- Report notes that NETE is showing surprising business strength despite lockdowns persisting in New York, California
- Once restrictions are eased, company should rebound sharply
- Agreement between NETE, Mullen outlines stock-for-stock reverse merger in which Mullen stockholders will receive outstanding stock in post-merger company
With its previously announced definitive agreement with Mullen Technologies, a Southern California-based electric vehicle company, still in process, Net Element (NASDAQ: NETE) is valued only on its card-processing business. With 45% of its customers in the restaurant business — a space that has been deeply impacted by COVID-19 — Net Element revenues actually improved sequentially, reported a recent Zacks Small-Cap Research report (https://ibn.fm/vLGgP).
“Net Element is showing surprising business strength despite lockdowns persisting in New York, where it has numerous customers in the restaurant business,” the report noted…
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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