Today I want to talk to you about the upcoming shareholder meeting set for December the 23rd there was a recent document submitted yesterday as far as revisions at the last minute so I want to talk about why they’re doing these revisions at the last minute and what they mean for investors.
Mullen Automotive (MULN Stock) News Today
In case you guys haven’t or aren’t aware December 23 2022 is the upcoming shareholder meeting of stockholders of Mullen Automotive Inc. and the purpose is to vote against the following proposal:
- proposal number one is in regards to reverse stock split
- number two a little bit more dilution proposal
- number three is a proposed change of state
- proposal number four is still a little bit more of a dilution but this is in regard to notes and also preferred shares
- proposal number five is not really relevant
Read More about Metting Details here
I think this really confused a lot of investors and so one thing that they did do is they submitted a revision on December 16th, one week almost before the meeting.
I’ve never really seen any company potentially update their Defr 14a with a revision but still, obviously, they found it is very much needed so I’m going to go
through this and what this means is they are withdrawing their proposal number three so once again proposal number three was that they’re proposing to change the incorporation state from Delaware to Maryland and when I saw this I actually was a little bit
more relieved and what I mean by that is
I think going back to proposal number two first and foremost, dilution, so nobody liked seeing anywhere from 1.7 billion to 5 billion for dilution, nobody on Earth, I don’t think here like that doesn’t matter if you’re a very long-term Mullen nobody wants to see 5 billion shares in dilution
and when it comes to it though it was very much linked to proposal number three so potentially wherever they are Incorporated this is kind of a little bit more maximum and minimums for how much they can delude so this is why they are currently in Delaware where it does have that 1.7 billion for a cap for dilution if they did, for instance, move to Maryland which is what they were proposing they can do the 5 billion in overall dilution.
so again this is a very positive sign because when I did see this they’re withdrawing that so potentially now at this stage of the game they can only do 1.7 billion for dilution so definitely a very positive thing so when it comes back down to this people might be a little bit more inclined to vote Yes on proposal number two.
Read More: Revised Proxy Soliciting Materials(defr14a)
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