- The company presented a 1,000 hp electric SUV at CES in January, dubbed the Five RS.
- Mullen says production of its sleek SUV should start next year, but it remains to be seen if it’ll achieve this aim.
- The Nasdaq has been closely monitoring the price of Mullen shares for over two years.
Small electric car manufacturer Mullen Automotive has survived yet another warning that it could be delisted from the Nasdaq for failing to meet minimum bid requirements.
The startup, formed a few years ago, had showcased a handful of vehicles but has yet to begin production of any of them. It’s been teetering on the edge of being delisted from public trading for the past two years for not meeting the $1 minimum bid price. In September of 2022, it received its first notice from the Nasdaq that it could be delisted for not meeting this requirement over 30 consecutive business days.
Read: Mullen Five RS Is A Super Crossover With 200 MPH And 1,000 HP
Mullen was originally given until March 6, 2023, to regain compliance, but this deadline was later extended to September 5, 2023. It did ultimately manage to regain compliance but earlier this year, fell out of compliance once again. Last month, the carmaker announced a 1-for-100 reverse stock split aimed at satisfying the Nasdaq’s minimum bid requirement and has now confirmed it’s once again in the clear. As such, a Nasdaq Panel hearing scheduled for November 14 about the company’s future has been canceled.
The most recent car presented by Mullen was the Five RS, a high-performance electric crossover presented at January’s Consumer Electronics Show in Las Vegas. The bold and aggressive-looking crossover was presented with dual motors at the front and rear axles that combine to deliver 1,000 hp and 850 lb-ft (1,151 Nm) of torque. Mullen says the Five RS can hit 60 mph (96 km/h) in less than two seconds and power through to a top speed exceeding 200 mph (322 km/h).
Underpinning the vehicle is a 100 kWh battery pack and according to the small marque, the Five RS should be able to travel up to 300 miles (483 km) on a single charge. Mullen was aiming to commence production of the Five RS in late 2025 before starting sales in mid-2026, but, as with many other EV startups, promises are one thing. Following through with them is something else entirely.
