Shares of California-based electric vehicle startup, Mullen Automotive Inc (NASDAQ:MULN) jumped as much as 20% Wednesday afternoon after the EV maker announced an investor financing moratorium for the balance of 2023. The automaker also revealed that the company has sufficient capital on hand for at least the next 12 months.
As of June 13, 2023, the company's current cash position stands at $135 million or $0.38 per share. Despite this, the company's stock is still trading at a significant markdown. Based on its most recent Form 10-Q filed on March 31, 2023, the company's book value per share was $2.08.
Since March 31, 2023, the company’s stock has declined over 95% from $3.25 per share to $0.16 per share on June 20, 2023. Despite the decline in stock price, management remains confident that the company has either achieved or is well-positioned to achieve the objectives that were previously announced.
Shares of MULN are up 20.18% in afternoon trading on Wednesday.