Correction to Mullen Press Release
Mullen Automotive Inc. (NASDAQ: MULN), is updating its press release with certain corrections as described further below. There are no changes to the financial results for the three months ended Dec. 31, 2023. The prior press release as corrected is set forth in its entirety below.
Mullen Reports Strongest Fiscal Quarter in Company’s History for Three Months Ended Dec. 31, 2023
Company reports financial results and current business update
Stockholders’ equity $271,814,097.00 as of December 31, 2023
BREA, Calif., Feb. 13, 2024 -- 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.”
Correction to Press Release