Mullen Series D Holders Exercise Final $100 Million Investment Option Prior to June 30, 2023, Expiration
Company is in its strongest financial position ever, with over $235 million in cash and cash equivalents, representing approximately 2 years of operating capital
BREA, Calif., June 27, 2023 (GLOBE NEWSWIRE) — 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.
Mullen 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.
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 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.
Mullen Automotive, Inc.
+1 (714) 613-1900
Los Angeles, California
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