Tuesday, June 27, 2023

MissionIRNewsBreaks — Mullen Automotive Inc. (NASDAQ: MULN) Corrects Shareholder Letter to Reflect $0.38 Per Share

 Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has released a letter to its shareholders designed to address the decrease in the company’s share price. The letter noted that earlier this week, the company’s common stock closed at $0.32 per share, down 90% since the end of March. The company currently trades at a discount to its current cash position of $135 million or $0.38 per share. The letter noted several key factors, including $86.7 million of cash available to operations and $0.68 of cash value per share as of March 31, 2023, and the completion of two acquisitions, which has added valuable, unencumbered assets to the company’s balance sheet. “Despite the decline in stock price, management believes we are in position to meet the previously announced objectives for moving first into the production and then sale of our Class 3 commercial vehicles during the quarter ending Sept. 30, 2023,” the company stated in the shareholder letter. “To date, the company has filed over 200 U.S. and international patent applications, with 90 patents granted to date, related to vehicle design, technology, safety and convenience features in support of the Mullen FIVE consumer vehicle program. The company has received $279 million in purchase orders from Randy Marion Automotive Group for Mullen Class 1 and Class 3 EV vans and trucks. Randy Marion, based in North Carolina, is one of the largest commercial vehicle dealer groups in the U.S.”

To view the full press release, visit https://ibn.fm/r1SjG

About Mullen Automotive Inc.

Mullen Automotive is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in two company-owned, United States-based assembly plants. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover, the Mullen-GO Commercial Urban Delivery EV, Mullen commercial class 1 and 3 EVs; and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and class 4–6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of all of Electric Last Mile Solutions’ (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana. To learn more about the company, visit www.MullenUSA.com.

NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://ibn.fm/MULN

About MissionIRNewsBreaks

MissionIRNewsBreaks provide a rapid summary of corporate news that catch the attention of MissionIR. MissionIRNewsBreaks are created by our Team of professional journalists that keep a constant eye on the markets, these posts are designed to inform you on the latest happenings of our clients and other publicly traded companies on our radar. From earnings, acquisitions and agreements to conference attendance and clinical study results, our news breaks keep you up-to-date with the day’s top movers. MissionIR is primarily focused on strategic communications. We have executed countless communications programs to address the needs of companies ranging from start-ups to established industry leaders, gaining valuable experience and the expertise necessary to determine the most effective strategy for any given situation.

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