Mullen Automotive (NASDAQ: MULN), an electric vehicle (“EV”) manufacturer, has received a $100 million financing commitment from a family office; the company has also sold up to an additional $50 million of senior secured convertible notes to family offices and high net worth investors. According to the announcement, this $150 million capital infusion allows Mullen and Bollinger to operate and expand domestic and international commercial sales efforts as well as meet its capital needs over the next 13 months. This news comes on the heels of several advancements announced by the company, including California Air Resource Board (“CARB”) HVIP approval on the Mullen THREE, Class 3 EV truck, providing up to $45,000 cash voucher at time of vehicle purchase; the addition of Pritchard EV and National Auto Fleet Group to the company’s expanding commercial dealer network; and receiving Foreign Trade Zone Status approval for its Tunica, Mississippi, commercial vehicle manufacturing center.
To view the full press release, visit https://ibn.fm/rdXya
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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