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Existing shareholders invest 150 Million Dollars to accelerate production and delivery of EVs.
Brea, CA – November 17, 2022 – Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announces today receipt of $150 Million on Nov. 16th, 2022 which will be used in part to close on ELMS assets.
Mullen is now in position to fund and close on ELMS assets and complete engineering, preparation and launch of EV programs.
“We are excited to announce today that we have the funding in place to close on the ELMS assets, said David Michery”, CEO and chairman of Mullen Automotive. “We expect to close any day which will accelerate our path to production .”
ELMS Assets include:
- the factory in Mishawaka, IN providing Mullen with the capability to produce up to 50,000 vehicles per year
- all Intellectual Property, including all manufacturing data that is required for the assembly of the Class 1 vans and Class 3 Cab Chassis
- all inventory including finished and unfinished vehicles, part modules, component parts, raw materials, tooling
- all property including equipment, machinery, supplies, computer hardware, software, communication equipment, data networks and all other data storage
About Mullen
Mullen Automotive is a Southern California-based automotive company building the next-generation of premium electric vehicles (EVs) that are affordable and built entirely in the United States. With an end-to-end ecosystem that supports owners from test driving to financing and servicing through a unique hybrid dealership model, customers are supported through every aspect of EV ownership. The Mullen FIVE, the company’s first electric crossover, is slated for delivery in 2024 and features an award-winning design and its patented PERSONA technology that utilizes facial recognition to personalize the driving experience for every individual. To learn more about the company, visit www.MullenUSA.com.
Forward-Looking Statements
Certain 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 when the ELMS closing will occur, whether the closing will result in accelerating the Company’s programs and production, whether the funding terms and the closing on ELMS assets will result in positive outcomes for shareholders. Further examples of such risks and uncertainties include but are not limited to: (i) Mullen’s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen’s ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen’s ability to successfully expand in existing markets and enter new markets; (iv) Mullen’s ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Mullen’s business; (viii) changes in government licensing and regulation that may adversely affect Mullen’s business; (ix) the risk that changes in consumer behavior could adversely affect Mullen’s business; (x) Mullen’s ability to protect its intellectual property; and (xi) local, industry and general business and economic conditions. 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) 613-1900
Corporate Communications:
InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com
SOURCE: Mullen Automotive, Inc.
Dealer Group agrees to purchase 500 vehicles per year
- Agreement appoints Newgate as marketing, sales, distribution and servicing agent for the Mullen I-GO in Ireland and the UK
- Newgate will purchase initial units of the I-GO for vehicle demonstrations, marketing and sales opportunities with potential customers
- Expected delivery date for the Mullen I-GO samples is December 20, 2022
Brea, CA – November 9, 2022 – Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announces today that it has entered into an agreement to appoint Newgate Motor Group, one of Ireland’s most recognized dealership groups, as marketing, sales, distribution and servicing agent for the Mullen I-GO in Ireland and the United Kingdom.
Newgate Motor Group has over forty years of experience in the motor industry and has built up an excellent reputation during that time. They are well respected in the auto industry and represent several brands including Renault/Dacia, Kia, and Mercedes Benz. In addition to being a key retail group in Ireland, they also have substantial relationships in the vehicle distribution business throughout the United Kingdom and various parts of Europe. Newgate Motor Group also represents XBUS and Evetta electric vehicles from the German based company Electric Brands.
The I-GO is Mullen’s recently announced urban commercial delivery vehicle designed to bridge the gap between the growing demand for quick deliveries and space constraints in dense cities throughout Europe. The Mullen I-GO is EU standard homologated, certified, and ready for sale in initial markets of UK, Germany, Spain, France, and Ireland, with the first vehicles set for Germany in December 2022.
Mullen and Newgate will also enter into a Dealer Agreement which will encompass, sales training, service training, flooring, parts, warranty and similar matters that an OEM would typically provide to its dealers. That agreement will also address the terms upon which Newgate Motor Group will purchase the initial units of the I-GO for vehicle demonstrations and the 500 vehicles per year purchase order. The expected delivery date on first shipment of vehicles is December 20, 2022.
