$MULN Fighting Naked Short Selling
Despite effecting a reverse split to regain compliance with the NASDAQ listing requirements, Mullen Automotive, Inc. (NASDAQ: MULN) finds itself in a similar position with the stock trading near its all-time low. While the company has been sharing positive news recently, MULN stock is down nearly 98% YTD and the reason for this drop could be naked short selling according to the company. Looking to combat naked short selling, MULN recently retained Christian Attar to take action against market manipulators. Following the news, MULN stock soared by as much as 81% and continues to gain momentum. In light of this, MULN could run over the coming weeks as the company takes more action to combat naked short-selling.
MULN Fundamentals
Combatting Naked Short Selling
With evidence of illegal naked short selling happening to the stock, MULN retained Christian Attar to lead its investigation into the naked short selling activity the stock has been witnessing. This move was received well by investors as the stock climbed 81% on the news and continues to garner investors’ attention.
The reason behind this bullish sentiment could be due to Christian Attar’s reputation in regard to market manipulation cases. Previously, Christian Attar investigated and won or settled cases of market manipulation for millions. In this way, MULN may end up realizing a hefty sum from this investigation resulting in a substantial cash reward that could assist the company in its manufacturing endeavors.
At the same time, MULN’s actions to combat naked short selling resemble those of Genius Group Limited (NYSE American: GNS) which ran 1400% after sharing its intention to combat naked short selling. With this in mind, a common factor is present in both cases. Christian Attar – previously Christian Levine Law Group – was involved with GNS’ investigation. Moreover, both companies involved high-profile players in their investigations – with GNS involving former FBI Deputy Director Timothy Murphy and MULN involving ShareIntel.
By adding key players such as ShareIntel and Christian Attar, MULN appears to be aggressively combatting naked short selling which could be a main reason for the stock’s poor performance recently despite the company’s positive announcements.
Share Buyback Program
On that note, MULN is looking to capitalize on the stock’s low PPS by announcing a $25 million share buyback program that is authorized through December 31st, 2023. In this way, MULN is adding value to its shareholders as this program would significantly reduce the company’s float of 190.1 million shares. With the company announcing the buyback program right after retaining Christian Attar to combat naked short selling, MULN stock could be poised to continue running over the coming weeks.
Technical Analysis
MULN stock is in a neutral trend and is trading in a sideways channel between its support at $0.1, and its resistance at $0.1552, below the 200 MA. Looking at the indicators the stock is currently above the 50, and 21 MAs which are bullish indications, and is below the 200 MA which is a bearish indication. Meanwhile, the RSI is overbought at 73 and the MACD is bullish to the upside.
As for the fundamentals, MULN’s recent announcements regarding combatting naked short selling and the share buyback program are promising since they add value to shareholders. Considering that MULN’s current situation is similar to that of GNS earlier this year, MULN stock could be on track to continue running over the coming weeks.
MULN Forecast
Given the bullish sentiment surrounding the company’s efforts to combat naked short selling, MULN stock may be poised to continue running over the next weeks in a similar fashion to GNS stock which ran 1400% after announcing its investigation into naked short selling. Moreover, investors are increasingly bullish on MULN’s recent share buyback program since it reinforces the company’s belief that its stock is undervalued at current levels. Given the timing of these positive announcements, MULN stock is one to watch closely over the coming weeks.
MULN Fundamentals
Combatting Naked Short Selling
With evidence of illegal naked short selling happening to the stock, MULN retained Christian Attar to lead its investigation into the naked short selling activity the stock has been witnessing. This move was received well by investors as the stock climbed 81% on the news and continues to garner investors’ attention.
The reason behind this bullish sentiment could be due to Christian Attar’s reputation in regard to market manipulation cases. Previously, Christian Attar investigated and won or settled cases of market manipulation for millions. In this way, MULN may end up realizing a hefty sum from this investigation resulting in a substantial cash reward that could assist the company in its manufacturing endeavors.
At the same time, MULN’s actions to combat naked short selling resemble those of Genius Group Limited (NYSE American: GNS) which ran 1400% after sharing its intention to combat naked short selling. With this in mind, a common factor is present in both cases. Christian Attar – previously Christian Levine Law Group – was involved with GNS’ investigation. Moreover, both companies involved high-profile players in their investigations – with GNS involving former FBI Deputy Director Timothy Murphy and MULN involving ShareIntel.
By adding key players such as ShareIntel and Christian Attar, MULN appears to be aggressively combatting naked short selling which could be a main reason for the stock’s poor performance recently despite the company’s positive announcements.
Share Buyback Program
On that note, MULN is looking to capitalize on the stock’s low PPS by announcing a $25 million share buyback program that is authorized through December 31st, 2023. In this way, MULN is adding value to its shareholders as this program would significantly reduce the company’s float of 190.1 million shares. With the company announcing the buyback program right after retaining Christian Attar to combat naked short selling, MULN stock could be poised to continue running over the coming weeks.
Technical Analysis
MULN stock is in a neutral trend and is trading in a sideways channel between its support at $0.1, and its resistance at $0.1552, below the 200 MA. Looking at the indicators the stock is currently above the 50, and 21 MAs which are bullish indications, and is below the 200 MA which is a bearish indication. Meanwhile, the RSI is overbought at 73 and the MACD is bullish to the upside.
As for the fundamentals, MULN’s recent announcements regarding combatting naked short selling and the share buyback program are promising since they add value to shareholders. Considering that MULN’s current situation is similar to that of GNS earlier this year, MULN stock could be on track to continue running over the coming weeks.
MULN Forecast
Given the bullish sentiment surrounding the company’s efforts to combat naked short selling, MULN stock may be poised to continue running over the next weeks in a similar fashion to GNS stock which ran 1400% after announcing its investigation into naked short selling. Moreover, investors are increasingly bullish on MULN’s recent share buyback program since it reinforces the company’s belief that its stock is undervalued at current levels. Given the timing of these positive announcements, MULN stock is one to watch closely over the coming weeks.
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