Mullen Automotive stock rises after Electric Last Mile bankruptcy settlement

Electric vehicle startup Mullen Automotive Inc. shares rose after the company said it received 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 closing the business and filing for bankruptcy in June.