Mullen Automotive Issues Update to Shareholders
June 23 2022 - 8:30AM
via InvestorWire -- Mullen Automotive, Inc. (NASDAQ: MULN)
(“Mullen” or the “Company”), an emerging electric vehicle (“EV”)
manufacturer, announces an update for Mullen shareholders,
including recent highlights and accomplishments for the Company,
the Mullen FIVE and the Mullen EV Van programs.
“2022 has been an exceptional year for us so far; I am very
proud of the immense effort by the Mullen team. Mullen has
made significant progress in a number of key areas,” stated David
Michery, CEO and chairman of Mullen Automotive.
Recent Highlights and Accomplishments
- Mullen’s solid-state polymer battery cell was successfully
tested for the second time at Battery Innovation Center (BIC) in
Indiana. This follow-up testing from an accredited facility shows
promise for solid-state polymer cell technology when scaled to the
vehicle pack level and used in EVs.
- Mullen delivered its first EV van under a pilot program to a
telecommunications provider in the Southeastern part of the U.S. on
May 12, 2022. The Company has requested certain van modifications
in support of their anticipated use. The van has been picked up and
is currently being modified to fit the specs required by the
customer in anticipation of a vehicle purchase order, including an
upgrade to an 80-kWh battery pack.
- Mullen expects to join the Russell 2000® and 3000® Indexes on
June 27, 2022, after the market opens, according to a preliminary
list of additions posted by FTSE Russell on June 3, 2022. The
Company’s stock will also be automatically added to the appropriate
growth and value indexes.
- Mullen reached an agreement, subject to approval by Company
shareholders, to secure $275 million in additional funding for the
Company. If shareholder approval is obtained, it is anticipated
that a portion of the funding will be used for the EV Cargo Van
Class 1-4 program, the FIVE EV Crossover and the FIVE RS
high-performance vehicle program development.
- Mullen’s partnership with LGG (Linghang Guochuang Group) is on
track, with both parties jointly scaling solid-state polymer
battery cell technology with the objective of moving from the
individual cell level to the vehicle pack level. Solid-state
polymer batteries are envisioned for the second generation of the
Mullen FIVE EV Crossover.
- Mullen began retrofitting the existing high-voltage facility in
Monrovia, California, for the production of EV battery pack
development to support the Mullen EV programs.
- National “Strikingly Different” test drive tour event has been
announced for fall 2022, and Mullen will visit over 15 cities
across the U.S.
- Development of the Mullen FIVE RS, a high-performance version
of the Mullen FIVE EV Crossover, has commenced and will be joining
the Mullen FIVE test-drive tour in early 2023.
Further details on these highlights and accomplishments can be
found under the news section of Mullen’s website.
About MullenMullen 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.
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: whether the Company
will receive shareholder approval for the $275 million in
additional funding and, if received, whether the proceeds will be
used for EV Cargo Van Class 1-4 program, FIVE EV Crossover and FIVE
RS high-performance vehicle program development; whether Mullen
will be included in the Russell 2000® and 3000® Indexes or its
stock added to the growth and value indexes; whether the post-pilot
program anticipated purchase order for Company vehicles will
materialize; whether Mullen’s solid-state polymer battery cell
technology will be successful when scaled to the vehicle pack level
and used in EVs; whether Mullen’s partnership with Linghang
Guochuang Group will prove successful or yield the anticipated
results; whether the Company will succeed with its endeavors in
producing EV battery packaging to support the Mullen EV programs;
whether the “Strikingly Different” test-drive tour event will take
place within the time frame expected; or whether development of the
Mullen FIVE RS will be implemented in time for the anticipated
Mullen FIVE test-drive tour. Additional 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)
613-1900www.MullenUSA.com
Wire Service Contact:InvestorWire (IW) Los
Angeles, Californiawww.InvestorWire.com212.418.1217
OfficeEditor@InvestorWire.com
- Mullen Automotive provides shareholder update on latest company
efforts.
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