Mullen Automotive, Inc (NASDAQ:MULN) shares are trading higher Monday after the company entered into an agreement with National Auto Fleet Group to sell electric vehicles nationwide.
The Details: National Auto Fleet Group, through contracts with Sourcewell, will support national fleet customers and offer Mullen's commercial vehicles in Watsonville and Alhambra, California.
The California-based commercial dealer will offer two of Mullen's all-electric commercial vehicles: the Mullen ONE, a Class 1 EV cargo van, and the Mullen THREE, a Class 3 EV cab chassis truck.
"NAFG's with two Sourcewell awarded contracts, and its proven track record of serving government agencies and their commitment to innovative vehicle solutions make them the ideal partner to bring our commercial EVs to public fleets across the nation," said David Michery, CEO of Mullen Automotive.
As an approved California Air Resource Board HVIP dealer, National Auto Fleet Group will be able to provide point of sales vouchers for the Mullen THREE, which qualifies for a possible cash voucher of up to $45,000.
"Everything you see, smell or touch was moved by truck at one time or another. With Mullen we will offer municipal and government fleets the opportunity to work more efficiently, with a stronger TCO and with zero emissions," said Clarke Cooper from National Auto Fleet Group.
Mullen also announced on Monday that its board has unanimously adopted a limited duration stockholder rights plan intended to promote the fair and equal treatment of all stockholders.
The Rights Agreement works by imposing a significant penalty upon any person or group that acquires beneficial ownership of 10% or more of Mullen's common stock without prior board approval. The plan is effective immediately and is set to expire on May 1, 2025.
MULN Price Action: According to Benzinga Pro, Mullen shares were up 33.7% at $5.57 at the time of publication.
Image: courtesy of Mullen Automotive.