2024-07-11 17:47:04 +0300

Mullen (MULN) Stock Soars 11% on DelPack Logistics Deal

InvestorPlace

Mullen Automotive (NASDAQ:MULN) stock is surging higher this morning after the company announced that it had signed a binding agreement with DelPack Logistics (DPL). DPL serves as an Amazon (NASDAQ:AMZN) delivery service partner and will purchase up to 600 Mullen Class 2 electric vehicle (EV) cargo vans over the next 18 months.

DPL was founded in 2020 and focuses on last-mile delivery opportunities in urban and non-urban areas of Indiana. The relatively new company does not trade publicly.

The order comes after another delayed announcement, which has hurt shares of MULN stock in the last two weeks. During March, CEO David Michery announced that Mullen would disclose a “major, major Fortune 500 company” sometime during Q2. He also revealed that the customer had participated in a pilot program and was “pleased” with the results. While investors still await the Fortune 500 details, some are choosing to celebrate the DelPack news.

#logistics #nasdaq #amazon #ceo #index

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