Mullen Automotive stock is beginning the weak on a sour note. Currently, one hour into Monday’s session, MULN shares are down 5% at $0.4772. The session has so far ranged between $0.4717 and $0.5001.
This amounts to a recorded low price. Mullen Automotive is now only worth about $273 million, a far cry from when it was worth closer to $5 billion last year. There are no bullish signs in sight on the price chart.
NASDAQ: MULN dropped lower to close the week and did so at a fresh new 52-week low price as the bottom continued to fall out on the EV startup.
On Friday, shares of MULN sank by a further 7.56% and closed the trading session at $0.50. Stocks extended their declines on Friday and closed out the worst week of trading since June, posting the fourth losing week in the last five. Overall, the Dow Jones dropped by a further 139 basis points, the S&P fell by 0.72%, and the NASDAQ slipped lower by 0.90% during the session.