“This is a highly strategic partnership for Mullen, with Newgate being one of Ireland’s most recognizable dealers for New and Used vehicles; it brings us an incredible opportunity to enter the commercial EV market in Europe with a very successful retail group,” said David Michery, CEO and chairman of Mullen Automotive. “We are currently working closely with Newgate on the importation, registration, and licensing requirements for the successful import and distribution of the I-GO into Ireland and the United Kingdom.”
“We believe the Mullen I-GO is the logistical solution the European market is looking for as demand increases for zero emission delivery vehicles. The demand for zero emission, compact, delivery vehicles has never been higher, we believe Mullen have produced a vehicle to meet this demand and has the potential to command a substantial market share” said James Ring, General Manager Newgate Motor Group.
The I-GO will join Mullen’s current commercial vehicle lineup, which includes Class 1 and 2 EV cargo vans. Mullen recently made a majority acquisition of Bollinger Motors, whose portfolio includes Class 3 through Class 6 commercial vehicles. In addition to securing the exclusive sales, distribution, and branding rights for the I-GO for Spain, France, Germany, UK, and Ireland, the Company entered into an Asset Purchase Agreement to acquire all assets of Electric Last Mile Solutions, Inc. and Electric Last Mile, Inc. (“ELMS”) from the ELMS Bankruptcy Estates.
About Mullen
Mullen Automotive is a Southern California-based automotive company building the next generation of premium electric vehicles (EVs) that are affordable and built entirely in the United States. With an end-to-end ecosystem that supports owners from test driving to financing and servicing through a unique hybrid dealership model, customers are supported through every aspect of EV ownership. The Mullen FIVE, the Company’s first electric crossover, is slated for delivery in 2024 and features an award-winning design and its patented PERSONA technology that utilizes facial recognition to personalize the driving experience for every individual. To learn more about the company, visit www.MullenUSA.com.
About Newgate Motor Group
Newgate Motor Group is an Irish family-owned business and one of Ireland’s most recognized vehicle retailers. Newgate currently represent several brands including Renault passenger cars and commercial vehicles, Dacia, Kia and Mercedes-Benz. Newgate offers the highest level of service and expertise whether customers wish to maintain current vehicles or are looking to upgrade to a New or Used car. We stock the latest models and a wide variety of used cars from small to luxury premium vehicles. We are also authorized to facilitate your vehicle finance requirements, and we stock the full range of Mercedes-Benz &, Renault, Dacia and Kia genuine parts. Newgate Motor Group boasts a state-of-the-art facility in Navan, with workshops equipped to service and maintain Renault, Dacia Kia & Mercedes vehicles.
Forward-Looking Statements
Certain 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: Mullen and Newgate Motor Group will agree on terms of the Dealer Agreement, including but not limited to the terms of the 500 vehicles per year purchase order; whether the Sample I-Go’s will be delivered to Newgate within the expected time frame; whether the agreement and relationship with Newgate Motors Group will be a success and whether the I-Go will be a success in the European or other markets. Additional examples of such risks and uncertainties include but are not limited to: (i) Mullen’s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen’s ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen’s ability to successfully expand in existing markets and enter new markets; (iv) Mullen’s ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Mullen’s business; (viii) changes in government licensing and regulation that may adversely affect Mullen’s business; (ix) the risk that changes in consumer behavior could adversely affect Mullen’s business; (x) Mullen’s ability to protect its intellectual property; and (xi) local, industry and general business and economic conditions. 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) 613-1900
Wire Service Contact:
InvestorWire (IW)
Los Angeles, California
212.418.1217 Office
SOURCE: Mullen Automotive, Inc.
Conversion to save company more than $3.5 million in interest expense and eliminates debt service obligations, further improving overall financial health
Brea, CA – November 02, 2022 –Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announces today that it has eliminated $13 million in company debt and reduced its overall indebtedness from more than $30 million last year to an estimated less than approximately $10 million currently.
Mullen continues to strengthen its financial balance sheet with the recent elimination of approximately $13 million dollars in company debt, which was associated with a debt obligation to Esousa Holdings, LLC. Mullen continues to maintain its good financial health, with now less than an estimated $10 million approximately left of outstanding indebtedness. This elimination of and reduction in debt is significant, considering the overall debt balance at the end of 2021 was over $30 million.
