Bollinger Innovations, Inc. (BINI)

Bollinger Innovations, Inc. was an electric vehicle company formerly known as Mullen Automotive, Inc. It was headquartered in Brea, California, and was led by founder and chief executive David Michery. The business traced its origins to Mullen Technologies, which Michery established in the early 2010s, and it sought to develop and sell electric cars, commercial vans and trucks.

Mullen became a public company in November 2021 through a merger with Net Element, Inc., a Nasdaq-listed payments company, and its common stock traded on the Nasdaq under the symbol MULN. In 2022 it acquired Bollinger Motors, an electric truck developer based in Michigan, and it also acquired assets associated with Electric Last Mile Solutions, including a manufacturing facility in Indiana. It also operated a facility in Tunica, Mississippi, and developed commercial vehicles such as the Mullen THREE and Mullen FIVE concepts.

The company recorded significant losses and had limited revenue from vehicle sales, and it funded itself mainly through repeated sales of equity and convertible securities. This led to extensive dilution and a series of reverse stock splits to maintain the share price above Nasdaq's minimum bid requirement. Its auditors and filings repeatedly flagged going concern issues during this period.

In 2025 the company changed its name from Mullen Automotive to Bollinger Innovations and began trading under the symbol BINI. It continued to emphasize its Bollinger commercial vehicle products and its commercial van lines, while seeking additional capital. Its shares, however, continued to decline and the company remained under pressure to meet exchange standards.

On August 26, 2025, Nasdaq staff notified the company that it no longer qualified for listing on the Nasdaq Capital Market under Listing Rule 5550(b)(2). Bollinger appealed to the Nasdaq Listing Qualifications Hearings Panel on September 2, 2025, and then withdrew its appeal on October 8, 2025. As a result, the staff determination became final, and trading in the common stock was suspended on October 13, 2025, with shares thereafter quoted on the over-the-counter market.

Nasdaq filed a Form 25 with the SEC to remove the common stock from listing and registration, and the removal took effect on January 20, 2026. The delisting was not related to a merger or acquisition. The company has continued as an independent company with its shares traded over the counter. The company's stock now trades without the oversight and reporting expectations of a national securities exchange, and investors should consult its public filings for its current status.