Breaking #EV #Stock News: Mullen
(NASDAQ: $MULN) Announces Funding to Close on ELMS Assets; @Mullen_USA
Existing Shareholders Invest $150 Million to
Accelerate Production and Delivery of EVs
BREA, Calif. - November 17, 2022
(Investorideas.com Newswire) Mullen
Automotive, Inc. (NASDAQ: MULN)
("Mullen" or the "Company"), an emerging electric vehicle
(“EV”) manufacturer, announces today receipt of $150 million on Nov. 16, 2022,
which will be used in part to close on ELMS assets.
Read this news, featuring MULN in
full at https://www.investorideas.com/CO/MULN/news/2022/11171Funding-ELMS-Assets.asp
Mishawaka Indiana Factory for the Mullen FIVE and
Bollinger B1 and B2 EVs
Mullen is now in position to fund and
close on ELMS assets and complete engineering, preparation and launch of EVs.
"We are excited to announce
today that we have the funding in place to close on the ELMS asset
acquisition," said David Michery, CEO and chairman of Mullen Automotive.
"We expect to close quickly on
the ELMS transaction. This will accelerate market introduction of our cargo van
program and provide us with critical manufacturing capacity at a much lower
investment than previously expected to supply the rest of our product
portfolio."
ELMS assets include:
- The factory in Mishawaka, Indiana, providing
Mullen with the capability to produce up to 50,000 vehicles per year
- All Intellectual Property, including all
manufacturing data that is required for the assembly of the Class 1 van
and Class 3 Cab Chassis
- All inventory including finished and
unfinished vehicles, part modules, component parts, raw materials, tooling
- All property including equipment, machinery,
supplies, computer hardware, software, communication equipment, data
networks and all other data storage
"The completion of this
acquisition brings together the critical enablers for our business strategy.
With our Mullen, Bollinger and ELMS assets, as well as our plants, we are now
in a unique position to be a leader in the new EV auto market," said
Michery.
About Mullen
Mullen Automotive 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.
Forward-Looking Statements
Certain statements in this press
release that are not historical facts are forward-looking statements within the
meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any
statements contained in this press release that are not statements of
historical fact may be deemed forward-looking statements. Words such as
"continue," "will," "may," "could,"
"should," "expect," "expected,"
"plans," "intend," "anticipate,"
"believe," "estimate," "predict,"
"potential" and similar expressions are intended to identify such
forward-looking statements. All forward-looking statements involve significant
risks and uncertainties that could cause actual results to differ materially
from those expressed or implied in the forward-looking statements, many of
which are generally outside the control of Mullen and are difficult to predict.
Examples of such risks and uncertainties include but are not limited to when
the ELMS closing will occur, whether the closing will result in accelerating
the Company's programs and production, whether the funding terms and the
closing on ELMS assets will result in positive outcomes for shareholders.
Further examples of such risks and uncertainties include but are not limited
to: (i) Mullen's ability (or inability) to obtain additional financing in
sufficient amounts or on acceptable terms when needed; (ii) Mullen's ability to
maintain existing, and secure additional, contracts with manufacturers, parts
and other service providers relating to its business; (iii) Mullen's ability to
successfully expand in existing markets and enter new markets; (iv) Mullen's
ability to successfully manage and integrate any acquisitions of businesses,
solutions or technologies; (v) unanticipated operating costs, transaction costs
and actual or contingent liabilities; (vi) the ability to attract and retain
qualified employees and key personnel; (vii) adverse effects of increased
competition on Mullen's business; (viii) changes in government licensing and
regulation that may adversely affect Mullen's business; (ix) the risk that
changes in consumer behavior could adversely affect Mullen's business; (x)
Mullen's ability to protect its intellectual property; and (xi) local, industry
and general business and economic conditions. Additional factors that could
cause actual results to differ materially from those expressed or implied in
the forward-looking statements can be found in the most recent annual report on
Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed
by Mullen with the Securities and Exchange Commission. Mullen anticipates that
subsequent events and developments may cause its plans, intentions and
expectations to change. Mullen assumes no obligation, and it specifically
disclaims any intention or obligation, to update any forward-looking
statements, whether as a result of new information, future events or otherwise,
except as expressly required by law. Forward-looking statements speak only as
of the date they are made and should not be relied upon as representing Mullen's
plans and expectations as of any subsequent date.
Contact:
Mullen Automotive, Inc.
+1 (714) 613-1900
www.MullenUSA.com
Mullen
Automotive, Inc. (OTCQB:MULN)
is a featured EV stock on
More info on MULN at Investorideas.com Visit: https://www.investorideas.com/CO/MULN/
Get News Alerts on
EV Stock MULN
Disclaimer/Disclosure:
Investorideas.com is a digital publisher of third party sourced news, articles
and equity research as well as creates original content, including video,
interviews and articles. Original content created by investorideas is protected
by copyright laws other than syndication rights. Our site does not make
recommendations for purchases or sale of stocks, services or products. Nothing
on our sites should be construed as an offer or solicitation to buy or sell
products or securities. All investing involves risk and possible losses. This
site is currently compensated for news publication and distribution, social
media and marketing, content creation and more. Disclosure is posted for each
compensated news release, content published /created: Mullen Automotive,
Inc. (MULN) is a paid featured EV stock. More details https://www.investorideas.com/About/News/Clientspecifics.asp.
Contact management and IR of each company directly regarding specific
questions. More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp
Learn more about publishing your news release and our other news services on the
Investorideas.com newswire https://www.investorideas.com/News-Upload/
and tickertagstocknews.com
Global
investors must adhere to regulations of each country. Please read
Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp
RenewableEnergyStocks.com:
investing ideas in renewable energy stocks
Like
Renewable Energy Stocks? View our Renewable Energy Stocks Directory
Get News Alerts on Renewable Energy Stocks
Auto/Stock_List.com: investing ideas in automotive stocks
Like
Automotive Stocks? View our Automotive Stocks Directory
Posts
No comments:
Post a Comment