Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today announced its acquisition of a controlling interest in EV truck innovator Bollinger Motors Inc. This is Mullen’s first EV acquisition and propels the company into the medium duty truck classes 3-6, along with the B1 and B2 sport utility trucks. According to the announcement, the purchase price is $148.2 million in cash and stock for a 60% controlling interest, which gives Mullen the majority ownership of Bollinger Motors and positions Bollinger to capture the electric sport utility and commercial vehicle markets. Mullen Automotive and Bollinger Motors will host a live YouTube webinar (https://ibn.fm/oyPmH) on Thursday, Sept. 8, at 2 p.m. EDT to introduce the two companies.
“This acquisition is one of the largest in the EV industry to date and provides Mullen with the unique opportunity to aggressively expand into the high-demand commercial EV space. The strong interest shown by major customers in all the high-volume segments like delivery, telecom, municipal services and utilities is a clear indication of the market’s desire for Bollinger’s vehicles,” said David Michery, CEO and chairman of Mullen Automotive. “Combining Bollinger’s vehicles with our existing class 1 and class 2 EV cargo van programs gives us the chance to dominate the entire class 1-6 commercial light and medium duty truck segments. In addition, Bollinger will be able to leverage Mullen’s solid-state battery technology, making their current vehicles even more competitive as our technology launches across the total portfolio of EVs from both Mullen and Bollinger.”
To view the full news release, visit https://ibn.fm/JIXbL
About Mullen Automotive Inc.
Mullen is a Southern California-based automotive company building the next-generation of premium electric vehicles (“EVs”) that are affordable and built entirely in the United States. With an end-to-end ecosystem that supports owners from test driving to financing and servicing through a unique hybrid dealership model, customers are supported through every aspect of EV ownership. The Mullen FIVE, the company’s first electric crossover, is slated for delivery in 2024 and features an award-winning design and its patented PERSONA technology that utilizes facial recognition to personalize the driving experience for every individual. 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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