Mullen Automotive (MULN) / Bollinger Innovations (BINI) Stock: Latest News, Price and Forecast as of December 7, 2025

Mullen Automotive’s stock story didn’t end when the company changed its name to Bollinger Innovations, Inc. (ticker: BINI) – it just moved to a different chapter. As of December 7, 2025, the former retail-favorite EV stock is a tiny, ultra-speculative microcap trading on the OTC Markets, surrounded by cost-cutting moves, plant closures, lawsuits, and “strong sell” technical ratings. ^[1]

This article pulls together the latest news, forecasts and analyses up to 07.12.2025, to give a clear, fact-based picture of where the Mullen/Bollinger story stands now.

Disclaimer: This article is for information and news purposes only and does not constitute investment advice. Always do your own research and consider speaking with a licensed financial adviser before making investment decisions.

Key Takeaways on Mullen / Bollinger Innovations Stock (as of 7 December 2025)

Ticker & listing: Mullen Automotive Inc. is now Bollinger Innovations, Inc., trading under the symbol BINI on the OTC Markets after voluntarily leaving the Nasdaq in October 2025. ^[2]
Share price & size: BINI last closed around $0.11 on December 5, 2025; data providers put its market cap somewhere in the low single-digit millions of dollars, with one estimate at roughly $1.9 million. ^[3]
Operating crisis: The company has shut down its Bollinger Motors subsidiary in Michigan, closed a Troy office, and cut staff, consolidating remaining operations in Oak Park amid serious cash burn and negative EBITDA. ^[4]
Legal & governance overhang: Mullen/Bollinger faces supplier lawsuits for over $5 million in unpaid invoices and a shareholder class-action investigation alleging misleading statements about reverse splits, deals, and battery technology. ^[5]
Technical view: Independent technical services currently rate BINI as a “strong sell” / negative candidate, citing a very wide falling trend and high volatility. ^[6]
Algorithmic forecasts: Quant-style models see BINI trading roughly around current levels (≈$0.11) in 2025, with a very modest range projected out to 2030 – but those forecasts lean more on math than on fundamentals. ^[7]

1. From Mullen Automotive to Bollinger Innovations: What Changed in 2025

Name change and ticker switch

In mid‑2025, Mullen Automotive formally pivoted its identity around its commercial EV arm, Bollinger Motors:

On July 24–28, 2025, Mullen announced it would change its corporate name to Bollinger Innovations, Inc. and switch its Nasdaq ticker from MULN to BINI, a move marketed as consolidating its commercial EV business under one banner. ^[8]

The company’s own materials now consistently describe Bollinger Innovations as:

A Southern California–based automotive company building Class 1–4 commercial EVs (Mullen ONE, Mullen THREE and Bollinger B4), with manufacturing centered in Tunica, Mississippi and sales through a small network of commercial dealers. ^[9]

Reverse stock splits and the fight to stay listed

Mullen/Bollinger has become synonymous with repeated reverse stock splits:

On September 18, 2025, Bollinger Innovations announced a 1‑for‑250 reverse split of its common stock, effective September 22, 2025, primarily to regain compliance with Nasdaq’s $1 minimum bid requirement. The split shrank the share count from ~126.2 million to roughly 0.5 million shares outstanding. ^[10]
The same release explicitly promised this would be “the last reverse stock split for the next three years” – a striking pledge given the company’s long history of splits. ^[11]
A separate analysis notes the company has split its stock around 10–11 times across its modern history, one of the more extreme cases among EV microcaps. ^[12]

Despite the split, the share price quickly collapsed again, setting up the next big moment: leaving Nasdaq altogether.

2. Delisting and Move to OTC: A Much Smaller Stage

On October 9, 2025, Bollinger Innovations announced that:

Its common stock would stop trading on the Nasdaq Capital Market and start trading on the OTCID tier of the OTC Markets from Monday, October 13, 2025, while retaining the ticker BINI. ^[13]
Management framed the move as a way to reduce regulatory and listing costs and free up resources for operations, after the company withdrew from the Nasdaq hearings process regarding its failure to meet the $35 million market value of listed securities requirement. ^[14]

Market reaction was harsh. An Investing.com summary notes that Bollinger Innovations’ stock plunged nearly 60% in pre‑market trading on the delisting news, and continues to screen as technically weak. ^[15]

Today, BINI trades on the OTC Markets – a platform typically associated with higher risk, lower liquidity securities, and often less analyst coverage and institutional participation. ^[16]

3. Financial Picture: Tiny Revenues, Heavy Losses, and Debt Restructuring

Revenue and cash burn

Bollinger Innovations’ latest reported results show a company still in early-stage, loss-making mode:

For the quarter ended June 30, 2025, the company generated only around $0.47 million in revenue, according to data collated from its filings. ^[17]
An analysis based on company filings estimates negative EBITDA of roughly $225.9 million, underlining an aggressive cash burn relative to its tiny revenue base. ^[18]

Earlier in 2025, a detailed breakdown from EBC Financial Group (citing Mullen’s filings) highlighted that:

Mullen reported only about $3 million in revenue in an early‑2025 quarter while posting over $114 million in net losses, with year‑to‑date losses exceeding $300 million at that point. ^[19]

In short: the business has yet to scale meaningfully, while losses have been substantial.

