Mullen Automotive Faces Delisting Concerns
Ticker: BINI · Form: 8-K · Filed: Jan 22, 2025 · CIK: 1499961
| Field | Detail |
|---|---|
| Company | Mullen Automotive INC. (BINI) |
| Form Type | 8-K |
| Filed Date | Jan 22, 2025 |
| Risk Level | high |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.001 M |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, listing-standards, regulatory
Related Tickers: MULN
TL;DR
MULN might get delisted, filing shows listing rule issues.
AI Summary
Mullen Automotive Inc. filed an 8-K on January 22, 2025, reporting a notice of delisting or failure to satisfy a continued listing rule or standard, as well as a transfer of listing. The filing also includes Regulation FD Disclosure and Financial Statements and Exhibits. The company was formerly known as Net Element, Inc. and Cazador Acquisition Corp Ltd.
Why It Matters
This filing indicates potential issues with Mullen Automotive's compliance with stock exchange listing requirements, which could significantly impact its stock trading and investor confidence.
Risk Assessment
Risk Level: high — A notice of delisting or failure to meet listing standards poses a significant risk to the company's continued trading on an exchange.
Key Players & Entities
- MULLEN AUTOMOTIVE INC. (company) — Registrant
- Net Element, Inc. (company) — Former Company Name
- Cazador Acquisition Corp Ltd. (company) — Former Company Name
- January 15, 2025 (date) — Earliest event reported
- January 22, 2025 (date) — Filing Date
FAQ
What specific listing rule or standard has Mullen Automotive Inc. failed to satisfy?
The filing indicates a 'Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard' but does not specify the exact rule or standard in the provided text.
What is the date of the earliest event reported in this 8-K filing?
The earliest event reported is dated January 15, 2025.
What is the filing date of this 8-K report?
This 8-K report was filed on January 22, 2025.
What were Mullen Automotive Inc.'s former company names?
Mullen Automotive Inc. was formerly known as Net Element, Inc. and Cazador Acquisition Corp Ltd.
What other items are included in this 8-K filing besides the delisting notice?
This 8-K filing also includes Regulation FD Disclosure and Financial Statements and Exhibits.
Filing Stats: 788 words · 3 min read · ~3 pages · Grade level 11.4 · Accepted 2025-01-22 17:15:27
Key Financial Figures
- $0.001 M — ch registered Common Stock, par value $0.001 MULN The Nasdaq Stock Market, LLC (Nas
Filing Documents
- mullenautomotive_8k.htm (8-K) — 32KB
- mullenautomotive_ex99-1.htm (EX-99.1) — 15KB
- ex99-1_001.jpg (GRAPHIC) — 4KB
- 0001829126-25-000306.txt ( ) — 269KB
- muln-20250115.xsd (EX-101.SCH) — 4KB
- muln-20250115_def.xml (EX-101.DEF) — 26KB
- muln-20250115_lab.xml (EX-101.LAB) — 36KB
- muln-20250115_pre.xml (EX-101.PRE) — 25KB
- mullenautomotive_8k_htm.xml (XML) — 5KB
01
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On January 15, 2025, Mullen Automotive Inc. (the " Company ") received an expected notice (the " Notice ") from the Listing Qualifications Staff of The Nasdaq Stock Market LLC ("Nasdaq") stating that because the Company has not yet filed its Annual Report on Form 10-K for the fiscal year ended September 30, 2024 (the " Form 10-K "), the Company is no longer in compliance with Nasdaq Listing Rule 5250(c)(1) (the " Listing Rule "), which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the " SEC "). The Notice has no immediate effect on the listing or trading of the Company's common stock on the Nasdaq Capital Market. However, if the Company fails to timely regain compliance with the Listing Rule, the Company's common stock will be subject to delisting from Nasdaq. Under the Nasdaq rules, the Company has 60 days from the date of the Notice either to file the Form 10-K or to submit a plan to Nasdaq to regain compliance with Nasdaq's listing rules. If a plan is submitted and accepted, the Company could be granted up to 180 days from the Form 10-K's due date to regain compliance. If Nasdaq does not accept the Company's plan, then the Company will have the opportunity to appeal that decision to a Nasdaq hearings panel. While the Company can provide no assurances as to timing, the Company is working diligently to complete and file the Form 10-K and is expected to file on or before January 31, 2025 or as soon as practicable (and within the 60-day period described above) to regain compliance with the Listing Rule.
01
Item 7.01. Regulation FD Disclosure. On January 22, 2025, the Company issued a press release, a copy of which is furnished as Exhibit 99.1 to this report and incorporated herein by reference into this Item 7.01. The information in this Item 7.01 and Exhibit 99.1 attached hereto shall not be deemed " filed " for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
01
Item 9.01 Exhibits. (d) Exhibits Exhibit No. Description 99.1 Press release dated January 22, 2025 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 1
SIGNATURES
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: January 22, 2025 By: /s/ David Michery David Michery Chief Executive Officer 2