![]() ![]() On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. With the company below $1 again after just conducting a reverse split, Mullen would likely have to perform another split to get back up to one dollar from its current 18 cent price point. Otherwise, it faces removal - or an additional hearing with the exchange to gain another extension. Indeed, while the Nasdaq has a number of procedures in place to allow companies to regain compliance with its $1 dollar minimum share price, MULN’s time may be running short. The company has been on a downward slide in 2023, however: MULN stock is down more than 95% year-to-date (YTD) as it also flirts with delisting from the Nasdaq. MULN Stock Climbs Despite Impending Removalĭespite Mullen’s bearish removal from the Russell 2000, MULN stock is actually up today by around 1% as of this writing. June 23 marks the final confirmation of the Russell 2000’s reconstitution. In the 30 days before April 28, MULN’s average share price was below $1. In fact, Mullen initiated its 1-for-25 reverse stock split on May 4, after Russell’s rank day. While companies with an average closing price of at least $1 over the 30 days preceding rank day can be considered exempt from removal, Mullen unfortunately doesn’t qualify. MULN closed on April 28 with a pre-split share price of roughly 8 cents. ![]() As part of Russell’s annual reconstitution that sees the index make changes to its division between large, mid and small capitalization stocks, Russell removes any stocks that fail to meet its $1 minimum bid price come “rank day.” This year, rank day fell on April 28. ![]() Mullen’s removal comes as a function of Russell’s $1 minimum closing price requirement. Indeed, the index’s annual reconstitution process is almost complete and Mullen will unfortunately lose its spot on the list. The company developed computers featuring innovative graphical user interfaces, including the 1984 original Macintosh, announced that year in a critically acclaimed advertisement called "1984".It’s an unfortunate day for fans of Mullen (NASDAQ: MULN) stock, as the downtrodden electric vehicle (EV) maker is expected to be removed from the Russell 2000 Index. Apple went public in 1980 to instant financial success. The company's second computer, the Apple II, became a best seller and one of the first mass-produced microcomputers. It was incorporated by Jobs and Wozniak as Apple Computer, Inc. It is often considered as one of the Big Five American information technology companies, alongside Alphabet, Amazon, Meta Platforms, and Microsoft.Īpple was founded as Apple Computer Company on April 1, 1976, by Steve Wozniak, Steve Jobs and Ronald Wayne to develop and sell Wozniak's Apple I personal computer. As of June 2022, Apple is the fourth-largest personal computer vendor by unit sales and the second-largest mobile phone manufacturer in the world. As of March 2023, Apple is the world's biggest company by market capitalization. ![]() Apple is the world's largest technology company by revenue, with US$394.3 billion in 2022 revenue. is an American multinational technology company headquartered in Cupertino, California. ![]()
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