For years, retail investors actively debated the future of Mullen Automotive stock (formerly traded under the ticker MULN). Some saw the Southern California-based electric vehicle (EV) startup as a high-potential underdog destined to rival Tesla, while critics viewed it as a speculative bubble fueled by toxic financing and unfulfilled operational promises. Today, in 2026, the debate has finally been settled by the cold reality of the market. Mullen Automotive, which rebranded as Bollinger Innovations, Inc. (OTC: BINI) in late July 2025, has faced Nasdaq delisting, operational shutdown, and a court-ordered liquidation of its primary assets. This deep-dive provides a comprehensive look at what went wrong, the math behind its historic wealth destruction, and what, if anything, remains for shareholders of Mullen Automotive stock.

From MULN to BINI: Rebranding and Nasdaq Delisting

To understand the current state of Mullen Automotive stock, one must first look at the corporate transition that took place in late July 2025. In an effort to consolidate its brand, streamline its operations, and distance itself from a highly criticized financial history, Mullen Automotive officially changed its corporate name to Bollinger Innovations, Inc. on July 28, 2025. Simultaneously, its Nasdaq ticker symbol was updated from "MULN" to "BINI."

At the time, CEO David Michery framed the corporate rebrand as a major strategic milestone, bringing the company’s Class 1, 3, and 4 commercial EV lineups under a single, unified brand identity. Operating from its headquarters in Brea, California, and commercial facilities in Oak Park, Michigan, the company claimed the integration would save millions in sales, engineering, and administrative overhead.

However, the market’s response was overwhelmingly skeptical. Retail sentiment on platforms like Stocktwits quickly turned bearish, with many accusing the leadership of using the name change as a cosmetic distraction to hide severe structural issues, specifically the imminent risk of losing its Nasdaq listing.

Those fears proved entirely justified. Under Nasdaq Listing Rule 5550(b)(2), companies are required to maintain a minimum market value of listed securities of $35 million. Despite efforts to restructure its capital—including a series of massive reverse stock splits—the newly named Bollinger Innovations failed to meet the threshold. On August 26, 2025, the company received a formal non-compliance notice from Nasdaq. Although the company initially announced plans to appeal the decision at a hearings panel, it ultimately withdrew from the process, acknowledging the futility of trying to maintain its listing. On October 13, 2025, the stock was formally delisted from Nasdaq and began trading on the Over-the-Counter (OTC) markets under the ticker BINI.

CEO David Michery characterized the move as "a logical and financially prudent step" to reduce administrative burdens. However, the loss of a major national exchange listing severely eroded liquidity and locked out institutional investors, leaving the stock to trade at mere pennies on the OTC market.

The Math of Absolute Ruin: Chronic Dilution and 11 Reverse Splits

If there is one defining characteristic of Mullen Automotive stock’s legacy, it is the unprecedented destruction of shareholder value through share dilution and serial reverse stock splits. For years, the company kept its operations afloat by issuing convertible debt, warrants, and preferred shares to toxic institutional lenders. When these lenders converted their debt into common shares and sold them into the market, it triggered a relentless, downward spiral in the share price—a classic corporate finance phenomenon known as "death spiral dilution."

To keep the share price above the Nasdaq’s $1.00 minimum bid requirement and avoid delisting, the board of directors resorted to a staggering sequence of reverse stock splits. In total, the stock underwent 11 splits throughout its lifetime. The final stages of this reverse split regime were particularly devastating for long-term investors:

• May 4, 2023: 1-for-25 reverse split
• December 21, 2023: 1-for-100 reverse split
• September 17, 2024: 1-for-100 reverse split
• February 18, 2025: 1-for-60 reverse split
• April 11, 2025: 1-for-100 reverse split
• June 2, 2025: 1-for-100 reverse split
• August 4, 2025: 1-for-250 reverse split
• September 22, 2025: Another devastating 1-for-250 reverse split

To grasp the sheer magnitude of this wealth destruction, one must look at the cumulative split math. When you compound these ratios, the numbers defy belief. A single share of MULN stock held prior to May 2023 would be represented today by an infinitesimally small fraction of a share—specifically in the range of quadrillionths of a single share.

