Mullen Issues Letter to Shareholders on Merger Completion
November 09 2021 - 7:30AM
via InvestorWire – Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen”
or the “Company”), an emerging electric vehicle (“EV”)
manufacturer, announces today that its reverse merger transaction
with Net Element is now complete. The combined company will operate
under the name Mullen Automotive, Inc. The shares of Mullen
Automotive now trade on the Nasdaq Capital Market under the ticker
symbol "MULN."
Pursuant to the closing of the merger, there are 51,173,640
million shares issued and outstanding on a fully diluted basis, all
of Mullen Automotive’ s outstanding common and preferred shares
were exchanged for Net Element common and preferred stock; an
aggregate of 43,971,895 million shares which represents 85 percent
of the combined company, were allocated to holders of common stock,
preferred stock and reserved for issuance under outstanding
warrants. A Current Report on Form 8-K containing more
detailed information regarding the merger transaction and the
allocation of shares to the holders of common stock and preferred
stock and those issuable upon exercise of outstanding warrants will
be filed with the Securities and Exchange Commission.
David Michery, Chief Executive Officer of Mullen Automotive,
commented, "We are excited to have completed this merger and our
transition to a public company and welcome the Net Element
shareholders to Mullen. With the completion of this corporate
action, we believe that we are well positioned to continue to
further develop our electric vehicle technologies and advance the
development and deployment of our previously announced
vehicles.”
On Nov. 5, 2021, Mullen began trading on the Nasdaq Stock Market
LLC (“Nasdaq”) under the new stock ticker symbol “MULN.”
Additionally, Mullen will debut to the world, for the first time,
the FIVE EV Crossover on Nov. 17, 2021, at the Los Angeles
International Auto Show (LAIAS). The FIVE will debut in the South
Hall (Booth S-101) on Day One of the international media and press
days. The FIVE will continue on display in the South Hall during
the consumer days of the show, Nov. 19 – 28, 2021. Mullen will
display multiple variants of the FIVE model while also showcasing
powertrain, battery, and charging technology.
The FIVE is built on an EV crossover skateboard platform that
offers multiple powertrain configurations and trim levels in a
svelte design that is “Strikingly DifferentTM” and exciting to
experience in person. Learn more about the Mullen FIVE at
MullenUSA.com.
About Mullen:
Mullen is a Southern California-based automotive company that
owns and partners with several synergistic businesses working
toward the unified goal of creating clean and scalable energy
solutions. Mullen has evolved over the past decade in sync with
consumers and technology trends. Today, the Company is working
diligently to provide exciting EV options built entirely in the
United States and made to fit perfectly into the American
consumer’s life. Mullen strives to make EVs more accessible than
ever by building an end-to-end ecosystem that takes care of all
aspects of EV ownership. For more information, please visit
www.MullenUSA.com/.
Forward-Looking Statements
This press release contains "forward-looking statements." Words
such as "may," "should," "could," "would," "predicts," "potential,"
"continue," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar expressions, as well as
statements in the future tense, often signify forward-looking
statements. These forward-looking statements include, without
limitation, statements relating to the reverse merger, the Nasdaq
approval process, and the proposed debut date of the Mullen FIVE
(formerly MX-05) midsize crossover. These forward-looking
statements are, by their nature, subject to significant risks and
uncertainties.
Forward-looking statements should not be read as a guarantee of
future performance or results and may not be accurate indications
of when such performance or results will be achieved.
Forward-looking statements are based on information that the
Company has when those statements are made or management's good
faith belief as of that time with respect to future events and are
subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
or suggested by the forward-looking statements, including factors
beyond the Company's control. As a result of these and other risks,
uncertainties, and assumptions, forward-looking events and
circumstances discussed herein might not occur in the way the
Company expects or at all. Accordingly, readers should not place
reliance on any forward-looking information or statements. The
Company assumes no obligation to publicly update or revise its
forward-looking statements as a result of new information, future
events, or otherwise. All forward-looking statements herein are
qualified by reference to the cautionary statements set forth in
this section.
Contact:
Mullen Automotive, Inc. +1 (714) 613-1900 www.MullenUSA.com
Wire Service Contact InvestorWire (IW) Los
Angeles, California www.InvestorWire.com 212.418.1217 Office
Editor@InvestorWire.com
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