- NETE transforming into pure-play electric vehicles company through merger with Mullen Technologies
- Reverse merger will allow Mullen stakeholders to acquire majority of newly formed company, accelerating process of Mullen going public
- EV sales growing at 25% per year on average, expected to account for over 20% of sales by 2030
Electric vehicle (“EV”) sales in the U.S. have been growing by an average of 25% per year (http://ibn.fm/Uy6ss) – stellar results when compared to the dismal 1.76% drop experienced by the entire industry in 2019 (http://ibn.fm/tIyK3). In a bold move aimed at maximizing shareholder value, Net Element (NASDAQ: NETE) recently announced its plans to divest itself of its payments processing business model and enter into the EV industry by executing a definitive merger agreement with Mullen Technologies Inc., a Southern California-based EV company. With seven retail locations in California and one in Arizona, Mullen plans to expand its operations in the U.S. following the merger by opening a manufacturing plant in West Plains, Washington and launching a luxury sports car – the Dragonfly K50 – in the first half of 2021 (http://ibn.fm/1Irsm).
Through the reverse merger, NETE plans to transform itself into a pure-play electric vehicle company, allowing the stakeholders of Mullen, a privately held company, to acquire a majority of the new stock, accelerate the process of taking Mullen public, and…
NOTE TO INVESTORS: The latest news and updates relating to NETE are available in the company’s newsroom at http://ibn.fm/NETE
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