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Mullen Automotive Stock Is Racing Higher Tuesday: What's Going On?
Mullen Automotive Inc (NASDAQ:MULN) shares are trading higher Tuesday after the company received a $150 million capital infusion.
What Happened: Mullen on Tuesday announced that it received commitments for $100 million in financing from a family office. Additionally, the company said it sold up to $50 million of senior secured convertible notes to family offices and high net worth investors. The company sold such investors $12.5 million in notes on May 14.
Mullen said it expects the new financing commitments to generate enough cash and cash equivalents to fund operations over the next 13 months for both Mullen and Bollinger ...