced debt by 77%

Aug. 09, 2022 9:04 AM ETMullen Automotive, Inc. (MULN)By: Khyathi Dalal, SA News Editor9 Comments

Arrow On An Old Map

DNY59

  • Mullen Automotive (NASDAQ:MULN) boasts of a strong financial position, with ~$99M in cash and equivalents on hand as of Aug. 8, 2022.
  • It sees asset growth of 391%, positive working capital $27.66M and $318M in financial commitments.
  • The company could reduce debt by 77% minimizing debt overhang problem.
  • Mullen expanded an increase of 281% in R&D spending which mainly relates to engineering costs for the Mullen FIVE and Mullen EV cargo van programs.
  • Mullen is expanding its presence into the Midwest with the addition of the Detroit EV Technology team, focusing on development of EV technologies for Mullen’s portfolio of commercial vans.
  • Shares trading 4% higher premarket.

Recommended For You

Comments (9)

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.