MULN Stock Alert: What Happens If Mullen Misses Its Key January 13th Deadline?

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All eyes are on Mullen Automotive (NASDAQ:MULN), as the electric vehicle (EV) company is expected to invest its Form 10-Kor annual report by 13 January for the financial year ended 30 September.

Mullen is classified as a non-accelerated filer. That means it must file a Form 10-K no later than 90 days after the company’s fiscal year end, which falls on Dec. 29. Mullen failed to do so, prompting the company to file a Form NT with the US Securities and Exchange Commission (SEC). NT means “untimely”. That form gave Mullen a 15-day grace period until January 13.

Mullen attributed his delayed 10-K form to needing more time to value the warrants, which “could impact our consolidated results of operations.” Meanwhile, the company hired an independent third party to assist in the valuation process. But what will happen if Mullen doesn’t file the form by this Friday?

MULN stock: What happens if Mullen misses its key deadline of January 13?

A late role cannot be portrayed in a positive light. Mullen’s latest earnings report details its financials for the three months ended June 30. During that period, the company had a net loss of $59.47 million and no operating income. As a result, MULN shareholders are anxiously awaiting the numbers for the three months ended September 30 and hoping for revenue.

Failure to file a 10-K by January 13 will only make things worse. According to a report to 100 F Street, if the Form 10-K is not filed by the extended deadline, Mullen will be unable to “file a short form registration statement on Form S-3” for at least one year. Form S-3 is used for certain types of offerings. Mullen last used this form on November 21 when he posted resale up to 220.82 million ordinary shares.

If Mullen misses the deadline, he will also lose Rule 144 eligibility and the ability to file Form S-8. Form S-8 is used for “an offering of securities under an employee benefit plan.” Meanwhile, Rule 144 “covers unregistered public resale of restricted and controlled securities.”

Ultimately, MULN shares could be at risk of being temporarily blocked or delisted Nasdaq guidelines if the Form 10-K is never received.

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As of the date of publication, Eddie Pan did not hold (directly or indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the writer and are the subject of InvestorPlace.com Publishing Guidelines.