“It’s been a great year for Mullen Automotive; we’ve made tremendous strides on all fronts, including significantly improving our financial health,” said David Michery, CEO and chairman of Mullen Automotive. “Continuing our goal of being debt-free is a main focus and provides us a strong path forward for our EV innovation and programs, securing investor confidence and overall company health.”
About Mullen
Mullen Automotive is a Southern California-based automotive company building the next generation of premium electric vehicles (EVs) that are affordable and built entirely in the United States. With an end-to-end ecosystem that supports owners from test driving to financing and servicing through a unique hybrid dealership model, customers are supported through every aspect of EV ownership. The Mullen FIVE, the Company’s first electric crossover, is slated for delivery in 2024 and features an award-winning design and its patented PERSONA technology that utilizes facial recognition to personalize the driving experience for every individual. To learn more about the company, visit www.MullenUSA.com.
Forward-Looking Statements
Certain 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 the actual amount of the total remaining debt on the Company’s balance sheet, whether the stock conversion that reduced the indebtedness will prove beneficial to the Company, whether Mullen’s good financial health will continue and whether the Company will be successful in its efforts to strengthen its financial balance sheet . Additional examples of such risks and uncertainties include but are not limited to; (i) Mullen’s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen’s ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen’s ability to successfully expand in existing markets and enter new markets; (iv) Mullen’s ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (ix) adverse effects of increased competition on Mullen’s business; (vii) changes in government licensing and regulation that may adversely affect Mullen’s business; (viii) the risk that changes in consumer behavior could adversely affect Mullen’s business; (ix) Mullen’s ability to protect its intellectual property; and (x) local, industry and general business and economic conditions. 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) 613-1900
Wire Service Contact:
InvestorWire (IW)
Los Angeles, California
212.418.1217 Office
Source: Mullen Automotive, Inc.
Mullen Automotive starts the FIVE EV Crossover tour this Thursday, Oct. 27th and Friday, Oct. 28th, in Pasadena, CA. Due to overwhelming interest, the company has also added new Los Angeles Area dates for Nov. 1st and Nov. 2nd at Angel Stadium in Anaheim, CA.
Mullen will be showcasing PERSONA, their propriety Personal Vehicle Assistant (PVA) and its propriety infotainment technology, on display providing a first-hand experience. PERSONA, featuring facial recognition technology, which will be featured during the tour, is the heart of the Mullen FIVE infotainment and technology. It completely personalizes the vehicle and driving experience for the consumer.
Brea, CA – October 26, 2022 – Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announces today the beginning of the Mullen FIVE Strikingly Different EV Crossover Tour on Oct. 27th in Pasadena, CA and, due to overwhelming interest, new dates have been added for Nov. 1st and 2nd at Angel Stadium in Anaheim, CA.
The public will have the chance to experience the Mullen FIVE in person this week, starting on Thursday and Friday in Pasadena, CA. Mullen will be showcasing PERSONA, their propriety Personal Vehicle Assistant (PVA) and its propriety infotainment technology, on display and providing an exciting first-hand experience. PERSONA, featuring facial recognition technology, which will be featured during the tour, is the heart of the Mullen FIVE infotainment and technology. It completely personalizes the vehicle and driving experience for the consumer.
Los Angeles, CA
Angel Stadium| Anaheim, CA
Address: 2000 E Gene Autry Way, Anaheim, CA 92806, USA
Dates: Nov. 01 – Nov. 02
“When we announced the Pasadena location, we received an overwhelmingly positive response and were completely booked out in a matter of hours. So, we decided to add an additional LA area stop to ensure more people have the opportunity to experience the FIVE,” said David Michery, CEO and chairman of Mullen Automotive. “It’s been a remarkable journey for us to get to this point of officially starting the Mullen FIVE demonstrator U.S. tour, we’re beyond grateful for the incredible support we’ve received so far.”
For the remainder of 2022, Mullen will continue the “Strikingly Different” Tour in the following cities with exact dates, locations, and times announced on or before Nov. 1, 2022. Please visit MullenUSA.com to learn more about the upcoming Mullen FIVE “Strikingly Different” Tour.
