Mullen Automotive
EVUSA
New to Unitard
📉 Public < $1B
Peak $1 BillionRecorded estimate
~-100%
from peak
- 🦄Became a unicorn~2021
- 📈Peak valuation$1 Billion ’21
- 💔Became a Unitard~2023
- 💸Last valuation estimate~$0
Current status
Public; underwent reverse splits
The rise & fall
6 moments · 2014–2025The key moments.
2014
2014
Founded in Southern California
David Michery builds Mullen around acquired EV assets — including remains of failed maker CODA — promising affordable American electric cars.
Wikipedia
Nov 2021
Nov 2021
Public via reverse merger at ~$1B$1B
A merger with payments shell Net Element puts MULN on Nasdaq near a $1B valuation — before any production car has shipped.
Wikipedia
Apr 2022
Apr 2022
A short-seller takes aim
Hindenburg Research calls Mullen "yet another fast talking EV hustle"; skepticism about the products never lifts.
Hindenburg
2022–24
2022–24
Dilution without deliveries
Heavy losses and serial share issuance multiply the float while the stock price decays.
Invezz
2023
2023
Slips out of the club
The post-SPAC slide drags the market cap far below $1B.
Invezz
2023–25
2023–25
Reverse split after reverse split
Repeated reverse splits keep the Nasdaq listing alive as the market cap shrinks below $1M — a tenth of a percent of the peak.
Invezz
How it happened
Mullen Automotive is a US EV startup that went public via a SPAC-style reverse merger in 2021. After an initial valuation near $1B, its shares collapsed amid heavy losses, dilution, and skepticism about its products. The company executed multiple reverse stock splits to stay listed, and its market capitalization fell to a tiny fraction of its peak.
Source: Invezz
Founder
Current roles as self-reported on LinkedIn, retrieved 2026-08-19. See our methodology.
