If you are searching for muln stock on your brokerage platform or financial news site, you have likely noticed that the charts are either broken, showing absurd historical prices in the millions of dollars, or stating that the symbol is no longer active. The truth is that Mullen Automotive, Inc. (formerly NASDAQ: MULN) underwent a massive structural transformation, culminating in an official name and ticker change to Bollinger Innovations, Inc. (OTC: BINI) in late July 2025, before ultimately being delisted from the NASDAQ and relegated to the OTC Expert Market.

For retail investors who fell in love with the high-stakes, highly volatile world of EV penny stocks, the story of MULN stock is one of the most dramatic cautionary tales in modern stock market history. In this comprehensive guide, we will break down exactly what happened to Mullen Automotive, untangle the complex web of reverse stock splits and dilution that erased billions in shareholder value, examine the collapse of its main operating unit, and look at where the company stands today in 2026.

The Rebrand of MULN to BINI: What Happened to Mullen Automotive?

On July 28, 2025, Mullen Automotive Inc. officially changed its corporate name to Bollinger Innovations, Inc. and its stock ticker from MULN to BINI. The company's CEO and Chairman, David Michery, declared that this rebrand was a strategic move designed to unify the company's focus on commercial electric vehicles under the "Bollinger" banner. Since Mullen acquired a majority stake in Bollinger Motors back in 2022, the brand was positioned as the company's premier commercial offering.

However, retail market analysts and frustrated shareholders viewed the rebrand with deep skepticism. To many, the decision to abandon the "MULN" ticker was a calculated attempt to escape the toxic reputation, endless regulatory scrutiny, and negative investor sentiment associated with the Mullen name.

Unfortunately, the cosmetic change did nothing to solve the company's underlying financial distress. Less than three months after the rebrand, on October 9, 2025, Bollinger Innovations announced that it was moving its common stock to the OTC Markets. The company withdrew from the NASDAQ hearings process after being informed by NASDAQ staff that it was in non-compliance with Listing Rule 5550(b)(2), which requires a minimum market value of listed securities of $35 million.

Following its delisting, BINI stock began trading on the OTC Pink sheets. By April 17, 2026, the stock’s status deteriorated even further when it was downgraded to the OTC "Expert Market." On the Expert Market, public price quotes are severely restricted, and retail brokers generally prohibit the purchase of new shares. Trading at fractions of a penny (around $0.05 to $0.08 per share), the stock is virtually illiquid and stands on the brink of complete worthlessness.

The Illusion of Millions: Explaining the Split History and Dilution

One of the most baffling aspects of investigating the historical charts of MULN stock is the sheer scale of its past prices. Many major financial platforms display an all-time high that scales into the millions, or in some cases, trillions of dollars per share. To a casual observer, this makes it look like Mullen was once the most valuable company in human history.

This is an illusion created by split-adjusted pricing. To prevent its share price from falling below the NASDAQ's $1.00 minimum bid requirement and avoiding immediate delisting, Mullen (and later Bollinger Innovations) executed a continuous barrage of reverse stock splits. A reverse split reduces the total number of outstanding shares while proportionally increasing the share price, but it does not change the actual market capitalization of the company.

Here is the astonishing timeline of reverse stock splits executed by Mullen Automotive and Bollinger Innovations:

• May 4, 2023: 1-for-25 reverse split
• August 11, 2023: 1-for-9 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 (under BINI): 1-for-250 reverse split
• September 22, 2025: 1-for-250 reverse split

When you calculate the compounding effect of these splits, the numbers are astronomical. A shareholder would have needed to own trillions of shares in 2022 to hold just a single share of BINI stock today.

While the reverse splits consolidated the share count, the company simultaneously engaged in aggressive, continuous equity dilution. To fund its operations and pay off various debts, Mullen relied heavily on "toxic convertible debt" financing. Under these arrangements, institutional lenders provided the company with cash in exchange for convertible notes and warrants. These lenders could convert their notes into newly issued shares of common stock at a massive discount to the market price.

Once converted, these lenders immediately sold the newly minted shares on the open market, pocketing a guaranteed profit while driving the share price down. This created an endless "death spiral": the massive influx of new shares diluted existing retail investors to near-zero, crashed the stock price, forced the board to execute another reverse stock split to stay listed, only for the cycle of dilution to repeat.

The Rise and Fall of Bollinger Motors: The Operational Reality

At the height of the EV bubble, Mullen Automotive attempted to buy its way to credibility by acquiring existing EV startups. Its most significant acquisition was Bollinger Motors, a Michigan-based startup founded by Robert Bollinger in 2014. Bollinger had captured the imagination of EV enthusiasts with its boxy, rugged, retro-styled B1 SUV and B2 pickup truck prototypes.

In September 2022, Mullen purchased a 60% controlling interest in Bollinger Motors for $148.2 million in cash and stock. Shortly after, Bollinger announced a hard pivot, shelving its consumer-oriented SUV and pickup plans to focus exclusively on commercial electric vehicles, primarily the Bollinger B4 Class 4 commercial truck.

