Mullen Automotive Name Change To Be Effective July 28, But Retail’s Not Optimistic Yet

Mullen Automotive, Inc. (MULN) announced on Thursday that its previously announced name change will take effect on July 28.

The company will change its name to Bollinger Innovations, Inc. Its common stock will begin trading on The Nasdaq Capital Market under the new stock symbol BINI at market open on July 28.

Mullen CEO David Michery said that the name change is aimed at bringing the company’s products and brands together under one unified identity. Bollinger is the name of Mullen’s majority-owned EV truck company.

The name and stock symbol change does not affect the company’s legal structure or business operations, it said, adding that stockholders need not take any action regarding the changes.

MULN stock is trading 14% lower at the time of writing on Thursday afternoon.

On Stocktwits, retail sentiment around Mullen fell from ‘neutral’ to ‘bearish’ territory over the past 24 hours while message volume stayed at ‘high’ levels. According to Stocktwits data, retail chatter around Mullen has increased 35% over the past 24 hours.

A Stocktwits user opined that the company might have a plan behind the name change.

Southern California-based Mullen builds commercial electric vehicles. Its commercial EV lineup includes the Mullen ONE, a cargo van, and the Mullen THREE, a cab chassis truck. It's majority-owned EV truck company, Bollinger Motors, makes the Bollinger B4 electric truck.

In June, the company announced that it had raised its stake in Bollinger Motors by acquiring an additional 21% of the company, thereby increasing its total ownership to 95%. This acquisition followed the company's resolution of claims and debt that had led to a court-ordered receivership for Bollinger.

MULN stock has wiped nearly all of its value over the past 12 months.

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