Shares of Mullen Automotive Inc. MULN dropped 3% toward a record low in premarket trading Thursday, after the electric vehicle maker received a delisting determination from the Nasdaq for failing to maintain the minimum stock bid requirement of $1. The company said that on Wednesday it requested a hearing before the Nasdaq Listing Qualifications Panel to request an extension, and to present its plan to regain compliance. If the company didn’t request a hearing, the stock would have been delisted on Sept. 15. The stock has closed below $1 since Aug. 16, with Wednesday’s close of 45 cents the current record low, even after the company implemented a 1-for-25 reverse stock split in May and a 1-for-9 reverse split in August, which effectively multiplied the stock price by 225. The stock has plummeted 90.3% over the past three months through Wednesday.
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