Mullen Automotive Rebrands To Bollinger Innovations
On the same day, the company's common stock will begin trading on the Nasdaq Capital Market under the new ticker symbol BINI. The CUSIP number for the stock will remain unchanged.
The company confirmed that this name and ticker update will not affect its legal structure or business operations, and shareholders do not need to act.CEO and Chairman David Michery said the move represents more than a rebranding. 'We are bringing our products and brands together under one strong and unified identity, ready to service the commercial vehicle industry.'
Last week, Mullen announced restructuring plans by merging its operations with subsidiary Bollinger Motors, rebranding as Bollinger Innovations, and updating its Nasdaq ticker symbol before August 15, 2025.
The company shared plans to centralize commercial vehicle operations in Oak Park, Michigan, and consolidate all sales, marketing, and service under the Bollinger brand to streamline operations and boost financial efficiency.
Since early 2025, Mullen has cut 155 jobs and expects to save at least $35 million annually. Executives said the move will eliminate redundant roles and focus resources on its core Class 1, 3, and 4 electric commercial vehicle offerings, including the Mullen ONE, Mullen THREE, and Bollinger B4.
Mullen stock has plunged 100% year-to-date as it grappled with financial losses and a lack of consistent growth in the competitive EV market. In 2025, it completed three reverse stock splits—on February 18, April 11, and June 2—to meet Nasdaq's $1 minimum bid price requirement. Each split reduced the number of outstanding shares.
Additional headwinds could come from the U.S. regulatory landscape. The U.S. House of Representatives passed President Donald Trump's 'Big Beautiful Bill,' eliminating the $7,500 tax credit for new U.S.-made EVs. The tax credit will expire on September 30, leading some automakers to start raising electric vehicle prices in anticipation.
However, the company also has its share of promises. On June 3, Mullen announced plans to relaunch its FIVE RS EV Crossover in Germany this December, after completing 800-volt battery testing in Munich.
The company will begin on-road testing next and plans to expand sales to the EU, UAE, and South Africa in 2026. To support international growth, Mullen partnered with German firm FPF to ensure high-quality production before entering the U.S. market.
On June 25, Mullen revealed it would begin accepting Bitcoin and TRUMP Coin for EV purchases, aiming to attract crypto-enthusiasts and politically engaged consumers while boosting brand exposure through meme coin culture.
Price Action: MULN shares are trading lower by 17.80% to $0.062 at last check Thursday.
Photo via Shutterstock
UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets.
Get the latest stock analysis from Benzinga?
This article Mullen Automotive Rebrands To Bollinger Innovations originally appeared on Benzinga.com
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
24 minutes ago
- Yahoo
Slow US job gains expected in July; unemployment rate forecast rising to 4.2%
By Lucia Mutikani WASHINGTON (Reuters) -U.S. job growth likely slowed in July, with the unemployment rate forecast rising back to 4.2%, but that probably would be insufficient to spur the Federal Reserve to resume cutting interest rates soon as tariffs are starting to fan inflation. The anticipated slowdown in nonfarm payrolls in the Labor Department's closely watched employment report on Friday would mostly be payback after a surprise surge in state and local government education boosted employment gains in June. The U.S. central bank on Wednesday left its benchmark interest rate in the 4.25%-4.50% range. Fed Chair Jerome Powell's comments after the decision undercut confidence the central bank would resume policy easing in September as had been widely anticipated by financial markets and some economists. Though Powell described the labor market as being in balance because of supply and demand both declining at the same time, he acknowledged that this dynamic was "suggestive of downside risk." Job growth has slowed amid uncertainty over where President Donald Trump's tariff levels will eventually settle. Trump on Thursday slapped dozens of trading partners with steep tariffs ahead of a Friday trade deal deadline, including a 35% duty on many goods from Canada. The White House's immigration crackdown has reduced labor supply as has an acceleration of baby boomer retirements. "We just don't have a roadmap yet with respect to tariffs, and now that it's coming into place, I think that can certainly help, but if you're thinking about what you're planning for your business over the next two to three years ... you don't want to make that decision until you know what your costs of running your business are going to be," said Michael Reid, senior U.S. economist at RBC Capital Markets. Nonfarm payrolls likely increased by 110,000 jobs last month after rising by 147,000 in June, a Reuters survey of economists showed. That reading would be below the three-month average gain of 150,000. Estimates ranged from no jobs added to an increase of 176,000 positions. An economist predicting no change in payrolls pointed to the jump in state and local government education jobs in June, which accounted for nearly half of the employment gains that month. "When the academic year ends, there is a huge drop in payroll levels at schools," said Stephen Stanley, chief U.S. economist at Santander U.S. Capital Markets. "The fact that there were fewer reductions than usual in June suggests to me that more of the usual wave of reductions came in July." Stanley also argued that there had been a torrent of anecdotal and survey evidence suggesting that businesses large and small slowed their hiring activity this summer in the face of elevated policy uncertainty. This led Stanley to anticipate private sector payrolls growth slowed further in July rather than accelerated as most economists expected after the economy added the fewest jobs in eight months in June. LOW BREAK-EVEN NUMBER Federal government job losses as the Trump administration wields the axe on headcount and spending, excluding immigration enforcement, could mount after the Supreme Court gave the White House the green light for mass firings. But the administration has also said several agencies were not planning to proceed with layoffs. The reduction in immigration flows means the economy now needs to create roughly 100,000 jobs per month or less to keep up with growth in the working age population. The decline in the unemployment rate to 4.1% in June was in part due to people dropping out of the labor force. July's anticipated rise would still leave the jobless rate in the narrow 4.0%-4.2% range that has prevailed since May 2024. "The July jobs report is unlikely to shake the Fed out of its 'wait-and-see' posture," said Gregory Daco, chief economist at EY-Parthenon. "But it will add further evidence that the labor market is gradually losing momentum." Financial markets have pushed back an anticipated September rate cut to October. With tariffs starting to raise inflation, some economists believe the window for the Fed resuming policy easing this year is closing. But others still believe the Fed could still cut rates in September, especially if the Bureau of Labor Statistics' preliminary payrolls benchmark revision in September projects a sharp decline in the employment level from April 2024 through March this year. The Quarterly Census of Employment and Wages, derived from reports by employers to the state unemployment insurance programs, has indicated a much slower pace of job growth between April 2024 and December 2024 than payrolls have suggested. "If it's an ugly downward revision, the Fed will move, there is no question," said Brian Bethune, an economics professor at Boston College.