Practically speaking, if an investor had purchased $10,000 worth of Mullen Automotive stock in early 2022 and held it continuously, the combination of continuous share dilution and serial reverse splits would have reduced their investment to precisely $0.00. While early insiders and toxic lenders profited by selling newly minted shares during brief, hype-driven market rallies, retail "bagholders" were completely wiped out.

The Failed Acquisition and Collapse of Bollinger Motors

To justify its public valuation, Mullen sought to build legitimacy by acquiring other struggling EV startups. Its most notable transaction occurred in September 2022, when Mullen acquired a 60% controlling interest in Michigan-based Bollinger Motors for $148.2 million. Founded by Robert Bollinger, the startup had originally garnered a cult following for its rugged, boxy consumer EV concepts, the B1 SUV and the B2 pickup truck.

Under Mullen’s control, the commercial strategy shifted. The consumer off-roaders were put on hold, and the company pivoted entirely toward commercial fleets, aiming to produce the Bollinger B4, an all-electric Class 4 medium-duty commercial chassis cab. However, the acquisition inherited severe liquidity problems. In fact, short-selling research firms like Hindenburg Research and Fuzzy Panda Research had already labeled Mullen as an "EV pretender," accusing the company of passing off imported Chinese vehicles (like the rebadged Xiaohu FEV, which became the "Mullen Go") as proprietary, American-made technology.

By early 2025, the relationship between Mullen and Bollinger’s founder had completely deteriorated. Robert Bollinger sued the parent company over unpaid loans and breach of contract related to a $10 million secured promissory note. This legal war landed Bollinger Motors in court-ordered receivership in May 2025. In an attempt to salvage the brand, Mullen paid Robert Bollinger an $11 million settlement in June 2025, lifting its ownership stake to 95% and bringing the subsidiary out of receivership.

However, this financial bandage did not stop the bleeding. In the latter half of 2025, severe cash shortages crippled the combined company. In November 2025, the situation at Bollinger Motors reached a breaking point. On November 19, reports surfaced that the Oak Park, Michigan facility had missed payroll for at least two consecutive pay periods. By November 21, 2025, an internal email from Human Resources Director Helen Watson confirmed the worst: Bollinger Motors was officially closing its doors.

Employees filed 70 wage-theft claims with the Michigan Department of Labor, and the state of Michigan initiated a clawback of nearly $1 million of a $3 million development grant because Bollinger had failed to meet its hiring obligations. The corporate structure was in a complete tailspin.

Liquidating the Shell: The May 2026 Court-Ordered Asset Auction

The final blow to the Bollinger and Mullen operations came from unpaid suppliers. In late 2025, automotive component supplier Dana Inc. filed a lawsuit claiming it was owed $6.2 million in outstanding bills for electric motors and drive units. This lawsuit pushed Bollinger Motors back into court-ordered receivership in December 2025, overseen by an Ohio state judge.

In May 2026, the long saga of this high-profile EV startup reached its unceremonious end. Under the supervision of the U.S. District Court, industrial liquidation specialist Maynards Industries was hired to sell off Bollinger’s entire operational footprint. The online webcast auction took place on May 13, 2026, featuring over 400 lots spread across the company's facilities in Oak Park, Michigan, and Tunica, Mississippi.

Among the items sold to the highest bidder were:

• Twenty 2025 Bollinger B4 Class 4 Electric Trucks: Seventeen fully completed production trucks and three test vehicles, many with near-zero mileage. These trucks, which had an original target MSRP of approximately $160,000, were auctioned off with bids starting at just $1.
• Advanced EV Testing Equipment: Battery testing, validation, and diagnostic systems dated from 2021 to 2025.
• Plant Support Infrastructure: Vehicle lifts, alignment systems, advanced toolroom machinery, and shop equipment.

The proceeds from the auction were directed to satisfy outstanding wage claims, unpaid local suppliers, and back taxes. The physical assets that were supposed to propel Mullen and Bollinger into the future of commercial transport were sold off as scrap and discounted equipment, leaving the parent company, Bollinger Innovations, as a virtually empty shell.