November 2022
Las Vegas, NV – Nov. 10th & 11th @ Las Vegas Speedway
Dallas, Texas – Nov. 14th & 15th @ Globe Life Field
Houston, Texas Nov. 18h & 19th @ Minute Maid Park
December 2022
Memphis, Tennessee – To be announced
Miami, Florida — Dec. 5th & 6th @ loanDepot park
Atlanta, Georgia – To be announced
Charlotte, North Carolina – To be announced
In Spring 2023, Mullen will launch the second leg of the “Strikingly Different” Tour with a focus on the East Coast, Midwest and northwest before finishing up in northern California. The second leg of the tour will feature the Mullen FIVE RS, which is a high-performance EV sport crossover featuring 1,100 horsepower, a top speed of 200 mph, and acceleration from 0-60 mph in just 1.9 seconds.
Mullen is offering “front row” FIVE reservation holders the first chance to experience the Mullen FIVE in person on the “Strikingly Different” U.S. tour beginning this fall. Mullen asks interested individuals who have not already done so to book their FIVE reservations here in order to secure a spot on the upcoming national tour. Further details and upcoming progress will be shared on Mullen’s social media platforms and with individuals who opt to stay connected here.
About Mullen
Mullen Automotive is a Southern California-based automotive company building the next generation of premium electric vehicles (EVs) that are affordable and built entirely in the United States. With an end-to-end ecosystem that supports owners from test driving to financing and servicing through a unique hybrid dealership model, customers are supported through every aspect of EV ownership. The Mullen FIVE, the Company’s first electric crossover, is slated for delivery in 2024 and features an award-winning design and its patented PERSONA technology that utilizes facial recognition to personalize the driving experience for every individual. To learn more about the company, visit www.MullenUSA.com.
Forward-Looking Statements
Certain 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 Company will meet the required contractual benchmarks to continue with its exclusive rights to the I-GO; whether the Company will be successful in its endeavors to secure licensing or similar arrangements for the I-GO with European vehicle dealerships; whether demand for ready to market urban delivery vehicles will continue in the European market; whether the I-GO will ultimately be available at the starting price of $11,999 plus VAT and local transportation; and whether the envisioned branding, marketing reach and revenue generating opportunities associated with the I-GO will materialize and if so, prove successful for the Company. Additional examples of such risks and uncertainties include but are not limited to; (i) Mullen’s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen’s ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen’s ability to successfully expand in existing markets and enter new markets; (iv) Mullen’s ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (ix) adverse effects of increased competition on Mullen’s business; (vii) changes in government licensing and regulation that may adversely affect Mullen’s business; (viii) the risk that changes in consumer behavior could adversely affect Mullen’s business; (ix) Mullen’s ability to protect its intellectual property; and (x) local, industry and general business and economic conditions. 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) 613-1900
Wire Service Contact:
InvestorWire (IW)
Los Angeles, California
212.418.1217 Office
source: Mullen Automotive, Inc.
Manufacturing Capability to Produce 50,000 Vehicles Per Year
Mullen’s cash on hand and funding commitment of up to $240 million provides the company with access of up to $275 million to close acquisition and fund vehicle launches
BREA, CA – October 19, 2022 – Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announces the US Bankruptcy Court approval on Oct. 13th, 2022 of its acquisition of electric vehicle company ELMS’s (Electric Last Mile Solutions) assets in an all cash purchase. In the Chapter 7 approved transaction Mullen will acquire ELMS’s manufacturing plant, all inventory and intellectual property.
Acquisition benefits include:
- The factory in Mishawaka, IN providing Mullen with the capability to produce up to 50,000 vehicles per year
- Allows acceleration of the path to production and market for Mullen FIVE and Bollinger B1, B2 retail vehicles by 12 plus months
- Commercial Product Platforms to be assembled at Mullen’s Tunica MS. Facility, for Launch of Mullen Class 1 and Class 3 Commercial Delivery vehicles into Market in 2023.
- The platform and plant acquisition results in a significant reduction of the Company’s previously forecast overall spend
The Mishawaka, IN factory that forms part of the Company’s acquisition, previously produced General Motors Hummer H2 SUV and SUT and also subsequently contract manufactured the Mercedes-Benz R-Class vehicle. This makes it the perfect fit for production of the Mullen and Bollinger portfolio of consumer vehicles. The ELMS asset acquisition, and the recent acquisition of the majority ownership of Bollinger Motors, gives Mullen the ability to integrate Bollinger’s vehicle platforms, B1 and B2 along with Mullen’s FIVE and FIVE RS platforms into an already existing and capable high volume manufacturing facility. As a result, this will accelerate launch of the Bollinger B1, B2 retail vehicles by 12 plus months.
