via IBN -- Mullen Automotive Inc. (NASDAQ: MULN), an emerging
electric vehicle (“EV”) manufacturer, today announces financial
results for the three months ended Dec. 31, 2023, and a business
update.
Commenting on the results for the three months ended Dec. 31,
2023, and recent Company developments, CEO and chairman David
Michery stated, “We are coming off our strongest quarter to date
for vehicle production and deliveries. For the three months ended
Dec. 31, 2023, the Company delivered 231 vehicles. For the 12
months ended Sept. 30, 2023, the Company delivered a total of 35
vehicles. Our pivot to focus on commercial EVs last year was a
strategic move and has been paying off as we continue to see
increased demand across our CAMPUS, Class 1 and Class 3 EVs
and PowerUP charging trucks.
Our net loss attributable to common stockholders after preferred
dividends was REDUCED from $376.9 million for the three-month
period ended Dec. 31, 2022, to $61.4 million for the three-month
period ended Dec. 31, 2023.
Michery continued, “At our Tunica plant, we continue to increase
our vehicle production capacity with two vehicle lines running
concurrently for both Class 1 and Class 3 vehicle assembly. Since
starting production, we have invoiced for 396 vehicles, totaling
$17.3 million. We now have CARB certification for both our Class 1
EV cargo van and Class 3 EV truck, enabling sales in all 50 states
across the U.S.
In Fullerton, California, we continued to make progress at our
battery module and pack development facility with focus on reducing
our reliance on foreign battery components.
In closing, we continue to make strong progress and advancement
across the commercial vehicle segment and entire EV industry
overall.”
Recent Highlights Include:
- In January 2024, the Company regained compliance with the
Nasdaq minimum bid price requirement. The Company expects to regain
full Nasdaq compliance following the Feb. 29, 2024, annual
stockholder meeting.
- The Company also achieved important milestones, including
receiving CARB, federal EPA and NHTSA certification for its Class 1
and Class 3 vehicles, and IRS approval as a “qualified
manufacturer,” making its vehicles eligible for up to $7,500 in
federal EV tax credits per vehicle.
- Mullen announced the completion of a light-weight service truck
body for the All-Electric Mullen THREE, which was developed in
collaboration with Phenix Truck Bodies & Van Equipment and
Knapheide Manufacturing.
- Mullen Advanced Energy, LLC submitted a pre-application to the
U.S. Department of Energy Advanced Technology Vehicles
Manufacturing (“ATVM”) Loan Program to support its expansion into
domestic battery material processing and manufacturing.
- In November 2023, Mullen opened a battery module and pack
development facility in Fullerton, California, with the goal of
scaling U.S.-made EV battery module and pack production. The
Company is focused on reducing reliance on foreign battery
components.
Mullen Class 1 and 3 Commercial Vehicles
- Production of the Mullen Class 3
vehicle began in August 2023 and Class 1 vehicle production began
in November 2023.
- As of Jan. 31, 2024, Mullen has
invoiced Randy Marion Automotive $17.3 million for Class 1 EV cargo
vans, Class 3 EV trucks and CAMPUS EVs.
- Mullen and RRDS submitted a final
Ruling Request Application for substantial transformation of its
Class 1 EV cargo van to the U.S. Border Patrol and expects a final
ruling by Feb. 20, 2024. If Mullen receives a favorable final
ruling, the Company will be immediately eligible to sell Class 1 EV
cargo vans to all branches of the U.S. government.
Bollinger Motors - Oak Park, MichiganClass 4 –
6 Commercial Vehicles | Bollinger B1 SUV and B2 Pick Up Truck
- Bollinger Motors (“Bollinger”) has
received first vehicle orders for 40 B4, Class 4 EV trucks for a
combined total order valued at approximately $6.0 million.
- The Company expects to begin B4,
Class 4 vehicle deliveries in the second half of 2024.
