Breaking #EV #Stock News:
Mullen Automotive (NASDAQ: $MULN) Announces Elimination of Approximately $13
Million in Debt, with Less than $10 Million of Debt Remaining; @Mullen_USA
Conversion to save
Company more than $3.5 million in interest expense and eliminate debt service
obligations, further improving overall financial health
BREA,
Calif. - November 2, 2022 (Investorideas.com Newswire) Mullen Automotive, Inc.
(NASDAQ:
MULN) ("Mullen" or the "Company"), an emerging
electric vehicle ("EV") manufacturer, announces today that it has
eliminated $13 million in company debt and has reduced its overall indebtedness
from more than $30 million last year to a current estimate of less than $10
million.
Read this news, featuring MULN in full at https://www.investorideas.com/CO/MULN/news/2022/11021Debt-Elimination.asp
Mullen
continues to strengthen its financial balance sheet with the recent elimination
of approximately $13 million dollars in company debt, which was associated with
a debt obligation to Esousa Holdings, LLC. It is anticipated that this debt
conversion will save the Company more than $3.5 million in interest expenses.
Mullen
continues to maintain its good financial health, with now less than an
estimated $10 million approximately left of outstanding indebtedness. This
elimination of and reduction in debt is significant, considering the overall
debt balance at the end of 2021 was over $30 million.
"It's
been a great year for Mullen Automotive; we've made tremendous strides on all
fronts, including significantly improving our financial health," said
David Michery, CEO and chairman of Mullen Automotive. "Continuing our goal
of being debt-free is a main focus and provides us with a strong path forward
for our EV innovation and programs, securing investor confidence and overall
company health."
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 the actual amount of the total remaining debt on the Company's
balance sheet, whether the stock conversion that reduced the indebtedness will
prove beneficial to the Company, whether Mullen's good financial health will
continue and whether the Company will be successful in its efforts to
strengthen its financial balance sheet. Additional 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