Manufacturing optimization will include moving the Mullen FIVE EV Crossover production to the Mishawaka Factory from the Tunica, MS facility. Mullen FIVE production is planned to begin production in 2024. Tunica will now become the Commercial Manufacturing Center and capitalize to produce all Mullen and Bollinger Class 1 to 6 commercial vehicles.
With the additional Manufacturing capacity, total production volumes are expected to exceed Mullen’s previous business plan projections. The commercial portfolio is expected to increase over 50% with the addition of the ELMS assets and the retail portfolio is expected to more than double with the addition of Bollinger vehicles and the manufacturing capacity of Mishawaka.
The Company’s majority ownership acquisition of Bollinger Motors was closed in August 2022 with a combination of stock and cash. The ELMS acquisition will be completed as an all-cash purchase.
Highlights of the Acquisition:
Per the Asset Purchase Agreement which can be viewed from the Company’s recent public filings, the ELMS Assets purchased by Mullen were as follows:
• all Intellectual Property, including, without limitation, the registered intellectual property specifically listed in the Asset Purchase Agreement
- all inventory including vehicles, finished and unfinished, finished goods, part modules component parts, raw materials, tooling, including but not limited to product specific tooling, all manufacturing data that is required or reasonably helpful for the assembly of the Class 1 Electric commercial delivery vans and Class 3 Commercial Delivery Cab Chassis
- purchase of real property located in Mishawaka, Indiana, together with all buildings, improvements and fixtures
- all tangible personal property including equipment, machinery, furniture, supplies, computer hardware, data networks, servers (with data and software), communication equipment, software, discs, and all other data storage media
“Mullen’s acquisition of Bollinger was one of the largest transactions of its kind in the EV market. Upon closing the ELMS transaction, the Company will be in a position to strategically lever all its acquired assets to shorten its production path and aggressively expand into the commercial and consumer EV market,” said David Michery, CEO and chairman of Mullen Automotive. ”
About Mullen
Mullen is a Southern California-based automotive company that owns and partners with several synergistic businesses working toward the unified goal of creating clean and scalable energy solutions. Mullen has evolved over the past decade in sync with consumers and technology trends. Today, the Company is working diligently to provide exciting EV options built entirely in the United States and made to fit perfectly into the American consumer’s life. Mullen strives to make EVs more accessible than ever by building an end-to-end ecosystem that takes care of all aspects of EV ownership.
Forward-Looking Statements
Certain 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 closing of the ELMS acquisition will occur and if so, be beneficial to the Company; whether the anticipated manufacturing capability to produce 50,000 vehicles per year will prove reliable; whether Mullen’s cash availability will be sufficient for closing and funding of vehicle launches; whether the platform and plant acquisition will result in the anticipated reduction of the Company’s previously forecast spend; whether utilizing the manufacturing facility in Mishawaka, IN will result in accelerating development of the Bollinger B1, B2 retail vehicles by 12 plus months, or at all; whether the anticipated manufacturing optimization and forecast total Mullen and Bollinger vehicle production volumes detailed in this Press Release will materialize; whether the production of the Mullen FIVE will commence in 2024; whether the ELMS acquisition will be completed as an all-cash purchase; whether the Company’s cash on hand and other funding commitments will realize sufficient proceeds to accomplish closing the acquisition and/or the funding of vehicle launches; and whether the Company will be successful with its efforts to lever all its acquired assets to shorten its production path and expand into the commercial and consumer EV markets. Additional examples of such risks and uncertainties include but are not limited to: (i) Mullen’s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen’s ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen’s ability to successfully expand in existing markets and enter new markets; (iv) Mullen’s ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Mullen’s business; (viii) changes in government licensing and regulation that may adversely affect Mullen’s business; (ix) the risk that changes in consumer behavior could adversely affect Mullen’s business; (x) Mullen’s ability to protect its intellectual property; and (xi) local, industry and general business and economic conditions. 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) 613-1900
Wire Service Contact:
InvestorWire (IW)
Los Angeles, California
212.418.1217 Office
SOURCE: Mullen Automotive, Inc.
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