Exploring Mullen Automotive, Inc. (MULN) Investor Profile: Who’s Buying and Why?

You're looking at Mullen Automotive, Inc. (MULN) and wondering who, exactly, is still holding the bag-or, more optimistically, holding the golden ticket. Honestly, the investor profile for this electric vehicle (EV) maker is one of the most unique in the market, heavily defined by the retail crowd, not the big funds. Do you know that as of mid-2025, the institutional ownership was practically non-existent, with one report showing only 1 institutional owner, a stunning decline of over 90% in one quarter? That means this is a stock moved by individual conviction, not BlackRock's algorithms, which is a different kind of risk entirely.

How do you square that retail enthusiasm with the harsh financial realities? For the three months ended March 31, 2025, the company did report a Q2 revenue of $5 million, a significant jump, but still posted a net loss of approximately $47.1 million. Plus, with only $2.3 million in total cash on hand as of March 31, 2025, and a share price trading around $0.07 in July 2025, the story is about surviving dilution and a major name change to Bollinger Innovations, Inc. To be fair, that kind of volatility is defintely not for the faint of heart. So, are the buyers chasing a speculative turnaround in the commercial EV space, or simply holding on for a miracle? Let's dive into who's buying and why they're willing to bet on this high-risk, high-reward name.

Who Invests in Mullen Automotive, Inc. (MULN) and Why?

The investor profile for Mullen Automotive, Inc. (MULN) is unique, dominated by the individual investor. Simply put, this is a retail-driven stock, not an institutional darling. As of early 2025, institutional ownership was strikingly low, sitting at only about 6% of the outstanding shares, which means the vast majority of the stock is held by individual, or retail, investors. This structure is the key reason for the stock's high volatility and its characterization as a speculative bet on the future of the electric vehicle (EV) commercial market.

Key Investor Types: The Retail Dominance

When you look at the cap table (capitalization table), you see a clear split. The low institutional figure confirms that the Wall Street giants-the mutual funds, pension funds, and insurance companies-have largely stayed away or liquidated their positions. For instance, major institutions like Vanguard Group and BlackRock, Inc. removed 100.0% of their shares in the most recent quarter available in late 2024, a clear sign of de-risking. This leaves the field open for the three main groups.

• Retail Investors: The dominant force, driven by news, social media sentiment, and the potential for explosive short-term gains.
• Hedge Funds: Primarily focused on short-term trading and volatility plays, often using aggressive strategies like short-selling.
• Institutional Investors: A minimal presence, with only a handful of filers reporting a stake as of mid-2025.

The low institutional float is what makes the stock a meme stock in many circles; it's a high-risk, high-reward play. It's defintely not a stock for the risk-averse.

Investment Motivations: Betting on the Future, Not the Present

Investors in Mullen Automotive, Inc. are not buying based on current profitability. The company's financial health is precarious, with a negative working capital of $156.1 million as of March 31, 2025, and profit margins that are negative, meaning they are losing money on each vehicle sale. So, what's the motivation? It boils down to a few core beliefs:

• Growth Prospects: The primary driver is the belief in the company's potential to capture a significant share of the rapidly expanding commercial EV market, especially with vehicles like the Mullen ONE and Mullen THREE.
• Speculative Gains: For short-term traders, the stock's extreme volatility is the attraction. Corporate events, like the 1-for-60 reverse stock split in February 2025, create price fluctuations that traders try to capitalize on.
• Market Position: The company's strategy to focus on commercial fleet sales and government contracts, such as the inclusion of the Mullen ONE and Mullen THREE in the National Auto Fleet Group's Sourcewell contract, generates optimism for future revenue.

Here's the quick math: the company recorded only $7.9 million in revenues for the six months ended March 31, 2025, from 69 invoiced vehicles. An investor buying today is betting that this number will explode higher, not that the current business model is sustainable.

Investment Strategies: High-Risk, High-Reward

The strategies employed by Mullen Automotive, Inc. investors are reflections of the stock's high-risk profile. You don't see a lot of 'buy-and-forget' portfolio managers here. Instead, the strategies are more active and speculative.

To be fair, the long-term holders are essentially making a venture capital (VC) bet on a public company. They are looking past the current financial struggles, which include having to raise $44.0 million in net cash from financing activities in the first half of fiscal year 2025, and focusing on the potential of the EV sector. This is a high-stakes game, and anyone looking at this stock needs to understand the Mullen Automotive, Inc. (MULN): History, Ownership, Mission, How It Works & Makes Money is built on speculative hope, not proven earnings.

Institutional Ownership and Major Shareholders of Mullen Automotive, Inc. (MULN)

You're looking at Mullen Automotive, Inc. (MULN) and trying to figure out who the big money is-the institutions-and why they're in or out. The direct takeaway for the 2025 fiscal year is stark: institutional ownership is virtually non-existent, a massive red flag that shows large funds have exited the stock. This lack of institutional support is a primary driver behind the company's extreme volatility and its eventual delisting from Nasdaq.

