Mullen Automotive (NASDAQ:MULN) stock dropped on Thursday as it announced it would officially change its name to Bollinger Innovations, effective July 28, 2025.
On the same day, the company’s common stock will begin trading on the Nasdaq Capital Market under the new ticker symbol BINI. The CUSIP number for the stock will remain unchanged.
The company confirmed that this name and ticker update will not affect its legal structure or business operations, and shareholders do not need to act.
Also Read: Mullen Automotive (MULN) Stock Surges After Announcing Acceptance Of Bitcoin And TRUMP Coin For EV Purchases
CEO and Chairman David Michery said the move represents more than a rebranding. “We are bringing our products and brands together under one strong and unified identity, ready to service the commercial vehicle industry.”
Last week, Mullen announced restructuring plans by merging its operations with subsidiary Bollinger Motors, rebranding as Bollinger Innovations, and updating its Nasdaq ticker symbol before August 15, 2025.
The company shared plans to centralize commercial vehicle operations in Oak Park, Michigan, and consolidate all sales, marketing, and service under the Bollinger brand to streamline operations and boost financial efficiency.
Since early 2025, Mullen has cut 155 jobs and expects to save at least $35 million annually. Executives said the move will eliminate redundant roles and focus resources on its core Class 1, 3, and 4 electric commercial vehicle offerings, including the Mullen ONE, Mullen THREE, and Bollinger B4.
Mullen stock has plunged 100% year-to-date as it grappled with financial losses and a lack of consistent growth in the competitive EV market. In 2025, it completed three reverse stock splits—on February 18, April 11, and June 2—to meet Nasdaq’s $1 minimum bid price requirement. Each split reduced the number of outstanding shares.
Additional headwinds could come from the U.S. regulatory landscape. The U.S. House of Representatives passed President Donald Trump’s “Big Beautiful Bill,” eliminating the $7,500 tax credit for new U.S.-made EVs. The tax credit will expire on September 30, leading some automakers to start raising electric vehicle prices in anticipation.
However, the company also has its share of promises. On June 3, Mullen announced plans to relaunch its FIVE RS EV Crossover in Germany this December, after completing 800-volt battery testing in Munich.
The company will begin on-road testing next and plans to expand sales to the EU, UAE, and South Africa in 2026. To support international growth, Mullen partnered with German firm FPF to ensure high-quality production before entering the U.S. market.
On June 25, Mullen revealed it would begin accepting Bitcoin and TRUMP Coin for EV purchases, aiming to attract crypto-enthusiasts and politically engaged consumers while boosting brand exposure through meme coin culture.
Price Action: MULN shares are trading lower by 17.80% to $0.062 at last check Thursday.
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