Mullen Automotive shares surge over 50% on Electrical Final Mile acquisition (NASDAQ:MULN)

Mullen Automotive (NASDAQ:MULN) shares soared on Wednesday after finishing the acquisition of bankrupt EV startup Electrical Final Mile Options (OTC:ELMSQ).

The deal contains the acquisition of the acquired agency’s manufacturing plant in Indiana, able to producing 50K autos every year. Mullen additionally acquired all mental property of the defunct auto firm.

“Upon closing the ELMS transaction, the corporate shall be ready to strategically leverage all its acquired property to shorten its manufacturing path and aggressively broaden into the industrial and shopper EV market,” Mullen Automotive (MULN) CEO David Michery stated.

Shares shot to an over 60% acquire on the intraday excessive, sustaining a acquire of 58.96% shortly after 12PM ET. The stark surge comes simply at some point after the inventory touched a 52-week low on Tuesday, bookending declines of almost 95% for shares 12 months to this point. The 52-week buying and selling vary for the inventory is a quite-wide $0.21 to $15.90.

Quick curiosity within the inventory stays elevated at 16.6%, in accordance with SeekingAlpha information. Buying and selling quantity was additionally notably heavy on Wednesday, with over 300M shares altering fingers by mid-day in distinction to a median day by day quantity of about 80M.

The California-based automaker first disclosed its bid for Electrical Final Mile in late September.