MULLEN AUTOMOTIVE INC. (MULN) - Dilution Analysis
Visualizing historical and potential share dilution over time
Dilution Analysis
Risk Assessment Details
Summary
MULN currently has 126M outstanding shares. with moderate dilution risk from 50M authorized shares representing 39.6% potential dilution. The company has significantly diluted shareholders by 51165610.1% over the past 2 years, indicating aggressive capital raising. Recent corporate actions include 5 stock splits (positive for accessibility) and 5 reverse splits (concerning signal).
Share Structure Timeline
Historical Data Points
| Date | Event | Outstanding | Supply |
|---|---|---|---|
| Sep 19, 2025 |
S-1/A filing: This S-1/A filing registers for resale 50,000,000 shares of common stock by the Selling Stockholders, issuable upon conversion of Notes and Preferred Stock and exercise of Warrants. |
130M | 50M |
| Aug 14, 2025 |
10-Q filing | 0.1M shares outstanding |
100K | 6M |
| Aug 08, 2025 |
S-1/A filing: This prospectus relates to the registration of 6,000,000 shares of Common Stock for resale by selling stockholders, which are issuable upon conversion of Notes, Preferred Stock, and exercise of Warrants. |
2.5M | 6M |
| Aug 04, 2025 |
Stock Split
8-K filing: Stock split 1-for-250 | Outstanding: 10,539,020 → 1,735,225 |
1.7M | 160K |
| Jul 31, 2025 |
8-K filing: Bollinger Innovations, Inc. exchanged outstanding senior secured convertible notes and warrants for newly authorized shares of Series F and Series G Convertible Preferred Stock. |
11M | 40M |
| Jun 30, 2025 |
S-1/A filing: This is an S-1/A filing of Mullen Automotive Inc. relating to the resale by selling stockholders of up to 40,000,000 shares of common stock issuable upon conversion of convertible notes and exercise of warrants. |
11M | 40M |
| Jun 10, 2025 |
S-1/A filing: This prospectus relates solely to the resale by the Selling Stockholders of up to 4,000,000 shares of our common stock, issuable upon conversion of convertible notes and exercise of warrants to purchase shares of our Common Stock that are currently outstanding. |
2.2M | 4M |
| Jun 04, 2025 |
Stock Split
8-K filing: Mullen Automotive Inc. entered into two securities purchase agreements to issue Notes convertible into common stock and warrants exercisable for common stock. The agreement included a 1:100 reverse stock split effected on June 2, 2025. |
540K | 23K |
| May 22, 2025 |
8-K filing: Mullen Automotive Inc. entered into a securities purchase agreement to sell approximately $1.6 million of 5% Original Issue Discount Secured Notes convertible into common stock and warrants exercisable for common stock. As of May 22, 2025, the company has 54,139,547 shares of common stock issued and outstanding. |
54M | 2.3M |
| May 20, 2025 |
10-Q filing | 1.0M shares outstanding |
1M | 2.3M |
| Apr 11, 2025 |
Stock Split
8-K filing: Stock split 1-for-100 | Outstanding: 53,008,936 → 2 |
2 | 2.3M |
| Apr 07, 2025 |
S-1 filing: This prospectus relates to the resale by selling stockholders of up to 200,000,000 shares of common stock issuable upon conversion of convertible notes and exercise of warrants. |
53M | 230M |
| Mar 07, 2025 |
8-K filing: Mullen Automotive Inc. entered into a securities purchase agreement with investors to sell approximately $4.0 million of 5% Original Issue Discount Secured Notes convertible into common stock and five-year warrants exercisable for shares of common stock. |
3.7M | 33M |
| Mar 04, 2025 |
S-1 filing: This prospectus relates to the resale of up to 10,000,000 shares of common stock issuable upon conversion of convertible notes and exercise of warrants by the Selling Stockholders. |
2.6M | 33M |
| Feb 19, 2025 |
10-Q filing | 0.4M shares outstanding |
400K | 23M |
| Feb 19, 2025 |
10-Q filing | 0.4M shares outstanding |
400K | 23M |
| Feb 18, 2025 |
Stock Split
8-K filing: Stock split 1-for-60 | Outstanding: 61,777,360 → 1,029,622 |
1M | 23M |
| Feb 11, 2025 |
8-K filing: Mullen Automotive Inc. entered into a securities purchase agreement for approximately $3.1 million of secured convertible notes and warrants, and also entered into a warrant exchange agreement to issue new warrants with a lower exercise price floor. |
62M | 1.4B |
| Feb 06, 2025 |
