BREA, Calif. Embattled EV player Mullen Automotive (MULN, Financials) regained compliance with the Nasdaq's minimum bid price requirement, the company announced Thursday. The notice is a big relief for its investors, with the Southern California-based EV manufacturer, facing potential delisting risks.
In addition to the compliance news, Mullen is taking aggressive steps in slashing its expenses and building a more streamlined operation. The company is looking to execute a 20% reduction in headcount as it looks to eliminate passenger vehicle programs while consolidating facilities, in aiming for a monthly expense reduction of $5.5 million, from $12.8 million to $7.3 million. These measures are part of a broader effort to build on operational efficiency while focusing on near-term top-line generation.
Mullen projects $75 million in GAAP revenue over the next six months from its commercial sales pipeline and pilot programs. The company recently completed over 80 vehicle demonstrations across multiple U.S. industries, which led to significant commercial sales progress. Moreove, its important to note that, Mullen aims to generate an average of $12.5 million in monthly revenue over the next six months.