Net Element (NASDAQ: NETE) is preparing to make an entrance into the electric vehicle (“EV”) market. The company, formerly focused on global financial technology and value-added solutions, has entered into a definitive merger agreement with Mullen Technologies Inc., a Southern California-based EV company. Mullen boasts seven retail locations in California and one in Arizona; the company also has expansion plans in place that include opening a manufacturing plant in Washington and launching a luxury sports car – the Dragonfly K50 – in early 2021. Timing of the move appears ideal, as EV sales in the United states have increased by an average of 25% per year (https://ibn.fm/ztMpL). NETE made the move to maximize shareholder value. An article this states, “through the reverse merger, NETE plans to transform itself into a pure-play electric vehicle company, allowing the stakeholders of Mullen, a privately held company, to acquire a majority of the new stock, accelerate the process of taking Mullen public, and catalyze its operations in the United States.”
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About Net Element Inc.
Net Element operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise (“SME”) in the United States and selected emerging markets. In the U.S., the company aims to grow transactional revenue by innovating SME productivity services using blockchain technology solutions and Aptito, its cloud-based, restaurant and retail point-of-sale solution. Internationally, Net Element’s strategy is to leverage its omni-channel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions. Net Element was ranked as one of the fastest-growing companies in North America on Deloitte’s 2017 Technology Fast 500(TM). In 2017 Net Element was recognized by “South Florida Business Journal” as one of 2016’s fastest-growing technology companies. Further information is available at www.NetElement.com.
NOTE TO INVESTORS: The latest news and updates relating to NETE are available in the company’s newsroom at http://ibn.fm/NETE
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