Balance-sheet maneuvers

On July 29, 2025, Bollinger Innovations announced it had:

Eliminated all outstanding warrants and $25.3 million of convertible notes, by exchanging them into newly created preferred stock.
Claimed this increased shareholder equity by approximately $133 million and would help it meet exchange equity requirements. ^[20]

While that move improved the capital structure on paper, it didn’t fix the underlying issues of low revenue, high spending, and a stock price that keeps sliding after each corporate action.

4. Operational Turmoil: Closures, Cost Cutting and the End of Bollinger Motors

The most dramatic late‑2025 news for Mullen/Bollinger shareholders has been on the operational front.

Workforce reduction and office closure

On November 26, 2025, an SEC Form 8‑K summarized by Investing.com revealed that Bollinger Innovations:

Implemented a workforce reduction and a cost-reduction plan aimed at preserving liquidity.
Closed its Troy, Michigan office, consolidating remaining staff into its Oak Park facility.
Notified dealers that it was discontinuing factory service and warranty support, while evaluating dealer-led alternatives for parts and service. ^[21]

These moves underscore just how tight the company’s financial position has become.

Bollinger Motors shuts down

Less than a week earlier, Bollinger Motors itself effectively shut down:

Reporting from Electrek, citing internal HR emails and coverage in the Detroit Free Press, states that employees were told on November 21, 2025 that the company would “officially close the doors of Bollinger Motors” that day, after missed payrolls and dozens of unpaid wage claims in Michigan. ^[22]

For shareholders, this is critical: Bollinger Motors was supposed to be the core asset underpinning the Mullen/Bollinger pivot into commercial trucks. Its effective closure raises serious questions about the future of that business and any associated vehicle programs.

5. Legal and Governance Overhang: Lawsuits and Class Actions

Supplier lawsuits

An in‑depth July 31, 2025 report from Auto Connected Car News detailed that Bollinger/Mullen faces at least six supplier lawsuits in Michigan and elsewhere, seeking more than $5 million in unpaid invoices:

Plaintiffs include Tool House Inc. (~$1.6 million claimed), Wurth Electronics ICS (~$2 million), Auto Metal Craft, Webb Wheel Products, Productivity Team LLC, and Human Capital Ventures.
These cases collectively allege that the company accepted tools, components, or services but did not pay, even after repeated demands. ^[23]

For a company with a market cap in the low millions, this legal overhang is significant.

Shareholder class-action investigation

On the same day, law firm Bragar Eagel & Squire announced an investigation into Mullen Automotive (pre‑name change), following a previously filed class action covering the period from May 1, 2022 to March 26, 2025. The complaint alleges, among other things, that Mullen: ^[24]

Misled investors about its intentions around reverse stock splits.
Overstated deals with partners such as Rapid Response Defense Systems and Mullen Advanced Energy Operations.
Overstated its battery technology capabilities and failed to disclose key background issues related to a battery partner.
Failed to fully disclose material information about its financing agreements.

The investigation focuses on whether Mullen’s board breached its fiduciary duties to shareholders.

6. Activist Investor Drama: Winvest’s 9.99% Stake and Tender Offer Proposal

In October 2025, the Mullen/Bollinger saga added an activist investor subplot:

On October 10, 2025, The Winvest Investment Fund Management Corp., led by Jourdan Matthews, disclosed that it had acquired a 9.99% stake in BINI.
Winvest proposed a tender offer at a 55% premium to acquire 50% of Bollinger’s shares, seeking either board support or, failing that, a board seat. ^[25]
The activist’s plans included securing at least $15 million in new funding, issuing an immediate dividend, considering the acquisition of another Nasdaq-listed company, and spinning off or closing unprofitable segments.
The company has not endorsed Winvest’s proposals, and there is no assurance any of them will be adopted. ^[26]

While dramatic, this activism has not (so far) changed the fundamental trajectory of the business or the share price trend.

