Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has issued a shareholder letter providing a business update and responding to questions regarding the company’s share price, which has declined significantly since March 31, 2023; the company currently trades at a discount to its current cash position of $135 million, or $.038 per share. The letter noted that the company anticipates meeting previously announced objectives regarding the production and sales of its class 3 commercial vehicles; management also noted that the company has completed two acquisitions, which have added “valuable, unencumbered assets to the balance sheet.” Those assets include Bollinger Motors becoming a majority-owned EV truck company of Mullen Automotive and the purchase of certain assets of Electric Last Mile Solutions (“ELMS”), including all of the company’s IP, a 650,000-square-foot manufacturing plant, and work in progress on inventory of an estimated 400 class 1 electric van kits and batteries, which can be sold at an MSRP of $36,500 each.
“In addition to acquisition assets listed above, Mullen’s Tunica, Mississippi, assembly facility has over 120,000 square feet of manufacturing space on 100 acres of land,” the company stated in the press release. “The Tunica facility is in the final stages of equipment installation for the launch of Mullen’s commercial class 3 production in the quarter ending Sept. 30, 2023. To date, the company has filed over 200 U.S. and international patent applications, with 90 patents granted to date, related to vehicle design, technology, safety and convenience features in support of the Mullen FIVE consumer vehicle program. The company has received $279 million in purchase orders from Randy Marion Automotive Group for Mullen class 1 and class 3 EV vans and trucks. Randy Marion, based in North Carolina, is one of the largest commercial vehicle dealer groups in the U.S.”
To view the full press release, visit https://ibn.fm/zeAiP
About Mullen Automotive Inc.
Mullen Automotive is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in two company-owned, United States-based assembly plants. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover, the Mullen-GO Commercial Urban Delivery EV, Mullen commercial class 1 and 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 all 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.
NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://ibn.fm/MULN
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