Mullen Consumer Vehicle Program - Irvine,
CaliforniaMullen FIVE EV Crossover Program
- Development and production of the
high-performance Mullen FIVE RS (“FIVE RS” or “RS”) limited-edition
has been fast-tracked for completion and launch in Q4 2025 in the
European market. This vehicle will be a limited production run
delivering over 200-plus mph and 1.95 sec 0-60 mph.
- The Company debuted the
high-performance Mullen FIVE RS on Jan. 9, 2024, at CES 2024 in Las
Vegas.
Mullen-GO(TM)Mullen’s micro
urban commercial delivery vehicle, the Mullen-GO(TM) (“Mullen-GO”),
is designed to bridge the gap between the growing demand for quick
deliveries and space constraints in dense cities throughout
Europe.
- In 2023, the Company
announced a 30-unit purchase order for the Mullen-GO Commercial
Urban Delivery EV from Newgate Motor Group (“Newgate”).
Newgate, one of Ireland’s most recognized dealership groups, has
been named to lead marketing, sales, distribution, and servicing
for the Mullen-GO in Ireland and the United Kingdom.
Fullerton Battery Tech Assembly
Facility
- In November 2023, Mullen opened a
battery module and pack development facility in Fullerton,
California, with focus on scaling U.S.-made EV battery module and
pack production.
- The Company is
focused on reducing reliance on foreign battery components.
Solid-State Polymer Battery Pack
Update
- In December 2023, Mullen completed the solid-state polymer cell
to vehicle pack integration for the Mullen ONE EV cargo van.
- Battery pack testing began and is on track for road testing in
the first quarter of calendar 2024. The solid-state battery pack is
expected to increase range to more than 190 miles, a 73% increase
from the current range, providing a superior, clean and safe
alternative to current lithium-ion batteries and representing a
significant increase over industry standards.
Financial Results – Three Months Ended Dec. 31,
2023
The net loss attributable to common stockholders after preferred
dividends was approximately $61.4 million, or $15.32 net loss per
share, for the three months ended Dec. 31, 2023, as compared to a
net loss attributable to common stockholders after preferred
dividends of approximately $376.9 million, or $6,233.08 loss per
share, for the three months ended Dec. 31, 2022. Share counts were
adjusted retroactively for reverse stock splits effectuated during
calendar year ended Dec. 31, 2023.
For the quarter ended Dec. 31, 2023, we delivered to a dealer
231 vehicles valued at $11.9 million. The Company has deferred the
revenue and accounts receivable recognition on the $11.9 million
invoiced until paid and the return provision on the vehicles are
nullified by the dealer’s sale of vehicle to the end user.
During January 2024, we delivered an additional 130 (“UD1”)
vehicles valued at $4.4 million. Revenue and accounts receivable
were similarly deferred until paid and the dealer’s return
provisions expire.
Through Jan. 31, 2024, the Company has deferred revenue and
accounts receivable recognition, pending remaining payment due and
return provision expiration, on 371 vehicles valued at $16.9
million as follows:
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
Units delivered |
Amount Invoiced |
|
Total Vehicles Invoiced |
396 |
$ |
17,298.1 |
|
Revenue Recognized |
25 |
$ |
366.0 |
|
Revenue to be Recognized |
$ |
16,932.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Invoiced for the year ended September 30,
2023 |
Type |
|
Units delivered |
Amount Invoiced |
Revenuerecognized |
Urban Delivery (UD0) |
25 |
$ |
366.0 |
$ |
366.0 |
Mullen 3 (UU) |
|
10 |
$ |
652.2 |
$ |
- |
Total |
|
35 |
$ |
1,018.2 |
$ |
366.0 |
|
|
|
|
|
|
|
Invoiced for the quarter ended December 31,
2023 |
Type |
|
Units delivered |
Amount Invoiced |
Revenue Recognized |
Mullen 3 (UU) |
|
131 |
$ |
8,543.8 |
$ |
- |
Urban Delivery (UD1) |
100 |
$ |
3,363.5 |
$ |
- |
Total |
|
231 |
$ |
11,907.3 |
$ |
- |
|
|
|
|
|
|
|
Invoiced in January 2024 |
Type |
|
Units delivered |
Amount Invoiced |
Revenuerecognized |
Urban Delivery (UD1) |
130 |
$ |
4,372.6 |
$ |
- |
Total |
|
130 |
$ |
4,372.6 |
$ |
- |
|
The total cash spend (sum of operating and investing activities)
for the three months ended Dec. 31, 2023, and 2022, was $66.8
million and $126.5 million, respectively.
