For years, retail investors closely followed the muln stock price, hoping that the Southern California-based electric vehicle (EV) startup would become the next big disruptor in the green energy sector. Promoted heavily as an emerging challenger to Tesla and Rivian, Mullen Automotive (formerly traded on the Nasdaq as MULN) commanded a massive, loyal following on social media platforms like Reddit and Stocktwits. Investors were captivated by grand press releases, multi-million-dollar purchase orders, and bold vehicle mockups.
Fast forward to mid-2026, and the landscape is unrecognizable. Mullen Automotive has undergone a series of dramatic financial restructurings, serial reverse stock splits, a name change to Bollinger Innovations, Inc. (now trading under the ticker BINI), and an eventual delisting from the Nasdaq. Today, the company trades on the highly restricted Over-the-Counter (OTC) Expert Market for mere pennies, and its main operational divisions have completely shut down.
If you are searching for the muln stock price today, you are likely looking for answers to a complex financial puzzle. This comprehensive analysis details exactly what happened to Mullen Automotive, the mathematics of its historical stock splits, the operational collapse of its business, and the painful lessons this saga offers to retail stock traders.
The Current State of MULN Stock Price: From Nasdaq Darling to OTC Penny Stock
If you look up the ticker MULN on a standard stock broker today, you will likely find an outdated quote, a "delisted" warning, or a redirection to a new ticker: BINI. In late July 2025, Mullen Automotive officially rebranded as Bollinger Innovations, Inc. and changed its Nasdaq ticker symbol from MULN to BINI. However, the change of ticker did not stop the company's financial bleeding.
As of May 2026, the successor stock, Bollinger Innovations (BINI), trades on the OTC Expert Market at a price of approximately $0.07 to $0.08 per share. To put this into perspective, the company's market capitalization, which once soared into the billions of dollars during height-of-hype retail pumps, has evaporated into a microscopic $30,000 to $1.6 million, depending on the current outstanding share calculations.
For investors who bought MULN during its peak, their holdings have essentially been reduced to zero. The stock is down 100% on a year-over-year basis, and trading volume has slowed to a crawl. Existing shareholders are largely locked into their positions, as the OTC Expert Market is highly illiquid and restricts public viewing of quotes, making it exceptionally difficult for ordinary retail traders to execute buy or sell orders.
To understand how a company with such a massive public profile collapsed so completely, we have to trace the series of corporate maneuvers that systematically eroded shareholder value.
The Rebranding Play: Why Mullen Automotive Swapped MULN for BINI
By mid-2025, the Mullen brand had become synonymous with serial stock dilution, failed vehicle delivery timelines, and legal battles. Desperate to distance itself from this toxic reputation, management executed a major corporate restructuring.
On July 28, 2025, Mullen Automotive officially changed its corporate name to Bollinger Innovations, Inc.. The goal of the rebrand was twofold:
- Distance from Past Failures: Wipe the slate clean of the "MULN" ticker, which had become a symbol of retail shareholder ruin in the financial community.
- Commercial EV Pivot: Focus entirely on its majority-owned subsidiary, Bollinger Motors, an electric truck developer that Mullen had acquired a majority stake in back in 2022.
Under this new structure, management consolidated its commercial vehicle lineup under the unified Bollinger brand, focusing on three key models:
- Mullen ONE (Class 1 Cargo Van): A light-duty, urban delivery electric cargo van.
- Mullen THREE (Class 3 Electric Truck): An urban utility cab chassis truck.
- Bollinger B4 (Class 4 Electric Truck): A heavy-duty cab chassis designed for commercial fleets.
While the company tried to present this as a strategic, cost-cutting consolidation that eliminated redundant operations and saved $35 million annually, critics quickly pointed out the underlying truth. Mullen was rapidly running out of cash, its development of the highly anticipated consumer SUV—the Mullen FIVE—had been cancelled, and the rebrand was largely an aesthetic attempt to escape delisting pressure. The corporate name change did nothing to address the structural insolvency that had plagued the company since its inception.
A History of Dilution: The Serial Reverse Stock Splits of MULN
To understand why the muln stock price is mathematically trading at a fraction of a penny in terms of original value, one must look at the company’s history of stock dilution and reverse stock splits.
Many retail investors fall into the trap of looking at a stock price of $0.08 and thinking, "It can't go much lower." However, they fail to account for the devastating impact of continuous share issuance paired with reverse splits. Over its lifespan, Mullen/Bollinger executed a staggering 8 to 11 reverse stock splits to keep its share price above the Nasdaq's $1.00 minimum listing requirement.
