UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 3.01. | Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
As previously disclosed, on September 7, 2022, the Listing Qualifications Department of The Nasdaq Stock Market (the “Staff”) notified Mullen Automotive Inc. (the “Company”) that the bid price of the Company’s common stock had closed at less than $1.00 per share over the previous 30 consecutive business days, and, as a result, did not comply with Listing Rule 5550(a)(2) (the “Bid Price Rule”). Therefore, in accordance with Listing Rule 5810(c)(3)(A), the Company was provided 180 calendar days, or until March 6, 2023, to regain compliance with the Bid Price Rule. On March 7, 2023, the Company was provided an additional 180 calendar day compliance period, or until September 5, 2023, to demonstrate compliance.
The Company today announced that it received a letter from the Staff indicating that the Company did not meet the Staff’s September 5, 2023, deadline to regain compliance with the Bid Price Rule due to the Company’s failure to maintain a minimum bid price of $1.00. On September 6, 2023, the Company requested a hearing before the Nasdaq Listing Qualifications Panel (“Panel”) to request a further extension of time and present its plan to regain compliance with the Bid Price Rule. Had the Company not requested this hearing, it would have been subject to delisting on September 15, 2023. The requested hearing typically stays any delisting or suspension action pending the issuance of a final decision by the Panel. The Panel has broad discretionary public interest authority, which includes the discretion to grant the Company up to an additional 180 calendar days from September 5, 2023, to regain compliance. The Panel can also exercise that authority to apply additional or more stringent criteria for the continued listing of the Company’s common stock or suspend or delist securities. Ultimately, there is no guarantee that the Panel will grant an extension of the compliance period.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
MULLEN AUTOMOTIVE INC. | ||
Date: September 7, 2023 | By: | /s/ David Michery |
David Michery | ||
Chief Executive Officer |