MULN Mullen Automotive Inc

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

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MULLEN AUTOMOTIVE INC.

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(Exact name of registrant as specified in its charter)

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1405 Pioneer Street, Brea, California 92821

(Address, including zip code, of principal executive offices)

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(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 7.01.    Regulation FD Disclosure.

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On January 29, 2024, Mullen Automotive Inc. issued a press release providing an update to shareholders concerning the achievement of California Air Resourses Board (“CARB”) certification for its all electric Class 3 low cab forward chasis truck. The District of Columbia and 14 states, including California, have adopted CARB vehicle standards.

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The information in this Item 7.01 and Exhibits 99.1 and 99.2 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act, except as shall be expressly set forth by specific reference in such filing.

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Item 9.01 Exhibits.

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(d)            Exhibits

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

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Exhibit 99.1

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The Mullen THREE, Class 3 EV Truck Now CARB Certified and Ready for Sale in All CARB States and District of Columbia

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Certification opens the Mullen THREE EV truck with a suggested MSRP of $68,500.00 to important state incentive programs; including opportunity with California’s HVIP project, which offers a rebate of up to $45,000.00 and, when combined with $7,500.00.00 federal tax credit, equals a net effective cost of less than $20,000.00 for the Mullen THREE

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CARB-compliant states and locations include: California, Connecticut, Colorado, Delaware, Maine, Maryland, Massachusetts, New Jersey, New Mexico, New York, Oregon, Pennsylvania, Rhode Island, Vermont and the District of Columbia

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BREA, Calif., Jan. 29, 2024 – via IBN – Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, today announces the achievement of a key commercial EV milestone with its all-electric Class 3 low cab forward chassis truck, receiving certification from the California Air Resources Board (“CARB”). The certification is awarded to vehicle manufacturers who meet specific emissions standards in compliance with CARB regulations. The District of Columbia and 14 states, including California, have adopted vehicle standards under Section 177  of the Clean Air Act (42 U.S.C. §7507), which requires additional approvals beyond EPA regulations.

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Mullen’s Class 1 and Class 3 commercial vehicles are now both in receipt of Environmental Protection Agency (“EPA”) and CARB certifications. Both vehicles are also in full compliance with U.S. Federal Motor Vehicle Safety Standards. Having received credentials from CARB and the EPA, Mullen can now sell both the Mullen ONE and THREE in every state throughout the U.S. A copy of Mullen’s Class 3 CARB certification can be found on MullenUSA.com.

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Additionally, CARB certification opens both the Mullen ONE and THREE eligibility for critical state EV incentive programs, which vary by each eligible CARB-compliant state. The certification takes on even more significance with CARB’s recent Advanced Clean Fleets (“ACF”) regulation, which will have a requirement that state and local government fleets, including city, county, special district, and state agency fleets, ensure 50% of vehicle purchases are zero-emission beginning in 2024 and 100% of vehicle purchases are zero-emission by 2027. Fleets that fall under high priority may also elect to utilize ZEV milestones as an option to meet overall ZEV targets.

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California’s HVIP project is an example of a valuable state incentive program available to CARB-certified vehicles. Under HVIP, the Mullen THREE EV truck, with a suggested MSRP of $68,500.00, may qualify for a rebate of up to $45,000.00 and, when combined with the available $7,500.00 federal tax credit, the net effective cost of the Mullen THREE would be less than $20,000.00.

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“CARB approval accelerates commercialization of the Mullen THREE and makes our vehicle even more appealing to customers who want to electrify their fleets,” said David Michery, CEO and chairman of Mullen Automotive. “Having both our Class 1 and Class 3 commercial EVs now CARB and EPA certified will continue to drive sales in all states across America.”

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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. 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 Electric Last Mile Solutions’ (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana.

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To learn more about the Company, visit www.MullenUSA.com.

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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.

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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 what extent, if any, the Mullen Class 1 and 3 will benefit from state or federal cash or other incentive programs, the total cost of these vehicles to purchasers and the impact on sales, if any, due to the CARB and EPA certifications. 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.

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Contact:

Mullen Automotive, Inc.

+1 (714) 613-1900

www.MullenUSA.com

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Corporate Communications:

InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com

Exhibit 99.2

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Pursuant to the authority vested in California Air Resources Board by Health and Safety Code, Division 26, Part 5, Chapter 2; and pursuant to the authority vested in the undersigned by Health and Safety Code Sections 39515 and 39516 and Executive Order G-19-095;

IT IS ORDERED: The following vehicles produced by the manufacturer are certified as zero-emission vehicles pursuant to Title 13, California Code of Regulations (13 CCR) 1962.2 and the incorporated test procedures.

Production vehicles shall be in all material respects the same as those for which certification is granted.

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BE IT FURTHER RESOLVED: The listed vehicle models shall not be equipped with any fuel-fired auxiliary power sources or heaters.

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BE IT FURTHER RESOLVED: The listed vehicle models shall comply with 13 CCR 1965 (labeling).

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BE IT FURTHER RESOLVED: The listed vehicle models shall be clearly labeled as “low-emission motor vehicle” pursuant to the requirements of HSC 43802(a).

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BE IT FURTHER RESOLVED: Because the vehicles certified by this Executive Order have no parts that affect emissions for which there is an applicable emission requirement, the manufacturer is not required to provide an emission control system warranty pursuant to HSC 43205 or 13 CCR 2035 et seq. Notwithstanding the above, the drive train, including battery packs, of the listed vehicle models certified under 13 CCR 1962.2(d)(5)(F) [i.e., NEV+] shall be covered under warranty in compliance with the requirement in 13 CCR 1962.2(d)(5)(F)3.

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BE IT FURTHER RESOLVED: Any debit in the manufacturer’s fleet average compliance requirement for NMOG+NOx or Vehicle Equivalent Credit (13 CCR Sections 1961.2(b)(1), 1961.2(b)(3), or 1961.2(c)(3), and the incorporated test procedures, as applicable), or Greenhouse Gas Emissions (13 CCR Section 1961.3, or 17 CCR Section 95663, and the incorporated test procedures, as applicable), for PC, LDT, MDPV or MDV shall be equalized as required.

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BE IT FURTHER RESOLVED: As applicable, heavy-duty vehicles (HDV) over 14,000 pounds in GVWR listed in this Executive Order are certified to the requirements in 13 CCR Section 1961.2 applicable to MDV pursuant to 13 CCR Section 1956.8(c)(3) or 13 CCR Section 1956.8(h)(5), as applicable.

Quarterly production reports shall be submitted to the Executive Officer no later than 45 days after the end of each quarter.

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Vehicles certified under this Executive Order shall conform to all applicable California emission regulations.

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The Bureau of Automotive Repair will be notified by copy of this Executive Order. Executed on this 24^th day of January 2024.

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