Bollinger Innovations, Inc. (NASDAQ: BINI), a prominent electric vehicle manufacturer, has announced a 1-for-250 reverse stock split of its common stock, set to take effect on August 4, 2025. This strategic move, approved by stockholders during a special meeting on July 22, aims to align the company with Nasdaq's $1.00 minimum bid price requirement. Following the split, Bollinger's shares will continue to trade under the symbol BINI on Nasdaq, with trading on a split-adjusted basis commencing at market opening on the effective date.
The reverse stock split will drastically reduce the number of outstanding shares from approximately 423.5 million to about 1.7 million. This adjustment will also apply proportionally to outstanding equity awards, warrants, and convertible notes, with fractional shares being rounded up to the nearest whole share. This decision underscores Bollinger Innovations' commitment to maintaining its listing on Nasdaq, a critical factor for investor confidence and the company's ability to attract capital.
Bollinger Innovations, formerly known as Mullen Automotive Inc., has been at the forefront of the electric vehicle industry, focusing on the next generation of commercial EVs. With manufacturing based in Tunica, Mississippi, the company has achieved significant milestones, including CARB and EPA certification for its ONE and THREE models. These achievements, coupled with a growing dealer network, position Bollinger as a key player in the EV market.
The implications of this reverse stock split are significant for investors and the broader EV industry. For investors, the move is a clear signal of the company's efforts to stabilize its stock price and ensure compliance with Nasdaq's listing requirements. For the EV industry, Bollinger's continued presence on Nasdaq reinforces the sector's growth potential and the increasing importance of sustainable transportation solutions.
For more details on Bollinger Innovations and its initiatives, visit https://www.BollingerEV.com. Additional updates and news regarding BINI can be found in the company's newsroom at https://ibn.fm/BINI.
