I-Glow
11 hours ago
How does a company survive with the Mullen business model?
"To date, Mullen has delivered 121 Class 3 vehicles for a total of $7,623,000 invoiced.
Company focused and on track to deliver 150 vehicles by EOY 2023.
Vehicles delivered are part of Randy Marion’s 1,000 Class 3 purchase order.
BREA, Calif., December 26, 2023– via InvestorWire – Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, today announces 63 additional Class 3 vehicles have been delivered to Randy Marion Automotive Group (“RMA” or “Randy Marion”) with the Company invoicing RMA for $3,969,000.. To-date, The Company has delivered 121 Mullen THREEs to RMA for a total of $7,623,000. The Company is on track to deliver 150 Mullen THREEs by EOY 2023."
Mullen at the time of the. Press release had delivered RMA 121 Class 3 vehicles and only sold one.
double_m
2 days ago
...and has sold up to an additional $50 million of senior secured convertible notes to family offices and high net worth investors. https://ih.advfn.com/stock-market/NASDAQ/mullen-automotive-MULN/stock-news/93846098/mullen-announces-150-million-financing-commitment
That $50M note was sold to Ault back in Dec '23 with a 3 month maturation period that ended at the beginning of Apr '24! That's the dilution we saw last month and earlier this month. Recent filings from Mullen purposefully fail to mention Ault's (Esousa Holdings) name. It took me almost an hour on the SEC website to find who this note was sold to.
On December 18, 2023, Mullen Automotive, Inc. (the “Company”) agreed to issue a non-convertible secured promissory note (the “Note”) that does
not include any stock, warrants or other securities (the “Debt Agreement”). The Note, which does not include any conversion rights, will provide additional
capital for the Company’s manufacturing operations. Pursuant to the Debt Agreement, the Company will issue a Note that will have an aggregate principal
amount of $50,000,000, for a total purchase price of $32,000,000, or an original issue discount of $18,000,000. The issuance of the non-convertible Note
contemplated by the Debt Agreement will occur on the later of: (i) January 1, 2024 or (ii) the first day on which the Nasdaq Stock Market is open for trading on which all conditions to closing of both parties under the Debt Agreement have been satisfied. The Debt Agreement contains customary representations,
warranties and covenants.
The Note will bear interest at a rate of 10% per annum (which interest rate is increased to 18% per annum immediately after the occurrence and
continuance of an Event of Default (as defined in the Note) and it will have a maturity date set as the date that is three months from its date of issuance. The Company's repayment obligations under the Note may be accelerated, at the holder’s election, upon the occurrence of certain customary events of default. In the event of a default and acceleration of the Company's obligations, the Company would be required to pay the principal amount of the Note, plus all accrued and unpaid interest, plus all other amounts, costs, or expenses due under the Note.
https://www.otcmarkets.com/filing/conv_pdf?id=17140759&guid=fVQ-k6bwuhw-B3h
double_m
6 days ago
More than likely the only way this thing stays above $6 by next Wednesday is if they announce some sort of purchase agreement. Those of us who have been here for a while have all shot that 'hopeium' of selling vehicles in our veins at some point in the past 2+ years and had a hell of a time in rehab after several lies and failures. Look at all the agreements to buy hundreds of Mullen vehicles that had us saying: "oh, it'll be different this time!" and NEVER happened. How are investors supposed to feel about that?
Mullen is just like Workhorse! When insiders finally decide to form a sustainable company after enriching themselves for years, it's too late. DM will use that same playbook for proping this thing up with share offerings, RS's and potential government subsidies but, like Workhorse, it will cost twice as much just to produce vehicles (which Mullen has yet to do), let alone sell them. Lordstown (RIDE) had a slow death! Workhorse (WKHS) is having a slow death. That scumbag of a CEO is no different!!! $MULN
Hopeium (colloquial, derogatory) - A clinging to unreasonable or unfounded hopes.