S-1/A filing: This S-1/A filing details several transactions including the issuance of common stock and warrants, a securities purchase agreement for convertible notes and warrants, an ELOC purchase agreement for common stock, and a settlement agreement involving preferred stock. |
62M | 1.4B |
| Jan 29, 2025 |
S-1/A filing: This S-1/A filing registers for resale 50,000,000 shares of common stock issuable upon conversion of notes and exercise of warrants, and also covers additional shares that may be issued under anti-dilution provisions, along with shares related to an equity line with Esousa Holdings. |
62M | 56M |
| Jan 27, 2025 |
8-K filing: Mullen Automotive Inc. entered into a securities purchase agreement with investors to sell secured notes convertible into common stock and warrants exercisable for common stock for approximately $6.3 million, with potential additional purchases of up to $6.3 million. |
4.6M | 36M |
| Jan 24, 2025 |
10-K filing | 4.6M shares outstanding |
4.6M | 36M |
| Jan 02, 2025 |
8-K filing: Mullen Automotive Inc. issued $4.2 million in convertible notes and warrants to purchase 8,255,933 shares of common stock, pursuant to additional investment rights under an existing Securities Purchase Agreement. |
8.8M | 36M |
| Dec 13, 2024 |
8-K filing: Mullen Automotive Inc. issued approximately $4.4 million of 5% Original Issue Discount Senior Secured Notes convertible into common stock and warrants for 16,862 shares of common stock to certain investors, and entered into an Additional Investment Rights Agreement for future potential purchases of similar notes and warrants. |
8.8M | 36M |
| Nov 08, 2024 |
S-1/A filing: This S-1/A filing registers for resale 30,000,000 shares of common stock by selling stockholders, including shares issuable upon conversion of notes and exercise of warrants, and updates the company's prospectus. |
8.8M | 36M |
| Oct 25, 2024 |
8-K filing: Mullen Automotive Inc. issued 340,000 shares of common stock on October 23, 2024, to a note holder in accordance with a settlement agreement dated October 21, 2024, in exchange for the satisfaction and cancellation of approximately $4.5 million of secured promissory notes, with the number of shares based on the closing price of the Common Stock on the day immediately preceding such issuance, subject to an ownership limitation of 9.99%. ($3.0M proceeds) |
5.6M | 36M |
| Oct 04, 2024 |
S-1 filing: This is an S-1 filing for the resale of up to 30,000,000 shares of common stock by selling stockholders, issuable upon conversion of convertible notes and exercise of warrants. |
5.6M | 36M |
| Sep 17, 2024 |
Stock Split
8-K filing: Stock split 1-for-100 | Outstanding: 179,424,508 → 1,794,245 |
1.8M | 5.9M |
| Sep 13, 2024 |
8-K filing: On September 12, 2024, Mullen Automotive Inc. issued 4,691,050 shares of common stock to Esousa Holdings LLC as Commitment Shares, exempt from registration under Section 4(a)(2) of the Securities Act of 1933. |
180M | 590M |
| Sep 06, 2024 |
S-1 filing: This prospectus relates solely to the resale by the Selling Stockholders of up to 350,000,000 shares of our common stock, issuable upon conversion of convertible notes and exercise of warrants to purchase shares of our Common Stock. |
160M | 590M |
| Aug 30, 2024 |
8-K filing: Mullen Automotive Inc. issued 13,816,105 shares of common stock to Esousa Holdings LLC as Commitment Shares on August 27, 2024, and between August 12 and 21, 2024, issued 3,714,515 shares of common stock to Silverback Capital Corporation pursuant to a settlement agreement. |
160M | 240M |
| Aug 12, 2024 |
10-Q filing | 16.1M shares outstanding |
16M | 240M |
| Aug 01, 2024 |
8-K filing: Mullen Automotive Inc. entered into a Common Stock Purchase Agreement with Bollinger Motors, Inc. to acquire up to 467,869 shares of common stock of Bollinger Motors for approximately $36.1 million in cash, with 33,048 shares issued at closing and an additional 26,244 shares issued subsequently. ($4.3M proceeds) |
25M | 240M |
| Jul 26, 2024 |
S-1 filing: This prospectus relates solely to the resale by the Selling Stockholders of up to 85,000,000 shares of our common stock, issuable upon conversion of convertible notes and exercise of warrants. |
25M | 240M |
| Jun 25, 2024 |
S-1 filing: This prospectus relates to the potential offer and sale from time to time of up to 75,000,000 shares of our common stock by Esousa Holdings, LLC. |