Top Institutional Investors and Near-Zero Holdings

When a company's institutional ownership (the percentage of shares held by large entities like mutual funds and pension funds) falls below a certain threshold, it signals a profound loss of confidence. For Mullen Automotive, Inc. (MULN) in 2025, that threshold has been breached. As of recent data, institutional ownership stands at a meager 0.01% of the company's shares. To be fair, this is a nano-cap situation, so the institutional presence is defintely minimal.

The institutional investor roster is almost empty, reflecting the company's shift to the Over-The-Counter (OTC) market in October 2025. Even the largest identifiable holder represents a fraction of the total equity. For instance, one of the few named institutional sub-filers is UBS Group AG, holding a tiny 0.007728% of the company's shares. This demonstrates that the stock is overwhelmingly held by retail investors and other non-institutional parties, not the seasoned funds you'd see in a BlackRock portfolio.

• Institutional Ownership: 0.01% (Extremely low)
• Largest Named Holder: UBS Group AG (with a fractional stake)
• Market Status (October 2025): Delisted from Nasdaq, trading OTC

Changes in Ownership: The Institutional Exodus

The trend over the 2025 fiscal year is an institutional exodus, not accumulation. The net change in institutional holdings has been a massive sell-off, driven by the company's need for capital and its struggle to maintain listing compliance. The fact that only 1 institutional owner was reported as of July 25, 2025, tells you everything you need to know about the net flow of capital from large funds. Institutional investors sold off their positions as the company enacted a series of aggressive reverse stock splits and its financial health deteriorated.

Here's the quick math on the financial reality that drove this selling: as of March 2025, the company was burning cash at a rapid rate, reporting a negative free cash flow of $161.33 million over the last twelve months. That's a fundamental metric that big funds simply cannot ignore, so they sold. This trend culminated in the company changing its name to Bollinger Innovations, Inc. (BINI) in July 2025, an attempt to rebrand and pivot away from the failed Mullen Automotive, Inc. track record.

Impact of Institutional Investors: The Cost of Absence

In the case of Mullen Automotive, Inc. (MULN), the impact of institutional investors is best measured by their absence. Large institutional shareholders typically provide market stability, liquidity, and a strong voice for corporate governance. Without them, the stock is left to the whims of retail trading and internal corporate actions, which often leads to extreme volatility.

The most concrete impact is the strategic decision to execute multiple reverse stock splits in 2025-a 1-for-60 split in February and a 1-for-100 split in June. These actions were explicitly taken to boost the share price to meet the Nasdaq minimum bid price requirement of $1.00. This is a defensive, short-term strategy to maintain a listing, not a growth-oriented one. The failure of these efforts ultimately led to the October 2025 delisting, with shares trading for less than $0.0005 per share on the OTC market.

For a deeper dive into the company's journey and structural issues, you should read Mullen Automotive, Inc. (MULN): History, Ownership, Mission, How It Works & Makes Money. The key action here is to recognize that a stock with this profile-near-zero institutional backing and a track record of extreme dilution-is a speculation, not an investment.

Key Investors and Their Impact on Mullen Automotive, Inc. (MULN)

The investor profile for Mullen Automotive, Inc. (MULN) is unique, and you need to look past traditional institutional holders to see who actually drives the stock and the company's financing. The key takeaway is this: the shareholder base is overwhelmingly dominated by retail investors, while the company's lifeline is a small group of specialized convertible note investors, not major mutual funds like BlackRock or Vanguard.

As of mid-2025, the institutional presence is almost nonexistent, with only 1 institutional owner filing a 13F or 13D/G form with the SEC. This low institutional ownership, estimated at around 6% earlier in 2025, is highly unusual for a publicly traded company and suggests that large, risk-averse funds are defintely staying away. This leaves the stock's price action highly susceptible to the sentiment and trading volume of individual investors.

The Real Power: Convertible Note Holders

Mullen Automotive, Inc.'s primary source of capital and, therefore, its most influential investors, are the holders of its senior secured convertible notes (a form of debt that can be exchanged for stock). These are typically specialized 'family offices and high net worth investors,' not traditional asset managers.

Here's the quick math on their influence: instead of relying on loans, the company has consistently issued new shares to raise capital, leading to massive stock dilution for existing shareholders. A key example is the $150 million financing commitment secured in May 2024, which included the sale of up to $50 million in senior secured convertible notes. An additional $12.5 million in senior secured notes was issued to certain investors in September 2024.

• Capital Providers: These investors provide the cash to fund operations, like the Q2 2025 revenue of $5 million.
• Conversion Rights: The notes are convertible into common stock at extremely low prices, sometimes as low as $0.001 per share, allowing these investors to acquire a large number of shares and sell them for profit, which drives down the stock price.
• Direct Influence: Stockholders approved the issuance of shares exceeding the 19.99% exchange cap for convertible notes in March 2025, showing the necessity of this financing and the influence of these capital providers on corporate actions.

The Retail Investor Base and Volatility

Since institutions are largely absent, the majority of the shareholder base is comprised of retail investors. These individual investors, often trading based on social media sentiment, are the primary source of liquidity and volatility in the stock. The stock's price decline of 96.15% between November 2024 and July 2025, even after a 1-for-60 reverse stock split in February 2025, highlights the extreme risk and speculative nature of this ownership profile.