Yahoo
24 minutes ago
- Yahoo
Morning bid: 'Tariffs - use this version, please'
A look at the day ahead in European and global markets from Stella Qiu: It is tariff deadline day and President Donald Trump delivered by slapping fresh levies on imports from dozens of countries, including those that do not have a trade deal yet. Rates were set at 35% for Canada, 25% for India, 20% for Taiwan and 19% for Thailand. Switzerland got a whopping 39% -- one of the steepest -- raising the question: what's Trump got against the Swiss? Not buying enough American chocolate or watches? The big day comes after months of posturing, meetings, delays and truces, which prompted some investors to question what was a real threat and what was a bluff. Indeed, there is still much to be resolved. Arguably, most levies are lower than those threatened on April 2, which back then sent markets into a tailspin. Plus the big trade deals with Japan and the European Union have been reached while talks with China and Mexico are still ongoing. That is probably why market reaction this time has been much more muted. Sure, most Asian shares fell, but only modestly. South Korea is an exception, tumbling over 3%, in part due to domestic tax cuts being rolled back. Taiwan's president said the 20% levy is only temporary and is expected to be reduced further when a deal is reached. Wall Street and European shares did not seem to be too bothered by the tariff news. EUROSTOXX 50 futures slipped 0.3%. Both Nasdaq futures and S&P 500 futures fell 0.2%, thanks to a 6% tumble in Amazon after its earnings failed to meet lofty expectations. Now, with the tariff news out of the way, euro zone flash CPI is due later in the day and expectations are for a slight easing to 1.9% in July from 2.0% in annual terms. Markets have only priced in half a cut from the European Central Bank by early next year. And then it's all about waiting for payrolls, which will be pivotal for hopes for a rate cut from the Federal Reserve in September, which is now priced at just 40%, way off 75% a month ago. Forecasts are centred on a 110,000 rise in July, while the jobless rate likely ticked up to 4.2% from 4.1%. Any upside surprises could price out the chance of a move next month, giving dollar bulls another reason to rally. The greenback is headed for the best week - with a gain of 2.5% against its peers - in nearly three years, solidifying its recent uptrend from a three-year low. It has found support from a hawkish Fed that has held off policy easing on tariff risks. And indeed, the Fed's preferred gauge of inflation came in a tad hotter overnight, showing some tariff impact. Key developments that could influence markets on Friday: -- Euro zone flash CPI for July -- U.S. payrolls for July, ISM Manufacturing survey Trying to keep up with the latest tariff news? Our new daily news digest offers a rundown of the top market-moving headlines impacting global trade. Sign up for Tariff Watch here.
News24
27 minutes ago
- News24
Trump pushes ahead with 30% tariffs on SA
• For more financial news, go to the News24 Business front page. South African exporters to the US are waking up to a grim new reality on Friday, as that country's import tariffs are set to rocket from 10% to 30%. On Thursday, the White House confirmed that South Africa's new 'reciprocal' tariff rate will be 30%. This will come into effect in seven days. US president Donald Trump has announced new tariffs for seventy countries that failed to strike trade agreements. Lesotho's tariff rate was lowered from 50% in April to 15%, but other countries – including Switzerland (39%) and Canada (35%) now face higher rates. In April, the Trump administration announced that SA will be hit with 31% import tariffs. The tariff was then suspended for 90 days, with all imports to the US facing a 10% tariff. For many SA exporters, import duties were zero under the African Growth and Opportunity Act (AGOA). The new tariffs made local products – particularly vehicles and citrus - more expensive in the US. On 7 July, US President Donald Trump issued a letter to President Cyril Ramaphosa, warning that there would be a 30% blanket tariff on all South African goods. The US rejected South Africa's first trade offer to avoid the new tariffs in May. This was followed by a sweetened offer in June, which has also not been accepted. South Africa has offered commitments for US natural gas and fracking technology imports in exchange for duty-free quotas for steel and vehicles. SA also offered the US farmers tariff-free access to the local market on a counter-seasonal basis (when SA fruit is not in season). The offer also included nearly R60 billion in local investment pledges into American industries such as mining and recycling, and contained proposals to remove non-tariff measures that the US was unhappy with, including SA's restrictions on US poultry and pork imports, which were imposed due to animal illnesses in that country. Last week, Zane Dangor, director-general of the Department of International Relations and Cooperation (Dirco), confirmed that the US has included its concerns about black economic empowerment (BEE) in trade negotiations.
