The announcement by Mullen Technologies Inc. that it has begun to build out its pilot manufacturing facility and take pre-orders for its M05 fully electric SUV bodes well for Net Element (NASDAQ: NETE). Earlier this year, Net Element, a global financial technology and value-added solutions group, and Mullen Technologies announced a merger agreement—so good news for Mullen means good news for Net Element.
“We are excited to begin the build-out of our pilot facility and pre-sales of our MX-05 SUV in October,” said Mullen Technologies chairman and CEO David Michery. “We plan on completing the build-out by April 2021 and to begin assembly of certification prototypes by July 2021. These vehicles will be used for homologation, which is expected to take 16 months and be completed by May of 2022, at which time we expect to begin delivering the first vehicles to the public.”
On Oct. 1, Mullen began work to turn its Monrovia, California-based, high-voltage battery R&D center into a state-of-the-art pilot facility where its line of fully electric SUVs will be manufactured. Plans call for the facility to be completed by April 2021, with the first MX-05 SUVs rolling off the production line to be delivered to customers by second quarter 2022.
Mullen Technologies anticipates its remodeled manufacturing facility will produce up to 1,000 MX-05 EVs per year; the facility will also manufacture all other upcoming models, including the MX-07 and MX-03. The factory will be renovated to include general assembly and battery assembly capabilities; the structure will also house R&D and serve as a warehouse.
Also on Oct. 1, Mullen will begin accepting preorders for its MX-05 model; starting base price for the innovative vehicle starts at $55,000. In addition, the company is also taking preorders for its Dragonfly K50, a limited-production super sports car being imported under Independent Commercial Importers. Information about both vehicles, as well as how to reserve the EVs, can be found on www.MullenUSA.com or at any Mullen retail location.
In August, Net Element announced the execution of a definitive agreement to merge with privately held Mullen Technologies Inc., in a stock-for-stock reverse merger in which Mullen’s stockholders will receive a majority of the outstanding stock in the post-merger company. The completion of the merger is subject to shareholder and NASDAQ approval, as well as other conditions referenced in the merger agreement.
Net Element Inc. is a global financial technology and value-added solutions group that supports electronic payments acceptance in an omni-channel environment spanning across point-of-sale, e-commerce and mobile devices. The company operates a payments-as-a-service transactional model and value-added services platform for small to medium enterprises in the United States and selected emerging markets.
For more information, visit the company’s website 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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