|
Three Months Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
Net loss |
$ |
(63,993,379 |
) |
|
$ |
(378,460,745 |
) |
Non-Cash Adjustments |
|
23,284,793 |
|
|
|
347,745,650 |
|
Working Capital Investment |
|
(19,182,967 |
) |
|
|
(2,018,943 |
) |
Net cash used in operating activities |
$ |
(59,891,553 |
) |
|
$ |
(32,734,038 |
) |
Net cash used in investing activities |
$ |
(6,865,681 |
) |
|
$ |
(93,718,182 |
) |
Net cash provided by financing activities |
$ |
- |
|
|
$ |
150,000,000 |
|
Change in cash |
$ |
(66,757,234 |
) |
|
$ |
23,547,780 |
|
|
|
|
|
The detail of non-cash adjustments to Statements of
Operations for quarters ended Dec. 31, 2023, and 2022, are as
follows:
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
Three Months Ended December 31, |
|
2023 |
|
2022 |
Stock-based compensation |
$ |
13,903,416 |
|
|
$ |
40,753,410 |
|
Revaluation of derivative liabilities |
|
6,728,981 |
|
|
|
40,781,976 |
|
Depreciation and amortization |
|
4,343,960 |
|
|
|
4,794,327 |
|
Amortization of debt discount |
|
160,664 |
|
|
|
74,577 |
|
Deferred income taxes |
|
(1,726,238 |
) |
|
|
- |
|
Loss/(gain) on asset disposal |
|
(125,990 |
) |
|
|
- |
|
Other financing costs - initial recognition of derivative
liabilities |
|
- |
|
|
|
255,960,025 |
|
Gain on conversion of derivative liabilities to common stock |
|
- |
|
|
|
(9,965,728 |
) |
Non-cash financing loss on over-exercise of warrants |
|
- |
|
|
|
8,934,892 |
|
Loss/(gain) on extinguishment of debt |
|
- |
|
|
|
6,412,171 |
|
|
$ |
23,284,793 |
|
|
$ |
347,745,650 |
|
We invested an additional $19.2 million and $2.0
million in working capital during the three months ended Dec. 31,
2023, and 2022, respectively. The Company invested $13.9 million
for inventory for the three months ended Dec. 31, 2023. Details of
changes in working capital are as follows:
Changes in operating assets
and liabilities: |
|
|
|
|
|
Three Months Ended December 31, |
|
2023 |
|
2022 |
Accounts receivable |
$ |
671,750 |
|
|
|
$ |
- |
|
Inventories |
|
(13,912,516 |
) |
|
|
|
- |
|
Prepaids and other assets |
|
(1,781,132 |
) |
|
|
|
(8,457,324 |
) |
Accounts payable |
|
1,317,232 |
|
|
|
|
7,724,852 |
|
Accrued expenses and other liabilities |
|
(3,044,392 |
) |
|
|
|
(1,576,292 |
) |
Right of use assets and lease liabilities |
|
(2,433,909 |
) |
|
|
|
289,821 |
|
|
$ |
(19,182,967 |
) |
|
|
$ |
(2,018,943 |
) |
|
|
|
|
|
Turning to our balance sheets and liquidity, we
had $47.1 million and $58.5 million of working capital at Dec. 31,
2023, and Sept. 30, 2023, respectively. We had total cash of $88.9
million at Dec. 31, 2023, versus $155.7 million at Sept. 30, 2023.
The Company expects to close on its $32 million loan in February
2024, increasing usable capital for vehicle production.
Current notes payables were $7.6 million and
$7.5 million on Dec. 31, 2023, and September 30, 2023,
respectively. Subsequent to Dec. 31, 2023, we paid off $5.0 million
in current notes payable that was secured by a mortgage on our
Tunica, Mississippi, facility.
