Mullen Automotive Inc. Announces 1-for 25 Reverse Stock Split effective May 4, 2023

(NASDAQ: MULN ) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announced today that it will effect a 1-for-25 reverse stock split (“Reverse Stock Split”) of its common stock, par value $0.001 per share (“Common Stock”), that will become effective on May 4, 2023, at 12:01 a.m., Eastern Time. The new CUSIP number for the Common Stock following the Reverse Stock Split will be 62526P 208. The 1-for-25 reverse stock split will automatically combine and convert 25 current shares of the Company’s Common Stock into one issued and outstanding share of Common Stock. The Reverse Stock Split will not change the par value of the Common Stock nor the authorized number of shares of Common Stock, preferred stock, or any series of preferred stock. Examples of such risks and uncertainties include but are not limited to how Mullen’s stock will perform after the reverse stock split, Mullen’s ability to timely implement the Reverse Stock Split, the success of the Reverse Stock Split, and Mullen’s ability to regain compliance with the Nasdaq Listing standards.