7. Current Stock Price, Trading Behaviour and Technical Ratings

Price and volume

Based on multiple market data sources as of December 5–7, 2025:

Last close: BINI closed around $0.112 on December 5, 2025, up 1.65% on low volume. ^[27]
Recent volatility: The stock regularly swings 7–12% intraday, but on very thin trading volume. ^[28]
Market cap: Depending on the data provider and share-count assumptions, estimates range from roughly $0.3–2.0 million, but all agree it is an ultra‑small nano-cap. ^[29]

Technical and algorithmic assessments

Several independent services provide short-term technical views:

StockInvest.us (updated December 5, 2025) labels BINI a “Strong Sell candidate”, citing:
- A very wide, falling trend.
- Persistent sell signals from short‑ and long‑term moving averages.
- High daily volatility around 11–12%.
- A negative composite score (approx. ‑6.1). ^[30]
Investing.com’s technical summary also flags BINI as a “Strong Sell” on the daily timeframe, based on moving averages and indicators. ^[31]

Algorithmic price‑prediction sites are more muted:

One quantitative model suggests BINI will fluctuate in a tight band around $0.11–0.116 through 2025, and $0.10–0.17 by 2030, essentially implying little expected upside from current levels under its assumptions. ^[32]

These tools are based mostly on past price action and simple statistical models, not deep fundamental analysis, but they do reflect the market’s strongly skeptical stance.

8. The Business Behind the Ticker: What’s Left of the Mullen Story?

Despite the turmoil, Bollinger Innovations still describes an active commercial EV lineup:

Mullen ONE: Class 1 urban delivery cargo van.
Mullen THREE: Class 3 cab‑chassis truck for last‑mile delivery.
Bollinger B4: Class 4 electric truck optimized for fleet use. ^[33]

Several 2025 developments are worth noting:

In June 2025, Mullen announced the relaunch of the high‑performance FIVE RS EV crossover, with vehicle sales in Germany planned for December 2025 – a rare consumer‑oriented bright spot in a mostly commercial-focused story. ^[34]
On October 2, 2025, Bollinger Innovations signed an agreement with Ariel Fleet Holdings to supply 34 commercial EVs (30 Mullen THREE trucks and 4 Mullen ONE vans) for FedEx Independent Service Providers in North Carolina and Virginia. ^[35]

However, the subsequent shutdown of Bollinger Motors, workforce cuts, and closure of the Troy office cast a shadow over how much operational capacity remains to fulfill these plans – and whether the business can reach meaningful scale without a much stronger balance sheet. ^[36]

9. Risk Profile and What Investors Are Watching Next

Given everything above, Mullen/Bollinger (BINI) sits at the extreme risk end of the public‑equity spectrum:

Tiny market cap: A few million dollars at most, with thin liquidity and large percentage swings on small trades. ^[37]
High operational risk: Shutdown of Bollinger Motors, cost‑cutting that includes ending factory warranty support, and ongoing supplier disputes point to a stressed operating model. ^[38]
Legal & governance uncertainty: Active supplier litigation and a shareholder class-action investigation create additional downside scenarios and distraction for management. ^[39]
Shareholder dilution history: Multiple reverse stock splits and past large‑scale share issuance have effectively wiped out earlier investors, and the company has already filed for sizeable secondary offerings. ^[40]

Going into 2026, key things market watchers are likely to track include:

Next earnings / filings
- The next expected earnings/filings window in early 2026 (often referenced around February) will show whether revenue is growing beyond a few hundred thousand dollars per quarter and how much cash remains. ^[41]
Clarification on Bollinger Motors’ assets
- With operations in Oak Park/Michigan effectively halted, investors will be looking for clarity: are the assets being mothballed, sold, or somehow restarted under a new structure? ^[42]
Follow‑through on fleet contracts
- Delivery, deployment and follow‑on orders from FedEx ISPs and other fleets will be important proof‑points that the commercial lineup can generate durable revenue. ^[43]
Outcome of activist investor push
- Whether Winvest’s proposals gain traction – or if another investor steps in – could impact capital access, strategy, or governance, though there is no sign yet of a completed deal. ^[44]

Final Word: A Cautionary Microcap EV Story

As of December 7, 2025, Mullen Automotive’s stock – now Bollinger Innovations (BINI) – is largely a cautionary tale:

A once‑hyped EV play that failed to scale,
underwent multiple reverse splits and a Nasdaq delisting,
is now an OTC‑traded nano‑cap with shrinking operations,
and carries negative technical ratings alongside heavy legal and financial headwinds. ^[45]

For traders and investors, the stock now occupies a very narrow niche: high‑risk speculation on whether some combination of fleet contracts, restructuring, or new capital can salvage long‑term value from the remnants of Mullen’s EV ambitions.

Anyone considering exposure to BINI/MULN should treat it as highly speculative, size positions accordingly if they proceed at all, and stay alert to new SEC filings, operational updates, and legal developments.