Bollinger Innovations (NASDAQ: BINI), the company formerly known as Mullen Automotive (NASDAQ: MULN), has been through one of the harshest resets in the electric vehicle space. Once marketed as a scrappy challenger to Tesla, BYD, and Nio, its stock was crushed under years of dilution and missed milestones. Even after a 1-for-100 reverse split in June, the shares still sit at a fraction of their former value. The name change in July was meant to draw a line under the Mullen era, but for investors still nursing losses of more than 95% from the peak, the rebrand feels more like survival than reinvention.
For now, the market remains sceptical. Trading in BINI has the feel of a meme play rather than a long-term growth story, with bursts of activity driven by retail traders hoping for a squeeze. Institutions have largely stepped aside. Analysts point out that until the company can show a path to stable revenues and cash flow, every rally risks fading as quickly as it began. It’s a familiar pattern for shareholders: rallies on headlines, followed by long stretches of drift.
The root problem hasn’t gone away. Mullen’s original path to market, a reverse merger with Net Element, left it reliant on frequent capital raises that destroyed shareholder value. Under the Bollinger banner, management is pitching a shift toward commercial EVs and partnerships in digital identity technology. That might broaden the story, but the business is still a long way from break-even. In a sector where investors are rewarding scale and punishing speculation, Bollinger’s challenge is no longer about hype; it’s about convincing the market it deserves a seat at the table.
This article was initially published on March 20, 2024, and is regularly updated to reflect the latest developments in Mullen stock performance
The electric vehicle industry has shifted dramatically in recent years. In the United States, EVs now account for a growing share of new car sales, while in China, homegrown brands are taking the lead in market share. Against this backdrop, Mullen Automotive went through a major restructuring in 2025 and rebranded as Bollinger Innovations (NASDAQ: BINI).
The company, based in Southern California with a manufacturing site in Tunica, Mississippi, is focused on building commercial electric trucks and vans for business fleets. Alongside vehicle development, Bollinger has explored technologies like solid-state batteries and digital identity tools, aiming to broaden its reach in mobility and security.
Bollinger’s history is one of acquisitions as well as reinvention. In 2022, Mullen bought Electric Last Mile Solutions (ELMS) in a $240 million deal, and also acquired a majority stake in Bollinger Motors, the EV truck maker that eventually lent its name to the new parent company. The firm’s line-up includes the Bollinger B4 platform alongside earlier designs like the B1 and B2 trucks and Class 1 and 3 commercial vans.
Bollinger Innovations is a U.S. automotive company that designs and builds electric commercial vehicles. Its operations are centered on delivering practical EV solutions for fleets, from delivery vans to heavy-duty trucks. The company also invests in supporting technology such as advanced batteries and identity security tools, highlighting a strategy that goes beyond just vehicle sales.
Bollinger Innovations (NASDAQ: BINI) stock is trading near the bottom of its 52-week range and sits firmly below its 200-day simple moving average, a sign that investors remain unconvinced despite a string of announcements.
New Federal Contract Secured
Bollinger recently secured a contract worth over $1 million from the U.S. General Services Administration (GSA). The award covers Class 3 Bollinger electric trucks and is seen by management as a breakthrough moment in gaining government fleet exposure. It’s a modest number in dollar terms, but symbolically it matters. Winning a federal deal offers credibility that Bollinger hopes will open the door to larger orders down the line.
Alongside the GSA contract, the company announced a 30-unit purchase order from Momentum Groups for its all-electric Class 4 trucks. The order, though small, reinforces Bollinger’s focus on the commercial EV market, where adoption is being driven by cost savings and regulatory incentives rather than consumer hype. Each fleet deal, however small, gives Bollinger a foothold in a sector dominated by larger rivals.
Bollinger also added Ziegler Truck Group as a dealer partner, expanding its retail footprint and helping distribute vehicles beyond direct sales. Dealers bring local service networks and established customer relationships, which can be critical for a start-up that still needs to prove reliability and support after the initial sale.
Despite the flow of news, BINI shares have barely budged. The stock continues to drift near record lows, weighed down by years of dilution and scepticism about execution. Technical indicators reinforce the weakness: Bollinger remains below its 200-day average, with little momentum to suggest a turnaround. I think the numbers are too small to shift sentiment in a sector where scale and financial strength rule the day.
Mullen, Virgin Galactic, SoFi, OpenDoor, and Clover Health have a thing in common. All of these companies went public via the SPAC merger. In this process, a private company goes public by merging with a Special Purpose Acquisition Company (SPAC). Hundreds of SPAC mergers in the past few years formed a bubble that went bust in 2021. Since then, most of these stocks have been in a downward spiral.
