My number of $MULN shares look different- what occurred?
Mullen Automotive announced August 10, 2023 a 1-for-9 reverse stock split of its common stock, par value $0.001 per share that will become effective on August 11, 2023. Mullen’s Common Stock will continue to trade on The Nasdaq Capital Market under “MULN” and will begin trading on a split-adjusted basis when the market opens on August 11, 2023. The company's news release on the reverse split can be found here.
My average price looks different or is missing- why is this?
This may impact your average price or display as the corporate action is updated in the app.
What is a reverse split?
When a company completes a reverse stock split, each outstanding share of the company is converted into a fraction of a share. For example, if a company declares a one-for-ten reverse stock split, every ten shares that you own will become one single share.
For MULN, the 1-for-9 reverse stock split will automatically combine and convert 9 current shares of the Company’s Common Stock into one issued and outstanding share of Common Stock. Proportional adjustments also will be made to outstanding equity awards, warrants, and convertible notes and to the number of shares issued and issuable under the Company's stock incentive plans and certain existing agreements. 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.
It's important to note, no fractional shares will be issued in connection with the Reverse Stock Split. All fractional shares will be rounded up to the nearest whole share.