Shares in Mullen Automotive, Inc. (NASDAQ: MULN) declined 1.88% in the pre-market trading Friday after the EV manufacturer announced the start of its $25 million stock buyback program.
Mullen Automotive has already repurchased 3.7 million shares on Wednesday, and this trend is set to continue until December 31.
In addition, CEO David Michery has made strategic purchases of Mullen Automotive (NASDAQ: MULN) shares in the open market this week. Michery added 102,040 shares to his portfolio at an average price of $0.9842/share.
“We believe that our stock is undervalued. The Company has begun production of our Class 3 EV with deliveries pending to customers and a strong balance sheet allowing us to execute on our business plan,” Michery said.
In parallel news, Mullen Automotive received a notification from the Nasdaq on March 7, indicating its non-compliance with continued listing requirements. The emerging EV manufacturer has been given until September 5 to meet the minimum bid price requirement of $1 per share. The Nasdaq generally mandates a company to maintain a price above $1 per share for ten consecutive days to showcase its capability to ensure long-term compliance.
As of press time, Mullen Automotive stock is trading at $0.7750, down 1.88% compared to the previous trading session.