While the commercial EV market initially appeared to be a safer bet with fewer competitors, the lack of operational capital eventually proved fatal. The partnership quickly devolved into a series of highly publicized legal and financial battles:

• The March 2025 Receivership: Founder Robert Bollinger sued Mullen Automotive, alleging a breach of contract regarding a $10 million promissory note he had personally loaned to keep the business afloat. In May 2025, a federal court placed Bollinger Motors into receivership, halting its operations.
• The June 2025 Bailout: Mullen managed to settle the lawsuit by paying Robert Bollinger $11 million, increasing its ownership stake to 95%, and lifting the company out of receivership. This brief relief prompted the subsequent rebrand to Bollinger Innovations in July 2025.
• Supplier Lawsuits and Missing Payroll: The financial relief was short-lived. By late 2025, a half-dozen key suppliers sued Bollinger over more than $5 million in unpaid invoices. Its contract manufacturer, Roush Enterprises, halted assembly of the B4 trucks due to unpaid bills. By October 2025, Bollinger missed multiple payroll periods, leading to labor department complaints.
• The Final Liquidation: In late 2025, supplier Dana Inc. sued Bollinger over $6.2 million in unpaid bills, pushing the company back into receivership. In early 2026, Robert Bollinger bought back the intellectual property and prototypes for his original B1 and B2 vehicles for just $250,000. In May 2026, a court-ordered asset liquidation auction was held to sell off the remaining manufacturing assets and physical trucks, effectively ending the company's operational existence.

Corporate Governance and the "Slush Fund" Accusations

While Mullen’s operational failures were severe, its corporate governance practices drew the heaviest fire from retail investors and legal advocates. Throughout its tumultuous history, Mullen’s leadership, led by CEO David Michery, was accused of prioritizing insider enrichment over shareholder value.

During the twelve-month period ending September 30, 2024, Mullen Automotive reported a staggering net loss of $506 million on a mere $1 million in actual revenue. Despite these abysmal financial results, David Michery and other top executives received millions of dollars in stock-based compensation, cash salaries, and performance milestones.

Several shareholder class-action lawsuits filed in federal courts in late 2025 and 2026 alleged that the company functioned as a "personal slush fund" for executives and a select group of preferred toxic lenders. The lawsuits argued that the board of directors repeatedly authorized massive dilutive share issuances to funding partners, while retail investors—who were enticed by hyped press releases about vehicle orders and battery breakthrough claims—were left holding worthless bags.

Furthermore, investigative reports revealed that the majority of Mullen’s commercial vehicle lineup—marketed as "American-made" in its Tunica, Mississippi facility—consisted of rebadged, low-cost Chinese imports. The Mullen ONE (Class 1 cargo van) and Mullen THREE (Class 3 truck) were largely assembled from imported Chinese chassis, which severely limited their appeal to major fleet buyers who preferred established domestic commercial manufacturers.

What Should Former MULN Shareholders Do Now?

For anyone still holding shares of MULN (now BINI) or considering trading the stock as a speculative bet, the realities of 2026 present an incredibly bleak outlook.

First, trading is practically restricted. Because Bollinger Innovations has been demoted to the OTC Expert Market, most retail brokerages (such as Robinhood, Fidelity, or Charles Schwab) will only allow you to close out an existing position, not purchase new shares. There is virtually no market liquidity, and the bid-ask spreads are highly unfavorable.

Second, there is no fundamental value. The company’s core operational asset, Bollinger Motors, has been liquidated under court order. The passenger EV projects, such as the Mullen FIVE crossover and Mullen GT, were canceled years ago. The physical facilities in Tunica, Mississippi, and Mishawaka, Indiana, have either been surrendered to resolve legal disputes or sold off.

Third, the short-squeeze thesis is dead. For years, retail forums on Reddit (such as r/Muln) and Stocktwits heavily promoted the idea that MULN stock was a prime candidate for a massive short squeeze. Speculators hoped that a sudden wave of retail buying would force institutional short-sellers to buy back shares at a premium, mimicking the historic rallies of AMC or GameStop. However, with the stock now trading on the Expert Market under BINI, the mechanism for a retail-driven rally is non-existent.

If you are a former shareholder, your remaining position is statistically likely to be declared completely worthless in the near future as the company finishes its winding-down process. Investors should consult with a tax professional regarding how to declare these shares as a total capital loss on their annual tax returns.

Frequently Asked Questions (FAQ)

What happened to MULN stock?

Mullen Automotive (formerly MULN) officially rebranded as Bollinger Innovations, Inc. and changed its stock ticker to BINI on July 28, 2025. Following its inability to meet NASDAQ's listing requirements, it was delisted in October 2025 and currently trades on the OTC Expert Market.

Why does the MULN stock historical chart show an all-time high of millions of dollars?

The historical price charts are adjusted retrospectively for the company's numerous reverse stock splits. Between 2023 and 2025, Mullen executed nine reverse stock splits, including multiple 1-for-100 and 1-for-250 splits. The mathematical multiplication of these splits creates the illusion of an incredibly high past share price.

Is Mullen Automotive/Bollinger Innovations still in business?

Technically, Bollinger Innovations still exists as a legal corporate entity trading on the OTC Expert Market under BINI. However, its operations are completely defunct. Its main commercial subsidiary, Bollinger Motors, was placed into receivership and its manufacturing assets were auctioned off in May 2026.

Can I still buy BINI stock?

For the vast majority of retail investors, the answer is no. Because BINI is listed on the OTC Expert Market, most standard brokerage platforms restrict the purchase of new shares, allowing only liquidation (selling) of existing positions.

Who is David Michery?

David Michery is the founder, CEO, and Chairman of Mullen Automotive (now Bollinger Innovations). He has faced intense criticism and numerous shareholder lawsuits for his executive compensation packages and the massive dilution of retail shareholders.

Conclusion

The saga of MULN stock is one of the most stark and tragic examples of the dangers of speculative investing in the electric vehicle sector. What was once pitched as a disruptive American EV powerhouse ended up as a lesson in the devastating power of toxic debt dilution and poor corporate governance. For investors, the rise and fall of Mullen Automotive and its transition to Bollinger Innovations underscores a timeless market truth: sustainable stock value is built on real revenue, manufacturing execution, and respect for shareholder capital—not on hype, press releases, and endless stock splits.