via IBN -- Mullen Automotive Inc. (NASDAQ: MULN) (“Mullen” or the
“Company”), an emerging electric vehicle (“EV”) manufacturer, today
announces a financial update for its fiscal second quarter for the
three and six months ended March 31, 2023.
Financial Results
Cash used in operating activities was $67.6
million, and cash flows used in investing activities was $97.4
million (primarily ELMS asset purchase for $93 million), offset by
cash inflows from financing activities of $167.4 million for the
six months ended March 31, 2023. The net loss before accrued
preferred dividends and noncontrolling interest was $495.4 million
for the six months ended March 31, 2023. Noncash charges were
approximately $426.4 million, and operating asset and liability
charges were $1.4 million for the six months ended March 31,
2023.
The Company had approximately $86.3 million in
cash available for operations and investment at March 31, 2023. As
of April 30, 2023, the Company had approximately $116.1 million in
cash available for operations and investment. The Company has
additional committed capital of $45 million expected to be received
prior to the end of June 2023.
Cash Flows
The following table provides a summary of
Mullen’s cash flow data for the six months ended March 31, 2023,
and 2022:
|
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|
|
|
|
|
|
|
Six Months Ended March 31, |
Net cash provided by (used in): |
|
2023 |
|
|
2022 |
|
|
|
|
|
|
Operating activities |
|
$ |
(67,567,385 |
) |
|
$ |
(24,871,780 |
) |
Investing activities |
|
|
(97,420,097 |
) |
|
|
(10,737,679 |
) |
Financing activities |
|
|
167,359,660 |
|
|
|
100,849,172 |
|
Increase in cash |
|
|
2,372,178 |
|
|
|
65,239,713 |
|
Cash, cash equivalents and restricted cash, beginning of
period |
|
|
84,375,085 |
|
|
|
42,174 |
|
Cash, cash equivalents and restricted cash, ending of period |
|
$ |
86,747,263 |
|
|
$ |
65,281,887 |
|
|
Following is the Company’s unaudited Condensed
Consolidated Statements of Operations for the three and six months
ended March 31, 2023, and 2022:
MULLEN AUTOMOTIVE
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(unaudited)
|
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|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, |
|
Six months ended March 31, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
OPERATING
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
$ |
47,412,338 |
|
|
$ |
29,269,433 |
|
|
$ |
112,408,349 |
|
|
$ |
42,170,516 |
|
Research and development |
|
|
20,478,971 |
|
|
|
1,183,437 |
|
|
|
29,100,980 |
|
|
|
2,340,761 |
|
Total Operating Expense |
|
|
67,891,309 |
|
|
|
30,452,870 |
|
|
|
141,509,329 |
|
|
|
44,511,277 |
|
Loss from
Operations |
|
|
(67,891,309 |
) |
|
|
(30,452,870 |
) |
|
|
(141,509,329 |
) |
|
|
(44,511,277 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financing costs -
initial recognition of derivative liabilities |
|
|
— |
|
|
|
(160,364,949 |
) |
|
|
(255,960,025 |
) |
|
|
(269,344,178 |
) |
Loss on derivative liability
revaluation |
|
|
(48,439,415 |
) |
|
|
(131,670,146 |
) |
|
|
(89,221,391 |
) |
|
|
(142,288,528 |
) |
Gain / (loss) extinguishment
of debt, net |
|
|
(40,000 |
) |
|
|
— |
|
|
|
(6,452,170 |
) |
|
|
74,509 |
|
Gain on sale of fixed
assets |
|
|
385,031 |
|
|
|
— |
|
|
|
385,031 |
|
|
|
— |
|
Interest expense |
|
|
(1,745,882 |
) |
|
|
(2,120,515 |
) |
|
|
(4,573,971 |
) |
|
|
(24,559,459 |
) |
Loan discount amortization
expense |
|
|
(142,287 |
) |
|
|
— |
|
|
|
(142,287 |
) |
|
|
— |
|
Loss on debt settlement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(41,096 |
) |
Other income, net |
|
|
482,405 |
|
|
|
— |
|
|
|
1,128,286 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss before income tax
benefit |
|
|
(117,391,457 |
) |
|
|
(324,608,480 |
) |
|
|
(496,345,856 |
) |
|
|
(480,670,029 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit |
|
|
482,922 |
|
|
|
— |
|
|
|
976,576 |
|
|
|
— |
|
Net loss before
accrued preferred dividends and noncontrolling
interest |
|
|
(116,908,535 |
) |
|
|
(324,608,480 |
) |
|
|
(495,369,280 |
) |
|
|
(480,670,029 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to
noncontrolling interest |
|
|
(1,995,217 |
) |
|
|
— |
|
|
|
(4,180,176 |
) |
|
|
— |
|
Net loss attributable
to shareholders |
|
|
(114,913,318 |
) |
|
|
(324,608,480 |
) |
|
|
(491,189,104 |
