Mullen Series D Holders Exercise Final $100 Million Investment Option Prior to June 30, 2023, Expiration
27 June 2023 - 10:00PM
via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the
“Company”), an emerging electric vehicle (“EV”) manufacturer,
announces today that on June 23, 2023, its Series D investors
exercised their final option, expiring June 30, for $100 million.
The exercise of the option has resulted in additional funding to
the Company of $100 million. The Company now has more than $235
million in cash and cash equivalents on its balance sheet,
recognizing that this amount is after the Company has expended $253
million-plus for two completed acquisitions that added valuable,
unencumbered assets to the balance sheet for the majority ownership
in Bollinger Motors and certain assets related to Electric Last
Mile Solutions (“ELMS”). With the exception of $7.3 million of
outstanding debt, all Company-owned real estate and other assets
are unencumbered.
“We are in the best financial position in our Company’s history
and remain fully committed and highly focused on producing, selling
and delivering our vehicles to our customers prior to the end of
2023,” said David Michery, CEO and chairman of Mullen
Automotive.
About MullenMullen Automotive (NASDAQ: MULN) is
a Southern California-based automotive company building the next
generation of electric vehicles (“EVs”) that will be manufactured
in its two United States-based assembly plants. Mullen’s EV
development portfolio includes the Mullen FIVE EV Crossover,
Mullen-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3
EVs and Bollinger Motors, which features both the B1 and B2
electric SUV trucks and Class 4-6 commercial offerings. On Sept. 7,
2022, Bollinger Motors became a majority-owned EV truck company of
Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the
acquisition of Electric Last Mile Solutions’ (“ELMS”) assets,
including all IP and a 650,000-square-foot plant in Mishawaka,
Indiana.
To learn more about the Company, visit www.MullenUSA.com.
Forward-Looking StatementsCertain statements in
this press release that are not historical facts are
forward-looking statements within the meaning of Section 27A of the
Securities Exchange Act of 1934, as amended. Any statements
contained in this press release that are not statements of
historical fact may be deemed forward-looking statements. Words
such as “continue,” “will,” “may,” “could,” “should,” “expect,”
“expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,”
“predict,” “potential” and similar expressions are intended to
identify such forward-looking statements. All forward-looking
statements involve significant risks and uncertainties that could
cause actual results to differ materially from those expressed or
implied in the forward-looking statements, many of which are
generally outside the control of Mullen and are difficult to
predict. Examples of such risks and uncertainties include but are
not limited to: whether the cash on hand will be sufficient to meet
the Company’s objectives; the dilutive impact to the Company’s
shareholders due to share issuances required to Series D investors
for the funding received; the uncertainty of the performance of the
Company’s stock; and whether the Company will meet the timelines
anticipated for production, selling and delivering its vehicles.
Additional factors that could cause actual results to differ
materially from those expressed or implied in the forward-looking
statements can be found in the most recent annual report on Form
10-K, quarterly reports on Form 10-Q and current reports on Form
8-K filed by Mullen with the Securities and Exchange Commission.
Mullen anticipates that subsequent events and developments may
cause its plans, intentions and expectations to change. Mullen
assumes no obligation, and it specifically disclaims any intention
or obligation, to update any forward-looking statements, whether as
a result of new information, future events or otherwise, except as
expressly required by law. Forward-looking statements speak only as
of the date they are made and should not be relied upon as
representing Mullen’s plans and expectations as of any subsequent
date.
Contact:Mullen Automotive, Inc.+1 (714)
613-1900www.MullenUSA.com
Corporate Communications:InvestorBrandNetwork
(IBN) Los Angeles, California www.InvestorBrandNetwork.com
310.299.1717 Office Editor@InvestorBrandNetwork.com
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