Companies splitting their stock, one way or another, have grabbed headlines over the past year or so. That's not going to happen with electric vehicle (EV) company Mullen Automotive (NASDAQ: MULN), which was facing a shareholder vote on a reverse stock split. After it was voted down, Mullen's stock raced to a 10% increase over the course of the week, according to data compiled by S&P Global Market Intelligence. 

In a special meeting of shareholders held on Wednesday, Mullen conducted a vote on that reverse stock split. The result, as it officially announced, was that it "has no plans at the current time" to effect such a measure. It wasn't immediately clear how many shareholders voted in favor and against the proposal.

Since last summer, Mullen stock has traded consistently below $1 per share, the minimum price for a stock to be listed on the Nasdaq. While maintaining a stock market listing isn't do-or-die for businesses, maintaining a presence is vital for both prestige and for potential capital-raising efforts in the future.

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Source Fool.com