Shares of Mullen Automotive Inc.
dropped 3% toward a record low in premarket trading Thursday, after the electric vehicle maker received a delisting determination from the Nasdaq for failing to maintain the minimum stock bid requirement of $1. The company said that on Wednesday it requested a hearing before the Nasdaq Listing Qualifications Panel to request an extension, and to present its plan to regain compliance. If the company didn’t request a hearing, the stock would have been delisted on Sept. 15.
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