Shares of Mullen Automative Inc. MULN, +5.26% were ahead in Wednesday morning trading but had pared back some of their gains after the electric-vehicle company said that it had filed various patents to support its Mullen FIVE EV Crossover.
Shares were up 2.6% in Wednesday morning trading after gaining as much as 9.2% earlier in the session. The stock is on track for its sixth-straight day of gains. Mullen said in a press release that it filed 130 patent applications in 24 countries related to the FIVE’s design and styling, including factors such as bodywork, doors, seats, and steering. The company noted that it filed 19 design-related patent applications for “19 distinct designs” in the U.S. “We fully intend to make the Mullen FIVE available around the world, and these patents, including filings in 24 international countries, show our intended commitment to do so,” Chief Executive David Michery said in the release. Mullen shares have fallen more than 70% on the year as the S&P 500 SPX, -0.13% has dropped 21%.