Despite all the positive news, the selling pressure on the Mullen stock keeps increasing. The stock has tanked 99% since the start of this year, and there are no signs of any strength. The low market cap of the stock has made it prone to market manipulation, making things even worse.
According to most of the analysts, Mullen Automotive’s balance sheet is getting thinner by each passing month. The company is burning its cash reserves at a very rapid pace. Analysts think that sooner or later, the company won’t be able to meet its liabilities, which may lead to bankruptcy. The recent bankruptcy of Lordstown Motors has further intensified these fears. Consequently, MULN stock has hit its all-time low.
Bollinger Innovations, formerly known as Mullen, has fought a long battle to keep its place on the Nasdaq. In 2025, management pulled every lever available, from a 1-for-100 reverse split to a full rebrand, to avoid being pushed off the exchange. Those moves bought time, but they also underlined how fragile the situation has become.
Today, the stock trades well below its 200-day moving average and sits close to record lows. Investors know what that means: unless the company can deliver meaningful contracts or fresh capital soon, the threat of another compliance warning will hang over the ticker. In other words, BINI is still on Nasdaq, but only just..
Bollinger Innovations (NASDAQ: BINI), formerly Mullen Automotive, is not in bankruptcy proceedings today. But the company is walking a very narrow path. Its financials paint a worrying picture: heavy losses quarter after quarter, negative working capital, and dependence on raising new funds to keep the lights on.
Revenue is small, debt obligations are high, and new equity raises have long-term shareholders heavily diluted. When a company relies this heavily on external financing, the risk of a liquidity crisis always looms large.
Adding to the pressure, BINI has carried out drastic reverse stock splits to maintain its Nasdaq listing. Those measures buy time but don’t change the fundamentals. Analysts have flagged the company’s “going concern” warning in recent filings as a sign that, without fresh capital, the business may struggle to survive beyond the short term.
That said, bankruptcy is not a foregone conclusion. Management is trying to reposition the business around commercial EVs and strategic contracts. Small fleet orders, new dealer agreements, and even government contracts have given Bollinger a bit of breathing room. If it can string together larger deals and attract long-term partners, the story could change.
For investors, the bottom line is that BINI remains a high-risk, speculative stock. It is not bankrupt today, but the balance sheet and market action suggest it is in survival mode. Until the company can prove consistent revenue growth and move closer to profitability, bankruptcy will remain a possibility hanging over the ticker.
I believe that BINI stock is not a good investment for several reasons. First, the company has no proven track record of delivering vehicles at scale. This means that buying the stock today is essentially betting on promises, hoping that management can execute and that customers will show up in large enough numbers.
Second, Bollinger Innovations remains a cash burner. The firm is still losing tens of millions of dollars each quarter, and survival depends on raising fresh capital. This creates a constant risk of dilution for shareholders and raises the possibility of financial distress if capital markets dry up. Third, Bollinger’s story has been inconsistent. The company has shifted from early electric SUV prototypes to commercial vans and trucks, layering on acquisitions along the way. Such pivots suggest uncertainty about the core strategy.
Further, I am skeptical about the future of EVs in the US. I believe that Internal Combustion Engine (ICE) cars will continue to have a market share. Finally, building an EV company needs billions of dollars because of things like recalls. Without scale and deep funding, it’s hard to see how Bollinger can close that gap.
To be fair, it’s not hard to read the price action of Bollinger Innovations (NASDAQ: BINI). The chart shows that the stock has been pinned near record lows, with clear resistance now around $1.00 after the latest reverse split.
Until the bulls can reclaim that level with conviction, it’s difficult to argue for a sustainable reversal. Price is moving sideways below its 200-day average, and momentum remains weak. In simple terms, without a break back above that key line, the stock is likely to stay trapped at the bottom of its range.
To me, it seems almost foolish to buy BINI stock right now, as there is no sign of strength. The looming delisting and bankruptcy concerns are some of the biggest reasons behind this bearish outlook. For now, BINI remains a penny stock trading on fumes.
I’ll keep updating my MULN stock forecast in my free Telegram group, which you’re welcome to join.
No. Mullen Automotive has not gone out of business. The company restructured and officially changed its corporate name to Bollinger Innovations, Inc. in July 2025. Operations are being consolidated under the new brand.
The new name is Bollinger Innovations, Inc. The stock now trades on Nasdaq under the ticker symbol BINI, updated from the previous MULN.
Yes. The company carried out a 1-for-100 reverse stock split on June 2, 2025. The move was approved by shareholders to help the company comply with Nasdaq’s $1 minimum bid price requirement.
Not immediately. Shareholders still own their shares, but if the stock trades over-the-counter instead of on a major exchange, liquidity usually drops and transparency is reduced, which makes it harder to buy or sell.
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This post was last modified on Sep 22, 2025, 06:19 BST 06:19