Mullen Announces Funding to Close on ELMS Assets
November 17 2022 - 8:30AM
InvestorsHub NewsWire
Existing Shareholders Invest $150 Million to Accelerate
Production and Delivery of EVs
Brea, CA -- November 17, 2022 -- Investors Mullen Automotive, Inc. (NASDAQ: MULN)
(“Mullen” or the “Company”), an emerging electric vehicle (“EV”)
manufacturer, announces today receipt of $150 million on Nov. 16,
2022, which will be used in part to close on ELMS assets.
Mullen is now in position to fund and close on ELMS assets and
complete engineering, preparation and launch of EVs.
“We are excited to announce today that we have the funding in
place to close on the ELMS asset acquisition,” said David Michery,
CEO and chairman of Mullen Automotive.
“We expect to close quickly on the ELMS transaction. This will
accelerate market introduction of our cargo van program and provide
us with critical manufacturing capacity at a much lower investment
than previously expected to supply the rest of our product
portfolio.”
ELMS assets include:
- The factory in Mishawaka, Indiana, providing Mullen with the
capability to produce up to 50,000 vehicles per year
- All Intellectual Property, including all manufacturing data
that is required for the assembly of the Class 1 van and Class 3
Cab Chassis
- All inventory including finished and unfinished vehicles, part
modules, component parts, raw materials, tooling
- All property including equipment, machinery, supplies, computer
hardware, software, communication equipment, data networks and all
other data storage
“The completion of this acquisition brings together the critical
enablers for our business strategy. With our Mullen, Bollinger and
ELMS assets, as well as our plants, we are now in a unique position
to be a leader in the new EV auto market,” said Michery.
About Mullen
Mullen Automotive is a Southern California-based automotive
company building the next-generation of premium electric vehicles
(EVs) that are affordable and built entirely in the United States.
With an end-to-end ecosystem that supports owners from test driving
to financing and servicing through a unique hybrid dealership
model, customers are supported through every aspect of EV
ownership. The Mullen FIVE, the company’s first electric crossover,
is slated for delivery in 2024 and features an award-winning design
and its patented PERSONA technology that utilizes facial
recognition to personalize the driving experience for every
individual. 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 when the ELMS closing will occur, whether the
closing will result in accelerating the Company’s programs and
production, whether the funding terms and the closing on ELMS
assets will result in positive outcomes for
shareholders. Further examples of such risks and
uncertainties include but are not limited to: (i) Mullen’s ability
(or inability) to obtain additional financing in sufficient amounts
or on acceptable terms when needed; (ii) Mullen's ability to
maintain existing, and secure additional, contracts with
manufacturers, parts and other service providers relating to its
business; (iii) Mullen’s ability to successfully expand in existing
markets and enter new markets; (iv) Mullen’s ability to
successfully manage and integrate any acquisitions of businesses,
solutions or technologies; (v) unanticipated operating costs,
transaction costs and actual or contingent liabilities; (vi) the
ability to attract and retain qualified employees and key
personnel; (vii) adverse effects of increased competition on
Mullen’s business; (viii) changes in government licensing and
regulation that may adversely affect Mullen’s business; (ix) the
risk that changes in consumer behavior could adversely affect
Mullen’s business; (x) Mullen’s ability to protect its
intellectual property; and (xi) 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) 613-1900
www.MullenUSA.com
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