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Mullen Automotive

EVUSA
📉 Public < $1B
Peak $1 BillionToday
~-100%
from peak
  1. 🦄
    Became a unicorn
    ~2021
  2. 📈
    Peak valuation
    $1 Billion ’21
  3. 💔
    Became a Unitard
    ~2023
  4. 💸
    Last valuation
    ~$0
Current status
Public; market cap <$1M after reverse splits

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