Bollinger Innovations, Inc. (NASDAQ: BINI), an electric vehicle manufacturer, announced it will implement a 1-for-250 reverse stock split of its common stock, effective August 4, 2025, at 12:01 a.m. Eastern Time. The move is designed to bring the company into compliance with Nasdaq's $1.00 minimum bid price requirement. Shares will continue trading under the symbol BINI and will begin trading on a split-adjusted basis when markets open that day.
The reverse split was approved by stockholders at a special meeting held on July 22, 2025. It will reduce the approximately 423.5 million shares currently outstanding to about 1.7 million shares. Proportional adjustments will be made to outstanding equity awards, warrants, and convertible notes, and fractional shares will be rounded up to the nearest whole share. For more details, the full press release is available at https://ibn.fm/yvjql.
Bollinger Innovations, formerly Mullen Automotive Inc. (Nasdaq: MULN), is a Southern California-based automotive company focused on building next-generation commercial electric vehicles (EVs). The company has U.S.-based vehicle manufacturing in Tunica, Mississippi. As of January 2024, both the ONE, a Class 1 EV cargo van, and the THREE, a Class 3 EV cab chassis truck, are certified by the California Air Resource Board (CARB) and EPA, and are available for sale in the U.S. The company's commercial dealer network includes seven dealers, such as Papé Kenworth, Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, Eco Auto, and Randy Marion Auto Group, providing sales and service coverage across key West Coast, Midwest, Pacific Northwest, New England, and Mid-Atlantic markets.
In September 2022, Bollinger Motors of Oak Park, Michigan, became a majority-owned EV truck company of Bollinger Innovations. Bollinger Motors has achieved significant milestones, including the production launch of its B4 Class 4 electric truck on September 16, 2024, and the development of a dealer network with over 50 locations across the United States for sales and service support. More information about the company can be found at www.BollingerEV.com.
This reverse stock split is a critical step for Bollinger Innovations to maintain its Nasdaq listing and continue its operations in the competitive EV market. By consolidating shares, the company aims to meet the exchange's listing standards, which is essential for attracting institutional investors and maintaining liquidity. The reduction in outstanding shares does not change the company's market capitalization or the proportional ownership of shareholders, but it may affect the stock's trading price and perception among investors.
The move underscores the challenges faced by smaller EV manufacturers in meeting exchange requirements while navigating a capital-intensive industry. Bollinger Innovations' focus on commercial EVs, including the ONE and THREE models, positions it in a growing segment of the market, but the company must also manage financial and regulatory hurdles to succeed. The reverse split is a short-term measure to address compliance, with long-term success dependent on vehicle sales and operational performance. For the latest news and updates regarding BINI, visit the company's newsroom at https://ibn.fm/BINI.