The stock's journey from a retail favorite to a nano-cap, culminating in its delisting from Nasdaq in October 2025 and rebranding to Bollinger Innovations, Inc. (BINI), is a stark illustration of the consequences of this highly speculative investor base. The risk here is illiquidity and a near-total loss of value, as shares traded on the over-the-counter (OTC) market after the delisting are virtually valueless.

Insider Moves: A Lack of Confidence Signal

Insider activity is another critical factor. While CEO David Michery was a major shareholder in the past, recent analysis notes that he has been selling shares, and there has been a general lack of insider buying. This is a signal that even those closest to the company's operations and Mission Statement, Vision, & Core Values of Mullen Automotive, Inc. (MULN) may not have strong confidence in the equity's long-term value. When the CEO is selling and other insiders aren't buying, it's a clear data point for external investors.

The primary investors are the ones funding the operations, and they are doing it through debt that converts into equity, which is a constant headwind for common shareholders.

Finance: draft a 13-week cash view based on the $47.1 million Q2 2025 net loss and the cash burn rate to better model the runway provided by the convertible note funding.

Market Impact and Investor Sentiment

If you're looking at Mullen Automotive, Inc. (MULN) right now, the direct takeaway is that institutional investor sentiment is overwhelmingly bearish, and the market has already reacted to the company's financial instability with a dramatic decline and a Nasdaq delisting. The story here is one of high risk and extreme volatility.

The institutional ownership structure tells you everything you need to know about the professional money's view. As of July 25, 2025, the company reported having only 1 institutional owner on file with the SEC. This is a massive red flag. For a publicly traded company, a near-total lack of institutional support-funds like BlackRock or Vanguard-signals that the smart money has largely exited or is unwilling to commit capital given the risk profile. This absence of major, long-term investors creates a liquidity desert.

The lack of institutional backing is a direct result of the company's financial position and its history of shareholder dilution. For the first quarter of fiscal year 2025 (ended December 31, 2024), Mullen Automotive, Inc. reported a net loss of $114.9 million. That's a steep loss, and it reflects the ongoing challenge of scaling an electric vehicle (EV) business without a substantial, consistent revenue base. The total cash, including restricted cash, on hand as of December 31, 2024, was just $2.7 million, which is a razor-thin margin for an operating company.

Recent Market Reactions and Ownership Shifts

The market's reaction in 2025 has been brutal and definitive. The stock price, which was around $428.64 per share on November 18, 2024, had plummeted to $16.50 per share by July 25, 2025, representing a decline of 96.15% in that period. This kind of drop is not a correction; it's a structural collapse in valuation.

The most critical event was the delisting from the Nasdaq exchange in October 2025. The company had attempted to maintain compliance with the $1.00 minimum bid price requirement by enacting a 1-for-100 reverse stock split in April 2025, but ultimately failed. Following the delisting, the company rebranded to Bollinger Innovations, Inc., effective July 28, 2025. This move, while aiming to highlight the commercial EV division, also serves to distance the new entity from the failed Mullen brand.

Here's the quick math on the stock's trajectory:

• Pre-Delisting Price (July 25, 2025): $16.50 per share.
• Key Event: Nasdaq Delisting (October 2025).
• Current Trading: Over-The-Counter (OTC) market.

The stock's volatility is extreme, with a 30-day price volatility of 116.16% as of November 2025. You're not investing in a stable company; you're betting on a speculative swing.

Analyst and Technical Perspectives

The consensus from the analyst community is to approach Mullen Automotive, Inc. (or Bollinger Innovations, Inc.) with extreme caution. The combined average rating from multiple analyst sources is a clear sell. This isn't a neutral hold recommendation; it's a strong warning based on the fundamentals.

Technical indicators echo this sentiment. As of November 18, 2025, technical analysis shows a bearish sentiment, with 0 bullish signals versus 26 bearish signals. The overall long-term outlook remains bearish due to persistent financial struggles and a lack of consistent growth in the EV market.

What this estimate hides is the potential for a short-term, speculative rally, which the stock has occasionally seen. However, analysts consistently highlight the financial instability and production challenges as dominant risks. The risk profile is high, making it a speculative investment, not a long-term growth play.

The core challenge is translating increasing revenue into profitability. While the company reported record GAAP quarterly revenue of $3.18 million as of March 21, 2025, this is still a small number for an automaker, and it comes against that massive net loss. They are trying to cut costs, with an announced reduction of approximately $13 million in annual cash spend through headcount and personnel cuts, but the burn rate is still a serious concern.

For a deeper dive into the company's strategic focus, you can review their Mission Statement, Vision, & Core Values of Mullen Automotive, Inc. (MULN).

Here is a summary of the key financial data from the first half of the 2025 fiscal year:

Your next step should be to assess your own risk tolerance against this backdrop of low institutional confidence, delisting risk, and a strong analyst consensus for a sell rating. Do not confuse a high-percentage revenue increase from a small base with a healthy financial trajectory.