Total stockholders’ equity remained relatively
flat at $271.8 million for Dec. 31, 2023, versus $272.8 million for
Sept. 30, 2023.
Following are our Consolidated Balance Sheets,
Consolidated Statements of Operations and Consolidated Statements
of Cash Flows for the quarters ended Dec. 31, 2023, and
2022.
MULLEN AUTOMOTIVE, INC. |
CONSOLIDATED BALANCE SHEETS |
(unaudited) |
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
September 30, 2023 |
ASSETS |
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
81,512,264 |
|
|
$ |
155,267,098 |
|
Restricted cash |
|
|
7,426,972 |
|
|
|
429,372 |
|
Accounts receivable |
|
|
— |
|
|
|
671,750 |
|
Inventory |
|
|
30,719,529 |
|
|
|
16,807,013 |
|
Prepaid expenses and prepaid inventories |
|
|
23,863,455 |
|
|
|
24,955,223 |
|
TOTAL CURRENT ASSETS |
|
|
143,522,220 |
|
|
|
198,130,456 |
|
|
|
|
|
|
|
|
Property, plant, and equipment, net |
|
|
86,916,241 |
|
|
|
82,032,785 |
|
Intangible assets, net |
|
|
103,569,927 |
|
|
|
104,235,249 |
|
Related party receivable |
|
|
2,733,998 |
|
|
|
2,250,489 |
|
Right-of-use assets |
|
|
13,400,598 |
|
|
|
5,249,417 |
|
Goodwill, net |
|
|
28,846,832 |
|
|
|
28,846,832 |
|
Other non-current assets |
|
|
2,186,704 |
|
|
|
960,502 |
|
TOTAL ASSETS |
|
$ |
381,176,520 |
|
|
$ |
421,705,730 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Accounts payable |
|
$ |
15,458,604 |
|
|
$ |
13,175,504 |
|
Accrued expenses and other current liabilities |
|
|
38,166,937 |
|
|
|
41,201,929 |
|
Dividends payable |
|
|
423,163 |
|
|
|
401,859 |
|
Derivative liabilities |
|
|
20,714,620 |
|
|
|
64,863,309 |
|
Liability to issue shares |
|
|
11,489,068 |
|
|
|
9,935,950 |
|
Lease liabilities, current portion |
|
|
2,137,882 |
|
|
|
2,134,494 |
|
Notes payable, current portion |
|
|
7,622,156 |
|
|
|
7,461,492 |
|
Refundable deposits |
|
|
426,972 |
|
|
|
429,372 |
|
Other current liabilities |
|
|
— |
|
|
|
7,000 |
|
TOTAL CURRENT LIABILITIES |
|
|
96,439,402 |
|
|
|
139,610,909 |
|
Liability to issue shares, net of current portion |
|
|
1,527,153 |
|
|
|
1,827,889 |
|
Lease liabilities, net of current portion |
|
|
9,230,806 |
|
|
|
3,566,922 |
|
Deferred tax liability |
|
|
2,165,062 |
|
|
|
3,891,900 |
|
TOTAL LIABILITIES |
|
$ |
109,362,423 |
|
|
$ |
148,897,620 |
|
Commitments and Contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Preferred stock; $0.001 par value; 500,000,000 preferred shares
authorized; |
|
|
|
|
|
|
Preferred Series D; 437,500,001 shares authorized; 363,097 and
363,097 shares issued and outstanding at
December 31, 2023 and September 30, 2023,
respectively (preference in liquidation of $159,000 and $159,000 at
December 31, 2023 and September 30, 2023,
respectively) |
|
|
363 |
|
|
|
363 |
|
Preferred Series C; 40,000,000 shares authorized; 1,211,757 and
1,211,757 shares issued and outstanding at
December 31, 2023 and September 30, 2023,
respectively (preference in liquidation of $10,696,895 and
$10,696,895 at December 31, 2023 and
September 30, 2023, respectively) |
|
|
1,212 |
|
|
|
1,212 |
|
Preferred Series A; 200,000 shares authorized; 648 and 648 shares
