Mullen Automotive (NASDAQ: MULN), an electric vehicle (“EV”) manufacturer, has added a commercial dealer to its growing list of dealerships. The company announced that National Auto Fleet Group (“NAFG”) will offer Mullen’s full line of all-electric commercial vehicles, specifically in Northern and Southern California. NAFG is a Sourcewell contract awardee and provides fleet vehicle purchasing to state, local government and educational institutions; Sourcewell is a government agency that has fulfilled bidding requirements and holds hundreds of competitively solicited contracts ready for use. “Everything you see, smell or touch was moved by truck at one time or another,” said National Fleet Auto Group’s Clarke Cooper in the press release. “With Mullen, we will offer municipal and government fleets the opportunity to work more efficiently, with a stronger TCO and with zero emissions. We believe Mullen’s all-electric line provides municipalities and government fleets with the option they need to transition to electric. Further, the fact that these vehicles are assembled in the United States by Americans upholds the goals we value when we work with public fleets and Sourcewell.”
In addition, Mullen announced that its board of directors unanimously adopted a limited duration stockholder rights plan. The announcement noted that the rights agreement is not a financing transaction and no additional shares of common stock or preferred stock or warrants or convertible notes are currently being issued in connection with the agreement. According to the announcement, the plan is designed to promote the fair and equal treatment of all stockholders and is much like rights plans adopted by other publicly held companies. Effective immediately, the plan will expire on May 1, 2025.
To view the full press releases, visit https://ibn.fm/y149H and https://ibn.fm/FCU1s
About Mullen Automotive Inc.
Mullen Automotive is a Southern California-based automotive company building the next generation of commercial electric vehicles (“EVs”) at its two United-States-based vehicle plants, located in Tunica, Mississippi (120,000 square feet), and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. In September 2023, Mullen received IRS approval for federal EV tax credits on its commercial vehicles with a Qualified Manufacturer designation that offers eligible customers up to $7,500 per vehicle. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, are California Air Resource Board (“CARB”) and EPA certified and available for sale in the United States. To learn more about the company, visit www.MullenUSA.com.
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