Stocks In News: MULN, ASML, LMAO
1:46 pm Wednesday, October 19th, 2022
Shares of Mullen Automotive (NASDAQ:MULN) stock are surging higher by over 60% after the electric vehicle (EV) company released new details about its $92 million all-cash acquisition of Electric Last Mile Solutions (OTCMKTS:ELMSQ). Mullen won the ELMS bankruptcy auction after placing a stalking horse bid against no other bidders. As part of the acquisition, Mullen will receive ELMS’ manufacturing facility in Mishawaka, Indiana. The facility can produce up to 50,000 vehicles per year and previously produced models of General Motors’s (NYSE:GM) Hummer and contract-manufactured Mercedes Benz’s (OTCMKTS:MBGYY) R-class vehicle. Mullen will also be able to integrate Bollinger’s vehicle platforms and its own FIVE and FIVE RS platforms with the facility. The EV company closed its majority ownership acquisition of Bollinger in August using stock and cash.
Ever since the U.S. government imposed curbs on selling chips to China, chipmakers have struggled to stay elevated. The policy has sent negative shockwaves throughout the industry, pushing many leading semiconductor stocks down. Despite some volatility earlier this week, though, many are back on the rise now. In particular, ASML Holding (NASDAQ:ASML) stock is leading the charge. Based in the Netherlands, ASML is one of Europe’s largest chip equipment suppliers and the “third-largest semiconductor wafer front end (WFE) equipment supplier worldwide.” Recently, the company reported third-quarter earnings and beat sales estimates, posting revenue of $5.6 billion. This news is sending ASML stock into the green today. As of this writing, shares are up more than 7%.
To be honest, LMF Acquisition Opportunities (NASDAQ:LMAO) is really just a shell company. However, it’s getting a lot of attention today, and LMAO stock is surging higher. That’s because LMF Acquisition Opportunities’ shareholders recently approved the company’s proposed reverse merger with SeaStar Medical. Just be ready, if you’re a current or prospective investor, to adjust to a new company name and ticker symbol for the stock. LMF Acquisition Opportunities’ purpose is to help take SeaStar Medical public. However, this requires shareholder approval. Today’s big news is that the shareholders gave the green light for the special purpose acquisition company (SPAC) merger to take place.