The Mathematical Reality of MULN's Splits
According to historical tracking databases, a single share of MULN purchased prior to May 4, 2023, is equivalent to 2.96 x 10^-15 shares of BINI today. That is a decimal point followed by fourteen zeros before a number.
To put this in plain English: If you had invested $10,000,000,000 ($10 billion) in Mullen Automotive in early 2023, your investment today would be worth less than a fraction of a single penny.
Here is how the dilution cycle worked:
- Death Spiral Financing: Mullen financed its operations not through vehicle sales, but by issuing convertible notes and preferred shares to institutional investors at a steep discount.
- Aggressive Shorting and Dumping: These institutional lenders immediately converted their debt into newly printed common shares, which they sold on the open market for a quick profit.
- Share Price Collapse: The massive influx of new shares diluted existing retail investors, driving the stock price down to pennies.
- The Reverse Split: To avoid being delisted from the Nasdaq for trading under $1.00, Mullen would execute a reverse split (e.g., 1-for-100 or 1-for-250), consolidating the shares to artificially raise the stock price.
- Repeat: With the stock price temporarily high again, the company would issue more shares to raise cash, starting the death spiral all over again.
Some of the most devastating splits in the company's final years included:
- April 11, 2025: A 1-for-60 reverse split.
- June 2, 2025: A 1-for-100 reverse split.
- September 22, 2025: A final 1-for-250 reverse split under the new BINI ticker.
Despite management promising in September 2025 that they would not execute any more reverse splits until 2028, the damage was already done. The trust between the company and its retail investor base was completely shattered, and the relentless selling pressure from dilution continued unabated.
The Final Blow: Nasdaq Delisting and Shift to OTC Markets
By autumn 2025, Mullen’s game of cat-and-mouse with the Nasdaq listing requirements finally came to an end.
In addition to failing the $1.00 minimum bid price, the company failed to maintain a minimum Market Value of Listed Securities (MVLS) of $35 million. With its actual market cap hovering under $2 million, Mullen/Bollinger was vastly below the exchange’s threshold. Realizing that they could no longer satisfy the listing requirements and faced an impending forced delisting, management withdrew from the Nasdaq hearings process in October 2025.
On October 13, 2025, the stock officially transitioned from the Nasdaq Capital Market to the Over-The-Counter (OTC) Markets under the ticker BINI.
What the OTC Shift Means for Investors
Transitioning to the OTC Markets is usually a death sentence for a stock's liquidity. Most institutional investors, mutual funds, and retail brokerages (like Robinhood or Webull) either restrict or completely ban the purchasing of OTC penny stocks, particularly those relegated to the Expert Market.
Furthermore, because the company has been delinquent in its SEC reporting obligations—failing to file timely financial disclosures—it was moved to the "Expert Market" tier. On this tier, public quote feeds are restricted, meaning everyday investors cannot even see real-time bid/ask prices. The stock is effectively trapped in a regulatory shadow, with trading volume virtually non-existent.
Inside the Operational Collapse: The Rise, Receivership, and Demise of Bollinger Motors
While the financial engineered collapse of the stock was taking place, the actual physical business of Mullen Automotive was disintegrating. The company’s core strategy had shifted entirely to Bollinger Motors, a commercial EV brand that promised to build "the most rugged, bad-ass electric trucks on the planet". Unfortunately, Bollinger's story ended up mirroring Mullen's financial tragedies.
The Legal Feud and First Receivership
In March 2025, Bollinger Motors founder Robert Bollinger filed a massive lawsuit against Mullen Automotive, alleging a breach of contract regarding a $10 million secured promissory note. Robert Bollinger claimed that Mullen had failed to make the required interest payments and was operating on the brink of bankruptcy.
In May 2025, a federal judge granted Robert Bollinger’s request to place Bollinger Motors into court-ordered receivership, freezing all of the company’s physical assets, including partially completed electric trucks.
Though Mullen temporarily rescued the subsidiary in June 2025 by paying $11 million to Robert Bollinger to settle the claims and acquire a 95% controlling stake, this rescue was incredibly short-lived.
The Final Shutdown: November 2025
Despite boasting of small commercial sales in the late summer of 2025, the consolidated Bollinger Innovations quickly ran out of cash. By October 2025, reports emerged that the company had failed to process employee payrolls on time.
