Shares of Mullen Automotive Inc. (MULN) continued to plummet on Friday following the delisting determination the electric vehicle maker received from the Nasdaq exchange. The stock, which slipped 0.5% in morning trading, had experienced declines of 5.6% on Thursday and 8.1% on Wednesday, reaching new all-time lows on both days.
Nasdaq Delisting Determination
The delisting determination came as a result of Mullen’s stock failing to maintain a minimum bid price of $1. However, Mullen has temporarily avoided delisting by requesting a hearing before the Nasdaq’s listing panel.
British Airways Adoption of Mullen’s Campus EV Cargo Vans
In separate news, it was revealed that British Airways has started piloting Mullen’s Campus EV cargo vans at Los Angeles International Airport. Following the successful pilot, both LAX and Chicago O’Hare International Airport have purchased Campus EV cargo vans to support British Airways’ operations there. Mullen confirmed that it received payment from British Airways for the cargo vans on August 31.
Plummeting Stock Performance
Mullen’s stock performance has been particularly dismal this year, with a staggering decline of 99.3% year-to-date.