Shares of Mullen Automotive Inc. MULN, -10.96% bounced 3.9% in midday trading Thursday, putting them on course to snap a record-long 11-day losing streak, after the electric vehicle maker said it was on track to meet its operational goals and listed a number of recent accomplishments in response to the selloff. Mullen also stated: “The company is unaware of any business reason for the current decline of the Mullen stock (MULN) price.” The stock had plummeted 75.6% over the past 11 sessions to close Wednesday at a split-adjusted record low of 87 cents (the stock had undergone two 1-for-10 reverse stock splits, on in October 2017 and the other in May 2016). The previous record losing streak was the 10-day stretch that ended April 2, 2018. Mullen Thursday that it was on track to deliver the first EV cargo van fleet in the second quarter, and said high-performance versions of its Mullen FIVE EV is scheduled to arrive in late-summer 2022. The stock has plummeted 92.6% over the past three months, while the Global X Autonomous & Electric Vehicles ETF DRIV, -2.65% has slumped 9.7% and the S&P 500 SPX, -2.12% has declined 5.6%.
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