Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has received approval from the U.S. Bankruptcy Court to move forward on its acquisition of Electric Last Mile Solutions (“ELMS”) assets; ELSM is an electric vehicle company. According to the announcement, the Chapter 7-approved transaction paves the way for Mullen to acquire ELMS’s manufacturing plant along with all inventory and intellectual property. The acquisition will be an all-cash purchase; the company’s cash on hand and a funding commitment of up to $240 million provides the funds to finalize the acquisition and move forward with vehicle launches. The company noted that the factory, which is located in Mishawaka, Indiana, has the capacity to produce up to 50,000 vehicles every year, allowing MULN to accelerate its planned vehicle production for the Mullen FIVE and Bollinger B1, B2 retail vehicles by more than 12 months. In addition, the platform and plant acquisition will result in a significant reduction in the company’s previously forecast overall spend. “Mullen’s acquisition of Bollinger was one of the largest transactions of its kind in the EV market,” said Mullen Automotive CEO and chair David Michery in the press release. “Upon closing the ELMS transaction, the company will be in a position to strategically leverage all its acquired assets to shorten its production path and aggressively expand into the commercial and consumer EV market.”
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About Mullen Automotive Inc.
Mullen is a Southern California-based automotive company that owns and partners with several synergistic businesses working toward the unified goal of creating clean and scalable energy solutions. Mullen has evolved over the past decade in sync with consumers and technology trends. Today, the company is working diligently to provide exciting EV options built entirely in the United States and made to fit perfectly into the American consumer’s life. Mullen strives to make EVs more accessible than ever by building an end-to-end ecosystem that takes care of all aspects of EV ownership. To learn more about the company, visit www.MullenUSA.com.
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