Mullen Automotive Inc (NASDAQ:MULN) shares added more than 15% after the electric vehicle maker announced it has engaged Mark Basile and his law firm The Basile Law Firm P.C. to assist it in reviewing its funding options.
The Brea, California company said the law firm would help it to review its current fundings and make recommendations in developing its floorplan for 2024 fundings.
“We are making this announcement in an effort to notify our shareholders that we fully intend to take any and all measures necessary to continue our sustainable growth as we move ahead with previously announced strategic initiatives,” Mullen Automotive CEO David Michery said in a statement.
“We welcome Mr Basile to our team of highly skilled and capable lawyers, both in-house and out, and we are looking forward to working with him as we continue to drive our core business value forward.”
Basile commented: “I have worked with many public company executive teams and boards of directors, and the opportunities presented in assisting Mullen Automotive are compelling.”
Shares of Mullen Automotive were up 15.6% at US$0.19 at noon on Monday.
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