Mullen Automotive Stock Climbs After Electric Last Mile Bankruptcy Deal

Electric-vehicle startup Mullen Automotive Inc. shares climbed after the company said it gained court approval to buy an Indiana manufacturing plant and other assets from now-defunct Electric Last Mile Solutions Inc. for $92 million.

Mullen shares, down about 93% so far this year, rose 64% in Wednesday trading to 36 cents. Electric Last Mile put its assets up for sale after shutting its business and filing a bankruptcy liquidation case in June.