Can Investors Recover Anything? Class Action Lawsuits and OTC Realities

For anyone currently holding Mullen Automotive stock (now trading as BINI on the OTC markets), the prospects of recovering any capital are incredibly slim. As of mid-2026, the stock trades on the pink sheets at a fraction of a penny, with a total market capitalization that has fallen below $1 million. With the operating business fully liquidated and the corporate entity under receivership, the common stock is functionally worthless. Common stockholders are at the absolute bottom of the liquidation preference hierarchy, meaning secured lenders, suppliers, and unpaid employees will claim every dollar of residual value long before shareholders see a dime.

However, some past investors may be eligible for compensation through legal channels. A major class-action lawsuit, In Re Mullen Automotive, Inc. Securities Litigation (Case No. 2:22-cv-03026-DMG-AGR), was settled in federal court. The litigation alleged that Mullen's leadership made false and misleading statements regarding its battery technology, production capabilities, and commercial agreements between June 15, 2020, and April 17, 2022.

On May 8, 2026, the claims administrator conducted the initial distribution of the class-action settlement funds to eligible claimants. If you purchased or acquired Mullen Automotive (or Net Element) common stock during that specific period and submitted a valid claim form before the court’s extended deadline, you may have already received a partial payout from the settlement fund. For those who bought shares outside of that specific window, there is currently no active legal pathway to recoup losses.

Frequently Asked Questions (FAQ)

Is Mullen Automotive stock still trading?

Mullen Automotive stock no longer trades under the symbol MULN. The company rebranded to Bollinger Innovations, and its shares now trade on the OTC markets under the ticker symbol BINI. However, the stock is highly illiquid, trades at a fraction of a cent, and the underlying company is undergoing receivership and liquidation.

Why did Mullen Automotive change its name to Bollinger Innovations?

On July 28, 2025, the company officially changed its name to Bollinger Innovations, Inc. and changed its stock ticker to BINI. Management claimed this was a strategic move to unify its commercial EV operations under its majority-owned subsidiary, Bollinger Motors. In reality, it was a last-ditch effort to restructure and distance the company from its heavily diluted "MULN" brand.

How many times did Mullen Automotive stock split?

Mullen Automotive stock underwent a total of 8 reverse splits under the MULN ticker, followed by additional consolidations as BINI, bringing the total to 11 reverse stock splits. The cumulative impact of these splits (including multiple 1-for-100 and 1-for-250 consolidations) wiped out virtually 100% of the equity value for long-term retail shareholders.

What happened to the Bollinger B4 electric truck?

The Bollinger B4, a Class 4 commercial electric truck, entered limited production in late 2024. However, due to severe financial distress, missed payrolls, and supplier lawsuits, production was halted. In May 2026, the company’s remaining inventory—including 20 brand-new Bollinger B4 trucks—was sold off in a court-ordered liquidation auction.

Can I still get money from the Mullen Automotive class action lawsuit?

The deadline to submit a claim for the In Re Mullen Automotive, Inc. Securities Litigation class action has passed. The initial distribution of settlement funds to eligible claimants who purchased shares between June 15, 2020, and April 17, 2022, took place on May 8, 2026. If you did not file a claim during the open filing window, you are no longer eligible for a payout from this specific fund.

Conclusion: A Cautionary Tale for Speculative EV Investors

The collapse of Mullen Automotive stock serves as a textbook warning for retail investors navigating the highly speculative electric vehicle sector. What began as a narrative of American innovation, next-generation solid-state polymer batteries, and disruptive EV designs ended in a trail of broken promises, unpaid wages, and empty factory floors.

Mullen’s reliance on toxic debt financing, combined with aggressive promotional PR campaigns, ultimately served the interests of institutional financiers and corporate insiders while systematically erasing the capital of retail believers. As the remnants of Bollinger Motors are auctioned off in 2026, the story of MULN/BINI stands as a stark reminder: always look past the hype, verify the balance sheet, and beware of companies that survive on printing shares rather than building products.