16M | 150M |
| Jun 06, 2024 |
8-K filing: Mullen Automotive Inc. issued 423,900 shares of Common Stock to Silverback Capital Corporation for approximately $1.2 million, plus 10,000 shares as a settlement fee, and filed a certificate of designation for Series E Preferred Stock, designating 76,950 shares. ($1.2M proceeds) |
11M | 20M |
| May 20, 2024 |
S-1 filing: Registration for resale of 20,000,000 shares of common stock issuable upon conversion of notes and exercise of warrants by selling stockholders. |
11M | 20M |
| May 14, 2024 |
10-Q filing | 8.0M shares outstanding |
8M | 21K |
| Feb 13, 2024 |
10-Q filing | 5.9M shares outstanding |
5.9M | 21K |
| Jan 17, 2024 |
10-K filing | 2.9M shares outstanding |
2.9M | 21K |
| Dec 21, 2023 |
Stock Split
8-K filing: Stock split 1-for-100 | Outstanding: 86,762,748 → 867,627 |
870K | 21K |
| Nov 01, 2023 |
8-K filing: Mullen Automotive Inc. registered 103,009,651 shares of its common stock issuable or issued upon exercise of warrants. |
87M | 2.1M |
| Oct 27, 2023 |
8-K filing: Mullen Automotive Inc. registered 103,009,651 shares of common stock issuable or issued upon exercise of warrants related to a securities purchase agreement. |
87M | 2.1M |
| Aug 14, 2023 |
10-Q filing | 86.8M shares outstanding |
87M | 2.1M |
| Aug 11, 2023 |
Stock Split
8-K filing: Stock split 1-for-9 | Outstanding: 126,281,274 → 14,031,252 |
14M | 2.1M |
| Jun 26, 2023 |
8-K filing: Mullen Automotive Inc. completed the issuance of shares and warrants related to the Securities Purchase Agreement, including the issuance of 165,357,735 shares of Common Stock, pre-funded warrants exercisable for 457,343,268 shares of Common Stock, and warrants exercisable for 684,971,101 shares of Common Stock, along with the cancellation of certain pre-funded warrants and warrants under the Acuitas Letter Agreement. |
130M | 19M |
| Jun 12, 2023 |
8-K filing: Mullen Automotive Inc. issued 54,700,517 shares of common stock and pre-funded warrants exercisable for 49,466,145 shares of common stock, along with warrants exercisable for 192,708,321 shares of common stock, pursuant to a letter agreement connected to a securities purchase agreement. ($45.0M proceeds) |
130M | 19M |
| Jun 05, 2023 |
8-K filing: Mullen Automotive Inc. issued 19,493,071 shares of common stock, pre-funded warrants exercisable for 8,074,124 shares, and warrants exercisable for 50,999,310 shares to Acuitas Capital LLC in lieu of issuing Series D Convertible Preferred Stock. ($20.0M proceeds) |
130M | 19M |
| May 15, 2023 |
10-Q filing | 126.3M shares outstanding |
130M | 19M |
| May 04, 2023 |
Stock Split
8-K filing: Stock split 1-for-25 | Outstanding: 1,693,663,180 → 67,746,527 |
68M | 19M |
| Apr 14, 2023 |
8-K filing: Mullen Automotive Inc. filed a prospectus supplement related to the issuance of up to 2,115,000,000 shares of the Company's common stock upon conversion of Series D Convertible Preferred Stock and upon exercise of warrants. |
1.7B | 480M |
| Mar 20, 2023 |
8-K filing: Mullen Automotive Inc. entered into a Settlement Agreement and an Intellectual Property and Distribution Agreement with Qiantu Motor, issuing warrants to purchase up to 75,000,000 shares of the company's common stock to Qiantu USA. |
1.7B | 480M |
| Feb 14, 2023 |
10-Q filing | 1693.7M shares outstanding |
1.7B | 480M |
| Jan 13, 2023 |
10-K filing | 833.5M shares outstanding |
830M | 480M |
| Oct 14, 2022 |
8-K filing: Mullen Automotive Inc. consummated the acquisition of 544,347 shares of common stock of Bollinger Motors, Inc. and entered into amendments to the purchase, escrow, and stock reservation agreements. |
500M | 480M |
| Sep 23, 2022 |
8-K filing: Mullen Automotive Inc. entered into Amendment No. 2 to its Securities Purchase Agreement, issuing 79,926,925 shares of Series D Preferred Stock and warrants exercisable for 147,864,810 shares of Common Stock and filed the Certificate of Designation of Preferences, Rights and Limitations of Series D Convertible Preferred Stock. ($35.0M proceeds) |
500M | 480M |
| Sep 08, 2022 |
8-K filing: Mullen Automotive Inc. acquired 544,347 shares of common stock of Bollinger Motors, Inc., representing approximately 60% of the outstanding equity ownership, for approximately $148.2 million in cash and shares of Mullen's Common Stock. ($41.2M proceeds) |
