Mullen Automotive, Inc. (MULN), a promising electric vehicle (EV) manufacturer, has recently made an exciting announcement that is set to benefit its shareholders. The company's Board of Directors has authorized a stock buyback program, allowing Mullen to repurchase up to $25 million worth of its outstanding common stock. This strategic move aims to deploy capital efficiently and return value to its loyal shareholders. With this announcement, Mullen Automotive continues to demonstrate its commitment to enhancing shareholder value.

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Buyback Program Details

Under the stock buyback program, Mullen Automotive has the authority to repurchase its outstanding common stock until December 31, 2023. The company may execute the buybacks through open market purchases or privately negotiated transactions, depending on prevailing market conditions and other factors. The program's execution will adhere to the regulations set by the Securities and Exchange Commission (SEC), ensuring compliance with applicable rules and guidelines. It is important to note that the Board retains the right to amend or terminate the buyback program before the expiration date.

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Value to Shareholders

Mullen Automotive's CEO and chairman, David Michery, expressed his enthusiasm for the buyback program, stating, "We are initiating this buyback program as an attractive opportunity to deploy capital and return value to our shareholders." By repurchasing its own shares, Mullen Automotive aims to demonstrate confidence in its future prospects and create a positive impact on shareholder value. Shareholders will have the potential to benefit from increased earnings per share and potentially see an appreciation in the company's stock price.

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Investor Relations and Public Filings

For investors seeking further information about Mullen Automotive or accessing SEC public filings, the company offers a dedicated investor relations section on its official website. Interested individuals can visit Mullen's investor relations page to gain valuable insights into the company's financial performance, updates, and announcements. Alternatively, they can explore SEC.gov, the official website of the Securities and Exchange Commission, to access Mullen Automotive's public filings and stay up to date with the company's regulatory disclosures.