issued and outstanding at December 31, 2023 and
September 30, 2023, respectively (preference in
liquidation of $836 and $836 at December 31, 2023 and
September 30, 2023, respectively) |
|
|
1 |
|
|
|
1 |
|
Common stock; $0.001 par value; 5,000,000,000 and 5,000,000,000
shares authorized at December 31, 2023 and
September 30, 2023, respectively; 5,884,691 and 2,871,707
shares issued and outstanding at December 31, 2023 and
September 30, 2023 respectively (*) |
|
|
5,885 |
|
|
|
2,872 |
|
Additional paid-in capital (*) |
|
|
2,134,106,479 |
|
|
|
2,071,110,126 |
|
Accumulated deficit |
|
|
(1,923,556,935 |
) |
|
|
(1,862,162,037 |
) |
TOTAL STOCKHOLDERS' EQUITY ATTRIBUTABLE TO THE COMPANY'S
STOCKHOLDERS |
|
|
210,557,005 |
|
|
|
208,952,537 |
|
Noncontrolling interest |
|
|
61,257,092 |
|
|
|
63,855,573 |
|
TOTAL STOCKHOLDERS' EQUITY |
|
|
271,814,097 |
|
|
|
272,808,110 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
381,176,520 |
|
|
$ |
421,705,730 |
|
(*) Adjusted retroactively for reverse stock splits |
|
|
|
|
|
|
|
|
|
|
|
|
|
MULLEN AUTOMOTIVE, INC. |
CONSOLIDATED STATEMENTS OF OPERATIONS |
(unaudited) |
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
|
2023 |
|
2022 |
Operating expenses: |
|
|
|
|
|
|
General and administrative |
|
$ |
43,234,052 |
|
|
$ |
64,996,011 |
|
Research and development |
|
|
16,169,967 |
|
|
|
8,622,009 |
|
Loss from operations |
|
|
(59,404,019 |
) |
|
|
(73,618,020 |
) |
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
Other financing costs - initial recognition of derivative
liabilities |
|
|
— |
|
|
|
(255,960,025 |
) |
Loss on derivative liability revaluation |
|
|
(6,728,981 |
) |
|
|
(40,781,976 |
) |
Loss on extinguishment of debt, net |
|
|
— |
|
|
|
(6,412,170 |
) |
Gain on sale of fixed assets |
|
|
75,990 |
|
|
|
— |
|
Gain on lease termination |
|
|
50,000 |
|
|
|
— |
|
Interest expense |
|
|
(258,023 |
) |
|
|
(2,828,089 |
) |
Other income, net |
|
|
545,416 |
|
|
|
645,881 |
|
Net loss before income tax benefit |
|
|
(65,719,617 |
) |
|
|
(378,954,399 |
) |
|
|
|
|
|
|
|
Income tax benefit |
|
|
1,726,238 |
|
|
|
493,654 |
|
Net loss |
|
$ |
(63,993,379 |
) |
|
$ |
(378,460,745 |
) |
|
|
|
|
|
|
|
Net loss attributable to noncontrolling interest |
|
|
(2,598,481 |
) |
|
|
(2,184,959 |
) |
Net loss attributable to stockholders |
|
$ |
(61,394,898 |
) |
|
$ |
(376,275,786 |
) |
|
|
|
|
|
|
|
Accrued accumulated preferred dividends |
|
|
(21,303 |
) |
|
|
(638,677 |
) |
Net loss attributable to common stockholders after
preferred dividends |
|
$ |
(61,416,201 |
) |
|
$ |
(376,914,463 |
) |
|
|
|
|
|
|
|
Net Loss per Share |
|
$ |
(15.32 |
) |
|
$ |
(6,233.08 |
) |
|
|
|
|
|
|
|
Weighted average shares outstanding, basic and diluted |
|
|
4,007,791 |
|
|
|
60,470 |
|
|
|
|
|
|
|
|
MULLEN AUTOMOTIVE, INC. |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
|
2023 |
|
2022 |
Cash Flows from Operating Activities |
|
|
|
|
|
|
Net loss |
|
$ |
(63,993,379 |
) |
|
$ |
(378,460,745 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
Stock-based compensation |
|
|
13,903,416 |
|
|
|
40,753,410 |
|
Revaluation of derivative liabilities |