On November 21, 2025, the hammer fell. An internal email from Bollinger’s HR director Helen Watson was leaked to the press, stating:
“We received word late last night that the day has arrived. We are to officially close the doors of Bollinger Motors, effective today, Nov. 21, 2025.”
The sudden shutdown left hundreds of workers laid off and without their final paychecks, resulting in over 70 wage claims being filed with the Michigan Department of Labor. By early 2026, the company’s remaining physical assets—including completed Bollinger B4 commercial electric trucks—began surfacing on secondary liquidator markets at deeply discounted prices, signaling the absolute end of the brand’s production efforts.
Critical Takeaways and Warning Signs: How Retail Investors Got Trapped
The story of Mullen Automotive (MULN / BINI) serves as one of the most prominent cautionary tales in the history of the modern EV bubble. For retail investors, there are several crucial lessons to extract from this collapse to avoid similar financial traps in the future:
1. Beware of "Rebadging" Operations
One of Mullen’s early controversies involved its vehicle fleet. Rather than developing proprietary, ground-up EV technology, Mullen’s commercial line (such as the Mullen ONE and Mullen THREE) relied heavily on importing pre-manufactured electric cargo vans from Chinese automotive companies and rebadging them with the Mullen logo in their Mississippi assembly plant. True EV innovation requires billions in research and development; "rebadging" imports is a low-margin, high-risk shortcut that rarely succeeds in the highly competitive commercial vehicle market.
2. Disregard Unbinding "Purchase Orders"
Mullen frequently pumped its stock price by announcing massive purchase orders—such as an order for 6,000 Class 1 EV cargo vans from Randy Marion Automotive Group. However, in the microcap stock world, many of these "orders" are non-binding, conditional, or dependent on the manufacturer securing financing that they do not possess. If a company has no cash to buy parts, they cannot fulfill an order, rendering the press release virtually meaningless.
3. Track CEO Compensation and Incentives
While retail investors lost nearly 100% of their capital, Mullen's CEO David Michery received millions of dollars in stock awards and performance bonuses. When a management team's compensation is tied to short-term milestones or share issuance rather than long-term profitability and shareholder value, retail investors are almost always the ones who suffer.
4. Understand that "Cheap" is Relative
A stock trading at $0.10 is not "cheap" if the company is continuously printing billions of new shares to stay afloat. Dilution will continually depress the value of your shares, and a reverse stock split will wipe out your share count.
Frequently Asked Questions (FAQ)
What is the MULN stock price today?
Mullen Automotive no longer trades under the symbol MULN. The company rebranded as Bollinger Innovations, Inc. and changed its ticker to BINI. As of May 2026, BINI trades on the OTC Expert Market at around $0.07 to $0.08 per share.
Why was MULN delisted from the Nasdaq?
Mullen (BINI) was delisted in October 2025 after failing to comply with the Nasdaq's minimum requirements, specifically maintaining a Market Value of Listed Securities (MVLS) of at least $35 million and keeping a minimum bid price of $1.00 per share.
How many stock splits did Mullen Automotive have?
Between 2023 and late 2025, Mullen Automotive (and its successor BINI) executed between 8 and 11 reverse stock splits to artificially keep its stock price afloat. This included massive consolidations like a 1-for-100 split in June 2025 and a 1-for-250 split in September 2025.
Can I still sell my MULN/BINI stock?
Selling shares of BINI is extremely difficult. Because the stock has been relegated to the OTC Expert Market and is delinquent in its SEC financial reporting, most mainstream retail brokerages do not facilitate active trading. Liquidity is virtually zero, meaning there may be no buyers even if you attempt to place a sell order.
Is Bollinger Motors still in business?
No. Despite emerging from a temporary receivership in mid-2025, Bollinger Motors officially shut down all operations, closed its facilities, and laid off its remaining staff on November 21, 2025, due to total insolvency and missed payrolls.
Conclusion: The Tragic Legacy of Mullen Automotive
The trajectory of the muln stock price is a sobering reminder of the structural dangers present in the microcap EV space. What began as a highly publicized venture with bold promises of domestic EV manufacturing has ended in empty manufacturing facilities, unpaid factory workers, and completely wiped-out retail portfolios.
For anyone looking at BINI or other struggling EV penny stocks today, the history of Mullen Automotive stands as an active warning: when a business relies on stock printing rather than product sales to survive, the ending is almost always written in advance.