500M | 480M |
| Aug 12, 2022 |
10-Q filing | 498.7M shares outstanding |
500M | 480M |
| May 16, 2022 |
10-Q filing | 289.8M shares outstanding |
290M | 480M |
| Mar 31, 2022 |
8-K filing: Mullen Automotive Inc. issued 4,969,357 shares of Series C Preferred Stock and warrants to purchase 17,111,236 shares of common stock for approximately $43.9 million on March 25, 2022. ($87.8M proceeds) |
240M | 480M |
| Mar 28, 2022 |
S-3 filing: This is an S-3 filing for the resale of up to 253,109,032 shares of common stock by selling stockholders, including shares issuable upon conversion of preferred stock and exercise of warrants. |
240M | 480M |
| Feb 14, 2022 |
10-Q filing | 23.9M shares outstanding |
24M | 230M |
| Feb 01, 2022 |
S-3/A filing: This prospectus relates solely to the resale by the Selling Stockholders of up to 228,568,886 shares of our common stock. |
23M | 230M |
| Jan 24, 2022 |
8-K filing: Mullen Automotive Inc. approved the issuance of 1,908,000 shares of its Common Stock to certain employees, including executive officers, in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933. |
23M | 62M |
| Jan 11, 2022 |
S-3 filing: This prospectus relates to the resale of up to 61,728,171 shares of common stock by the selling stockholders. |
23M | 62M |
| Dec 29, 2021 |
10-K filing | 7.0M shares outstanding |
7M | 0 |
| Nov 12, 2021 |
8-K filing: Mullen Automotive Inc. reports unregistered sales of restricted common stock to various individuals and entities totaling 7,647,321 shares, issuance of exchange agreement warrants to purchase 13,481,188 shares of common stock at $8.83 per share, a name change from Net Element, Inc. to Mullen Automotive Inc., and an increase in authorized shares of common stock from 100,000,000 to 500,000,000. |
6.4M | 0 |
| Nov 04, 2021 |
8-K filing: ESOUSA exercised warrants to purchase 404,676 shares of the Company's common stock at a reduced exercise price of $6.796 per share, resulting in gross proceeds of approximately $2,750,178 for the Company. ($2.75M proceeds) |
6.4M | 0 |
| Sep 10, 2021 |
8-K filing: Net Element, Inc. exchanged an additional 500,000 shares of common stock with Esousa Holdings, LLC for $4.7 million pursuant to the Master Exchange Agreement. ($4.7M proceeds) |
6.4M | 0 |
| Aug 31, 2021 |
8-K filing: Net Element, Inc. exchanged $3,489,870 for 352,320 shares of its common stock with Esousa Holdings, LLC at an exchange price of $9.90539 per share on August 26, 2021. ($3.49M proceeds) |
5.2M | 0 |
| Aug 16, 2021 |
10-Q filing | 5.2M shares outstanding |
5.2M | 0 |
| Jul 21, 2021 |
8-K filing: Net Element, Inc. entered into a Second Amended and Restated Agreement and Plan of Merger with Mullen Technologies, Inc. and Mullen Acquisition, Inc., where Merger Sub will be merged with and into Mullen, with Mullen continuing as the surviving corporation in the Merger. |
5.2M | 0 |
| May 17, 2021 |
10-Q filing | 5.2M shares outstanding |
5.2M | 0 |
| Mar 31, 2021 |
10-K filing | 5.2M shares outstanding |
5.2M | 0 |
| Nov 16, 2020 |
10-Q filing | 4.8M shares outstanding |
4.8M | 0 |
| Aug 13, 2020 |
10-Q filing | 4.1M shares outstanding |
4.1M | 0 |
| May 15, 2020 |
10-Q filing | 4.2M shares outstanding |
4.2M | 0 |
| Mar 30, 2020 |
10-K filing | 4.1M shares outstanding |
4.1M | 0 |
| Mar 06, 2020 |
POS AM filing: This is a POS AM filing where the registration statement registered warrants to purchase common stock, Warrant Stock issuable upon the exercise of the Warrants, and the resale of Additional Stock. |
N/A | 0 |
| Feb 27, 2020 |
POS AM filing: Post-Effective Amendment on Form S-3 to the Registration Statement on Form S-4 to deregister warrants that expired on October 1, 2017. |
N/A | 0 |
| Feb 27, 2020 |
POS AM filing: This is a POS AM filing to register (a) up to 4,334,000 warrants to purchase common stock, (b) up to 4,334,000 shares of Warrant Stock issuable upon the exercise of the Warrants, and (c) up to 4,334,000 shares of Warrant Stock issuable in transactions exempt from registration. It also registers the resale from time to time by the selling security holders listed in the Registration Statement of up to 6,538,544 shares of Additional Stock (adjusted to 65,386 shares as a result of two reverse stock splits). |
N/A | 0 |