|
|
6,728,981 |
|
|
|
40,781,976 |
|
Depreciation and amortization |
|
|
4,343,960 |
|
|
|
4,794,327 |
|
Amortization of debt discount |
|
|
160,664 |
|
|
|
74,577 |
|
Deferred income taxes |
|
|
(1,726,238 |
) |
|
|
— |
|
Gain on asset disposal |
|
|
(125,990 |
) |
|
|
— |
|
Other financing costs - initial recognition of derivative
liabilities |
|
|
— |
|
|
|
255,960,025 |
|
Gain on conversion of derivative liabilities to common stock |
|
|
— |
|
|
|
(9,965,728 |
) |
Non-cash financing loss on over-exercise of warrants |
|
|
— |
|
|
|
8,934,892 |
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
6,412,171 |
|
|
|
|
|
|
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
671,750 |
|
|
|
— |
|
Inventories |
|
|
(13,912,516 |
) |
|
|
— |
|
Prepaids and other assets |
|
|
(1,781,132 |
) |
|
|
(8,457,324 |
) |
Accounts payable |
|
|
1,317,232 |
|
|
|
7,724,852 |
|
Accrued expenses and other liabilities |
|
|
(3,044,392 |
) |
|
|
(1,576,292 |
) |
Right of use assets and lease liabilities |
|
|
(2,433,909 |
) |
|
|
289,821 |
|
Net cash used in operating activities |
|
|
(59,891,553 |
) |
|
|
(32,734,038 |
) |
|
|
|
|
|
|
|
Cash Flows from Investing Activities |
|
|
|
|
|
|
Purchase of equipment |
|
|
(6,865,681 |
) |
|
|
(726,482 |
) |
Purchase of intangible assets |
|
|
— |
|
|
|
(74,826 |
) |
ELMS assets purchase |
|
|
— |
|
|
|
(92,916,874 |
) |
Net cash used in investing activities |
|
|
(6,865,681 |
) |
|
|
(93,718,182 |
) |
|
|
|
|
|
|
|
Cash Flows from Financing Activities |
|
|
|
|
|
|
Proceeds from issuance of convertible notes payable |
|
|
— |
|
|
|
150,000,000 |
|
Net cash provided by financing activities |
|
|
— |
|
|
|
150,000,000 |
|
|
|
|
|
|
|
|
Change in cash |
|
|
(66,757,234 |
) |
|
|
23,547,780 |
|
Cash and restricted cash (in amount of $429,372), beginning of
period |
|
|
155,696,470 |
|
|
|
84,375,085 |
|
Cash and restricted cash (in amount of $7,426,972), ending of
period |
|
$ |
88,939,236 |
|
|
$ |
107,922,865 |
|
|
|
|
|
|
|
|
Supplemental disclosure of Cash Flow
information: |
|
|
|
|
|
|
Cash paid for interest |
|
$ |
— |
|
|
$ |
3,056 |
|
|
|
|
|
|
|
|
Supplemental Disclosure for Non-Cash
Activities: |
|
|
|
|
|
|
Exercise of warrants recognized earlier as liabilities |
|
$ |
50,875,649 |
|
|
$ |
84,799,179 |
|
Right-of-use assets obtained in exchange of operating lease
liabilities |
|
$ |
8,932,159 |
|
|
$ |
617,820 |
|
Convertible notes and interest - conversion to common stock |
|
$ |
- |
|
|
$ |
59,402,877 |
|
Debt conversion to common stock |
|
$ |
- |
|
|
$ |
1,096,787 |
|
|
|
|
|
|
|
|
About Mullen
Mullen Automotive (NASDAQ: MULN) is a Southern California-based
automotive company building the next generation of electric
vehicles (“EVs”) that will be manufactured in its two United
States-based assembly plants. Mullen's EV development portfolio
includes the Mullen FIVE EV Crossover, Mullen-GO Commercial Urban
Delivery EV, Mullen Commercial Class 1-3 EVs and Bollinger Motors,
which features both the B1 and B2 electric SUV trucks and Class 4-6
commercial offerings. During 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.
