Mullen Automotive Inc., an emerging electric vehicle (“EV”) manufacturer, which previously announced a definitive stock-for-stock reverse merger agreement with Net Element (NASDAQ: NETE) in which Mullen’s stockholders will receive a majority of the outstanding stock in the post-merger company, today announced that Mullen Automotive has begun its plans to expand on its 100-acre site in Robinsonville, Mississippi. Located in Tunica County, Robinsonville is approximately 40 miles south of Memphis, Tennessee. Mullen’s Advanced Manufacturing and Engineering Facility (“AMEC”) currently occupies 124,000 square feet of manufacturing space. With over 100 acres of total available land on the property, Mullen is moving ahead with plans to build out another 1.2 million square feet of manufacturing space to support class 1 and class 2 EV cargo vans and the Mullen FIVE EV Crossover. Mullen intends to build a body shop, fully automated paint shop and a general assembly shop as well as a proving ground to perform dynamic vehicle testing on the expanded site. “Mullen is taking the initiative to work with industry-leading companies and is installing high-caliber equipment to keep with its goal of building world-class-quality EVs,” said David Michery, CEO and chairman of Mullen Automotive. “By committing to this scale of project and working with some of the best manufacturing processing companies in the world, Mullen is showing its commitment to be part of the rising electric era of EVs.”
To view the full news release, visit https://ibn.fm/QZYeH
About Net Element Inc.
Net Element operates a payments-as-a-service transactional and value-added services platform for small to medium enterprises (“SMEs”) in the U.S. and select emerging markets. Net Element previously announced the execution of a definitive agreement to merge with privately held Mullen Automotive Inc., a Southern California-based electric vehicle company 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 “contemplated merger”). The contemplated merger is subject to customary closing conditions and regulatory approvals. For additional information, visit 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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