By Josh Beckerman
Mullen Automotive shares were higher after two of its electric commercial vehicles were added to a Sourcewell contract of one of Mullen's dealers, National Auto Fleet Group.
The stock was up 71% to $4.04 Wednesday but is down about 94% this year. Volume was more than 91.6 million shares.
The addition of the Mullen ONE cargo van and Mullen THREE cab chassis truck will enable government agencies and educational institutions to buy them through NAFG without lengthy bidding procedures, Mullen said.
Sourcewell provides cooperative purchasing services for government, education and nonprofit organizations.
In November, Mullen said its Bollinger B4 trucks were available through an NAFG Sourcewell contract.
Mullen completed a 1-for-60 reverse stock split last week, following a 1-for-100 reverse split in September and three reverse splits in 2023.
Mullen said Feb. 19 that the first quarter ended Dec. 31 was its strongest to date and that it made progress in cutting costs.
Its first-quarter loss was $114.9 million, compared with a loss of $61.4 million a year earlier. Revenue was $2.9 million in the latest quarter, compared with zero a year earlier.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
February 26, 2025 15:47 ET (20:47 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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