Mullen Announces Adoption of Limited Duration Stockholder Rights Plan
May 06 2024 - 9:00AM
via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the
“Company”), an electric vehicle (“EV”) manufacturer, today
announces that its Board of Directors (the “Board”) has unanimously
adopted a limited duration stockholder rights plan (the “Rights
Plan”).
The Rights Plan is intended to promote the fair and equal
treatment of all stockholders and is similar to rights plans
adopted by other publicly held companies. The Rights Plan is
designed to enable all Company stockholders to realize the
long-term value of their investment and is intended to protect
Mullen and its stockholders from efforts by a single stockholder or
group to obtain control of the Company without paying a control
premium.
The Rights Agreement is not a financing
transaction and no additional shares of Common Stock or Preferred
Stock or warrants or convertible notes are currently being issued
in connection with the dividend distribution of the Rights. In
general terms, the Rights Agreement works by imposing a significant
penalty upon any person or group that acquires beneficial ownership
of 10% or more of the shares of Common Stock without the prior
approval of the Board.
The Rights Plan is effective immediately and will expire on May
1, 2025. Additional information regarding the Rights Plan is
contained in the Form 8-K filed by Mullen with the U.S. Securities
and Exchange Commission (the “SEC”), which is expected to be
available at approximately 10 a.m. Eastern on Monday, May 6,
2024.
About Mullen
Mullen Automotive (NASDAQ: MULN) is a Southern California-based
automotive company building the next generation of commercial
electric vehicles (“EVs”) with two United States-based vehicle
plants located in Tunica, Mississippi, (120,000 square feet) and
Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen
began commercial vehicle production in Tunica. In September 2023,
Mullen received IRS approval for federal EV tax credits on its
commercial vehicles with a Qualified Manufacturer designation that
offers eligible customers up to $7,500 per vehicle. As of January
2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen
THREE, a Class 3 EV cab chassis truck, are California Air Resource
Board (CARB) and EPA certified and available for sale in the
U.S.
To learn more about the Company, visit www.MullenUSA.com.
Forward-Looking StatementsThis press release
contains forward-looking statements within the meaning of the “safe
harbor” provisions of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements can be identified
generally by the use of forward-looking terminology and words such
as “expects,” “anticipates,” “estimates,” “believes,” “predicts,”
“intends,” “plans,” “potential,” “may,” “continue,” “should,”
“will” and words of comparable meaning. Without limiting the
generality of the preceding statement, all statements in this press
release that are not historical facts are forward-looking
statements, including statements related to the anticipated
benefits and expected timing and consequences of the Rights Plan.
We caution investors that any such forward-looking statements are
only predictions reflecting the best judgment of the Company based
upon currently available information and are not guarantees of
future performance. Certain risks, uncertainties and other factors
may cause the Company’s actual results, performance or plans to
differ materially from those projected in the forward-looking
statements. Such factors may include risks related to the ability
of the Rights Plan to protect stockholders’ interests and maximize
value for all stockholders, including that the Rights Plan may not
effectively ensure that the Board has sufficient time to make
informed judgments that are in the best interests of the Company
and its stockholders, and other risk factors described from time to
time in our public releases and reports filed with the SEC,
including, but not limited to, our most recent Annual Report on
Form 10-K. We also caution investors that the forward-looking
information described herein represents our outlook only as of this
date, and we undertake no obligation to update or revise any
forward-looking statements to reflect events or developments after
the date of this press release except as otherwise required by
applicable law.
Contact:Mullen Automotive, Inc.+1 (714)
613-1900www.MullenUSA.com
Corporate Communications:InvestorBrandNetwork
(IBN) Los Angeles, California www.InvestorBrandNetwork.com
310.299.1717 Office Editor@InvestorBrandNetwork.com
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