Shares of Mullen Automotive Inc. (MULN) jumped an impressive 16.5% in afternoon trading on Thursday, following a recent slump. The electric vehicle maker’s stock stood out as the most actively traded on major U.S. exchanges, with a massive trading volume of 713.2 million shares. This figure significantly exceeds the full-day average of 381.3 million shares over the past 30 days, according to FactSet data.
No recent updates have been announced by Mullen since July 26, when it revealed that Bollinger Motors, a company majority-owned by Mullen, received approval for a $3 million grant from the state of Michigan to promote job growth.
On Wednesday, the stock closed at 12.2 cents, marking its lowest closing price in a month and only slightly higher than the record low of 10.1 cents on July 3. Notably, Mullen’s stock has experienced a considerable decline of 91.1% over the past three months. Meanwhile, the Global X Autonomous and Electric Vehicles ETF (DRIV) has gained 21.5%, and the S&P 500 (SPX) has seen a 10.2% increase in the same period.