Mullen vows to ‘take action’ against illegal short sellers, and stock bounces

Shares of Mullen Automotive Inc. skyrocketed Wednesday on massive volume, after the electric-vehicle maker said it retained a law firm to help it combat illegal naked short-selling activities.

The stock MULN bounced 58.7% in afternoon trading, after closing on Monday at a record low of 10.1 cents. Trading volume exploded to 1.07 billion shares, more than double the previous one-day record of 450.0 million shares on June 21, 2023, and nearly seven-time the full-day average over the past 30 days of about 160.0 million shares.

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