MULLEN AUTOMOTIVE INC. (MULN) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: September 19, 2025

Risk Assessment Details

Potential Dilution: 39.61% of current shares
Recent Dilution: 51165610.1% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
130M
Potential Supply
50M
Additional shares possible
Splits
5 Splits 5 Reverse
Past 2 years

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

Outstanding Shares
Total Supply

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
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