Forward-Looking Statements
Certain statements in this press release that are not historical
facts are forward-looking statements within the meaning of Section
27A of the Securities Exchange Act of 1934, as amended. Any
statements contained in this press release that are not statements
of historical fact may be deemed forward-looking statements. Words
such as "continue," "will," "may," "could," "should," "expect,"
"expected," "plans," "intend," "anticipate," "believe," "estimate,"
"predict," "potential" and similar expressions are intended to
identify such forward-looking statements. All forward-looking
statements involve significant risks and uncertainties that could
cause actual results to differ materially from those expressed or
implied in the forward-looking statements, many of which are
generally outside the control of Mullen and are difficult to
predict. Examples of such risks and uncertainties include but are
not limited to (i) whether increased demand across CAMPUS, Class 1
and Class 3 EVs and PowerUP charging trucks will continue; (ii)
whether Mullen will achieve its battery module and pack development
objectives, including the timing and anticipated range increases
for the development of the solid-state battery packs; (iii) whether
the Company will regain full Nasdaq compliance as expected; (iv)
the outcome of Mullen Advanced Energy’s pre-application to the U.S.
Department of Energy Advanced Technology Vehicles
Manufacturing Loan Program; (v) the timing and outcome of the
Mullen and RRDS final Ruling Request Application regarding its
Class 1 EV cargo van; (vi) the timing and outcome of Bollinger B4
production and deliveries; (vii) whether the projected timelines
for the development and production of the high-performance Mullen
FIVE RS limited-edition will be realized; (viii) whether the
Mullen-GO will prove successful; (vix) the timing of manufacturing,
production and availability of Mullen vehicles to customers,
including future vehicle production capacity for the Class 1 Class
3 and B4, Class 4 vehicles, and timely completion and launch of
Mullen FIVE RS in the European market;; (x) Mullen’s ability (or
inability) to obtain additional financing in sufficient amounts or
on acceptable terms when needed; (xi) Mullen's ability to maintain
existing, and secure additional, contracts with manufacturers,
parts and other service providers relating to its business; (xii)
Mullen’s ability to successfully expand in existing markets and
enter new markets; (xiii) Mullen’s ability to successfully manage
and integrate any acquisitions of businesses, solutions or
technologies; (xiv) unanticipated operating costs, transaction
costs and actual or contingent liabilities; (xv) the ability to
attract and retain qualified employees and key personnel; (xvi)
adverse effects of increased competition on Mullen’s business;
(xvii) changes in government licensing and regulation that may
adversely affect Mullen’s business; (xviii) the risk that changes
in consumer behavior could adversely affect Mullen’s business;
(xix) Mullen’s ability to protect its intellectual property; and
(xx) local, industry and general business and economic conditions.
Additional factors that could cause actual results to differ
materially from those expressed or implied in the forward-looking
statements can be found in the most recent annual report on Form
10-K, quarterly reports on Form 10-Q and current reports on Form
8-K filed by Mullen with the Securities and Exchange Commission.
Mullen anticipates that subsequent events and developments may
cause its plans, intentions and expectations to change. Mullen
assumes no obligation, and it specifically disclaims any intention
or obligation, to update any forward-looking statements, whether as
a result of new information, future events or otherwise, except as
expressly required by law. Forward-looking statements speak only as
of the date they are made and should not be relied upon as
representing Mullen’s plans and expectations as of any subsequent
date.
Contact:
Mullen Automotive Inc.+1 (714) 613-1900www.MullenUSA.com
Corporate Communications:IBN
(InvestorBrandNetwork)Los Angeles,
Californiawww.InvestorBrandNetwork.com310.299.1717
OfficeEditor@InvestorBrandNetwork.com
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