The shares of Mullen Automotive Inc. electric vehicle startups rose after the company said it had received court approval to build an Indiana factory and other assets of the now-defunct Electric Last Mile Solutions Inc. to buy for $92 million.
Mullen shares, which are down about 93% so far this year, were up 64% in trading on Wednesday to 36 cents. Electric Last Mile has put its assets up for sale after closing its business and filing for bankruptcy in June.