Mario Tama
Mullen Automotive (NASDAQ:MULN) stock pulled back sharply in premarket trading on significant volume.
Shares of Mullen Automotive (MULN) fell by double-digit percentages at pre-market lows as millions of shares changed hands. The drop in premarket comes after an approximately 50% gain for the stock in just the past week and a nearly 150% run since October 18.
The recent surge for the stock was ignited by the announcement of sales, distribution and branding rights for its I-GO model in Europe and the closing of a deal for the defunct Electric Last Mile Solutions. The California-based automaker also added former GM executive John Schwegman to its executive team on October 21.
Despite the rapid rise in the past 10 days, the EV manufacturer’s stock remains depressed over 90% from its starting point in 2022.
Read more on the automaker’s purchase of Electric Last Mile.