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Mullen Automotive, Inc. (NASDAQ:MULN) shares are trading lower Monday. The company announced it has filed for Foreign Trade Zone (“FTZ”) status with the U.S. Department of Commerce at its commercial vehicle manufacturing and assembly center located in Tunica, Mississippi.
The Details:
Mullen filed its application on March 25 and said it expects final determination within 30 to 90 days. If approved as a designated FTZ site, Mullen would qualify for a variety of benefits including deferment of payments on duties owed related to import fees which would reduce pressure on the company's cash flow.
Mullen estimates that resulting deferred working capital on domestic sales could result in deferred capital outlays of $10 million for the remainder of fiscal year 2024.
Mullen shares are trading below the stock's 50-day moving average of $6.66, and 16.7% of shares are being sold short according to data from Benzinga Pro.
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Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in Mullen Automotive’s case, it is in the Consumer Discretionary sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
MULN Price Action: According to Benzinga Pro, Mullen Automotive shares are down 8.46% at $4.76 at the time of publication Monday.
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Posted In: MULN
