Mullen THREE, Stake Body Upfit Commercial Class 3 EV Truck
$150 million in capital injection will enable Mullen and Bollinger to operate and expand domestic and international commercial sales operations
These commitments will meet our capital needs over the next 13 months.
BREA, California, May 14, 2024 (Globe Newswire) — via IBN — Mullen Automotive Company (NASDAQ: Marun(“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, today announced that the Company has received a $100 million financing commitment from a family office and the sale of up to an additional $50 million in senior secured convertibles. We announced that. A note to family offices and high-net-worth investors. These commitments will meet our capital needs over the next 13 months. The Company sold $12.5 million of notes to such investors on May 14, 2024.
The $150 million financing commitment provides the company with sufficient cash and cash equivalents to fund the next 13 months of business operations for both Mullen Motors and Bollinger Motors, including Bollinger Motors' B4 vehicle production. is held.
Mullen recently announced several advancements, including California Air Resources Board (CARB) HVIP approval of the Mullen THREE, a Class 3 EV truck, and offering up to $45,000 in cash coupons with the purchase of a vehicle. We recently expanded our commercial dealer network with the additions of Pritchard EV and National Auto Fleet Group. Both new dealerships are leaders in commercial, fleet and EV sales and service, serving key U.S. markets with additions in the Midwest and West Coast. The company also recently announced approval of Foreign Trade Zone status for its commercial vehicle manufacturing center in Tunica, Mississippi. Approval of an FTZ provides many benefits, including deferral of unpaid customs duties and elimination of customs duties on exported vehicles.
About Maren
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company manufacturing next-generation commercial electric vehicles (EVs) at two U.S.-based vehicle plants in Tunica, Mississippi (120,000 square feet) and Mishawaka, Mississippi. ”) are manufactured. Indiana (650,000 square feet). In August 2023, Mullen began production of commercial vehicles in Tunica. In September 2023, Mullen received IRS approval for the Federal EV Tax Credit for commercial vehicles with qualifying manufacturer designations, providing up to $7,500 per vehicle to eligible customers. As of January 2024, the Mullen ONE, a Class 1 EV cargo van, and the Mullen THREE, a Class 3 EV cab-chassis truck, are both California Air Resources Board (CARB) and EPA certified and available for sale in the U.S. Is possible.
If you would like to learn more about the company, please 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. Statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. “continue”, “will”, “may”, “could”, “should”, “expect”, “anticipated”, “plan”, “intend”, ” Words such as “anticipate,” “believe,” “estimate,” “anticipate,” “may” 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 by the forward-looking statements, many of which are generally It is outside of Mullen's control and difficult to predict. Examples of such risks and uncertainties include the anticipated timing of the financing, whether the financing will be sufficient to meet the needs of the Company and its affiliates during the stated or other anticipated periods; including, but not limited to, and its effects. to the Company and its stockholders as a result of the sale and financing of the Notes. 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 necessary; (ii) Mullen's ability to maintain existing contracts and secure additional contracts with manufacturers, parts and other service providers associated with its operations; (iii) Mullen's ability to successfully expand in existing markets and enter new markets; (iv) Mullen's ability to successfully manage and integrate business, solution or technology acquisitions; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) our ability to attract and retain qualified employees and key personnel; (vii) the adverse effects of increased competition on Mullen's business; (viii) changes in government licensing and regulations that may adversely affect Mullen's business; (ix) the risk that changes in consumer behavior may adversely affect his Mullen's business; (x) Mullen's ability to protect its intellectual property; (xi) regional, industry, and general business and economic conditions; Other factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. and current report on Form 8-. K was filed with the Securities and Exchange Commission by Mullen. Mr. Mullen anticipates that subsequent events and developments may cause plans, intentions and expectations to change. Mullen undertakes no obligation, and 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 on which they are made and should not be relied upon as representing Mullen's plans or expectations as of a subsequent date.
contact:
Mullen Automotive Company
+1 (714) 613-1900
www.MullenUSA.com
Corporate communications:
Investor Brand Network (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
editor@InvestorBrandNetwork.com
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