By Michael Dabaie
Mullen Automotive Inc. Shares were up 29% to $1.12 in premarket trade Friday after the electric vehicle company reported preliminary second quarter financial results.
The company said that as of March 31, its cash and cash equivalents amounted to $65.2 million primarily due to $43.9 million from the issuance of about 5 million shares of series C preferred stock and 14.9 million in associated warrant.
Total debt was $22.1 million and continues its downward trend, Mullen said.
The company said in May it signed a proposal with Thurner Design for the vehicle development of the Mullen Five RS, an EV sport crossover vehicle.
“We have made significant progress during the second quarter and have demonstrated significant finance progress for moving forward,” Chief Executive David Michery said. “Our balance sheet continues to improve and our EV programs are all moving forward, including the start of the Mullen FIVE RS program.”
Write to Michael Dabaie at [email protected]
Credit: www.marketwatch.com /