We've recently reduced our expenses even further and are continuing our focus on growing our sales and customer base across America." However, the Brea-based company gave no guidance update on its October forecast. The shares collapsed 48% in the two trading sessions after the report to a $5.6 million market cap. The shares have dropped about 99% in the past six months (Nasdaq: MULN). The company has undergone several reverse share splits in recent years to keep its stock above $1 to comply with Nasdaq requirements. Its most recent reverse split was 1-for-60 on Feb. 18. In an odd twist given the Trump Administration's focus on reducing expenditures, Mullen is hoping to receive subsidies from the government. Mullen in December submitted a modified plan to the U.S. Department of Energy that incorporates its facilities in Fullerton and Mishawaka, Indiana, for U.S.-based battery and pack production. In total, Mullen is seeking $55 million in matching DOE funds to support the U.S. manufacturing capabilities.