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Shares of EV maker Mullen Automotive, Inc. (MULN) traded 27% lower on Tuesday afternoon after the company announced that its unit, Bollinger Motors, has been placed into court-appointed ...
Mullen reports second-quarter revenue of $4.95 million, and a net loss of approximately $47.1 million. Mullen ends the second quarter with just $2.3 million in cash and restricted cash.
Mullen Automotive reports $5.5M in EV sales with 100 vehicles sold, while significantly reducing its burn rate to $5.3M in October and November.
So, the contrarians pay close attention to Mullen’s short interest of 14.6% of its float, which is elevated. However, the signal to look for is the short interest ratio.