Why is Net Element Soaring Today?

Most investors may be thinking of possible Net Element’s positive financial results or signing beneficial contracts when NASDAQ: NETE is rising at least 30% by increasing daily volume to over 11 million shares.

Pending merger with Mullen Technologies will end on August 10 as the Letter of Intent has been extended to 30 days. After a successful merger, Mullen electric cars would be manufactured in masses as EV enthusiasts might buy their shares gratefully.

For $135 million Mullen Technologies is planning to buy an existing electric car manufacturing plant by signing a Letter of Intent for funding purposes. Currently, Mullen has two models MX-05 (SUV) and DragonFly K50 (luxury sports coupe) which soon will go for production in the US.

The news above is making NETE soar significantly even though its EPS is not promising to long term traders.