Mullen Automotive

Mullen Automotive went public through a reverse merger with Net Element in November 2021, technically making it a SPAC-adjacent deal. CEO David Michery made grandiose claims about multiple EV models — the Mullen FIVE crossover, Bollinger trucks, and commercial vans — while delivering virtually nothing.

Hindenburg Research published a devastating report in 2022 calling Mullen 'among the worst EV hustles we've ever seen,' alleging that Michery had a history of failed ventures and that Mullen's technology claims were fabricated. The report detailed how the company's claimed solid-state battery breakthrough was likely fake.

Mullen's stock manipulation was extraordinary. The company executed three reverse stock splits: 9:1 in May 2023, 100:1 in August 2023, and 100:1 in February 2025, for a combined ratio of 90,000:1. This means 90,000 original shares became one share — the most extreme dilution-via-reverse-split in US market history.

Despite the red flags, Mullen acquired Bollinger Motors and attempted to sell commercial EVs. But deliveries remained negligible, and the company generated $2.1 billion in cumulative losses. As of 2025, Mullen continues to trade in penny-stock territory, sustained by retail traders drawn to the ultra-low share price, unaware that the reverse splits have destroyed 99.999% of original value.