) |
|
|
(480,670,029 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued preferred
dividends |
|
|
8,039,612 |
|
|
|
(32,735,345 |
) |
|
|
7,400,935 |
|
|
|
(32,735,345 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to common shareholders after preferred dividends |
|
$ |
(106,873,706 |
) |
|
$ |
(357,343,825 |
) |
|
$ |
(483,788,169 |
) |
|
$ |
(513,405,374 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share |
|
$ |
(1.30 |
) |
|
$ |
(173.83 |
) |
|
$ |
(7.09 |
) |
|
$ |
(370.53 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding, basic and diluted |
|
|
82,409,028 |
|
|
|
2,055,720 |
|
|
|
68,262,145 |
|
|
|
1,385,594 |
|
Balance sheets as of March 31, 2023, and
September 30, 2022, are as follows:
MULLEN AUTOMOTIVE
INC.CONDENSED CONSOLIDATED BALANCE
SHEETS(unaudited)
|
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|
|
|
|
March 31, 2023 |
|
September 30, 2022 |
ASSETS |
|
|
|
|
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|
CURRENT ASSETS |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
60,337,591 |
|
|
$ |
54,085,685 |
|
Restricted cash |
|
|
26,409,672 |
|
|
|
30,289,400 |
|
Inventory |
|
|
6,958,158 |
|
|
|
— |
|
Prepaid expenses and other current assets |
|
|
5,230,602 |
|
|
|
1,958,759 |
|
TOTAL CURRENT ASSETS |
|
|
98,936,023 |
|
|
|
86,333,844 |
|
Property, equipment and leasehold improvements, net |
|
|
89,641,984 |
|
|
|
17,786,702 |
|
Intangible assets, net |
|
|
112,744,496 |
|
|
|
93,947,018 |
|
Deposit on ELMS purchase |
|
|
— |
|
|
|
5,500,000 |
|
Note receivable from related party |
|
|
1,388,405 |
|
|
|
— |
|
Right-of-use assets |
|
|
6,029,432 |
|
|
|
4,597,052 |
|
Goodwill |
|
|
92,834,832 |
|
|
|
92,834,832 |
|
Other assets |
|
|
1,167,056 |
|
|
|
1,595,032 |
|
TOTAL ASSETS |
|
$ |
402,742,228 |
|
|
$ |
302,594,479 |
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Accounts payable |
|
$ |
14,827,682 |
|
|
$ |
6,398,425 |
|
Accrued expenses and other current liabilities |
|
|
6,211,840 |
|
|
|
7,185,881 |
|
Dividends payable |
|
|
361,321 |
|
|
|
7,762,255 |
|
Derivative liabilities |
|
|
30,855,261 |
|
|
|
84,799,179 |
|
Liability to issue shares |
|
|
59,267,471 |
|
|
|
10,710,000 |
|
Lease liabilities, current portion |
|
|
2,235,197 |
|
|
|
1,428,474 |
|
Notes payable, current portion |
|
|
7,588,513 |
|
|
|
3,856,497 |
|
Other current liabilities |
|
|
103,372 |
|
|
|
90,372 |
|
TOTAL CURRENT LIABILITIES |
|
|
121,450,657 |
|
|
|
122,231,083 |
|
Notes payable, net of current portion |
|
|
— |
|
|
|
5,164,552 |
|
Lease liabilities, net of current portion |
|
|
4,163,705 |
|
|
|
3,359,354 |
|
Deferred tax liability |
|
|
13,980,782 |
|
|
|
14,882,782 |
|
TOTAL LIABILITIES |
|
|
139,595,144 |
|
|
|
145,637,771 |
|
Commitments and contingencies (Note 17) |
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
|
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|
Preferred stock, $0.001 par value, 500,000,000 preferred shares
authorized |
|
|
|
|
|
|
Preferred Series A; 200,000 shares authorized; 1,425 and 1,924
shares issued and outstanding at March 31, 2023, and Sept. 30,
2022, respectively. |
|
|
2 |
|
|
|
2 |
|
Preferred Series C; 40,000,000 shares authorized; 1,210,056 and
1,360,321 shares issued and outstanding at March 31, 2023, and
Sept. 30, 2022, respectively. |
|
|
1,210 |
|
|
|
1,360 |
|
Preferred Series D; 437,500,001 shares authorized; 363,098 and
4,359,652 shares issued and outstanding at March 31, 2023, and
Sept. 30, 2022, respectively. |
|
|
363 |
|
|
|
4,359 |
|
Preferred Series AA;1 share authorized; zero and zero shares issued
and outstanding at March 31, 2023, and Sept. 30, 2022,
respectively. |
|
|
— |
|
|
|
— |
|
Common stock; $0.001 par value; 5,000,000,000 and 1,750,000,000
shares authorized at March 31, 2023, and Sept. 30, 2022,
respectively; 126,281,274 and 33,338,727 shares issued and
outstanding at March 31, 2023, and Sept. 30, 2022, respectively
(*) |
|
|
126,281 |
|
|
|
33,339 |
|
Common stock owed but not issued; $0.001 par value; 5,930,263 and
zero shares at March 31, 2023, and Sept. 30, 2022, respectively
(*) |
|
|
5,930 |
|
|
|
— |
|
Additional paid-in capital (*) |
|
|
1,550,030,214 |
|
|
|
948,565,285 |
|
Accumulated deficit |
|
|
(1,381,096,559 |
) |
|
|
(889,907,455 |
) |
Non-controlling interest |
|
|
94,079,643 |
|
|
|
98,259,819 |
|
TOTAL STOCKHOLDERS' EQUITY |
|
|
263,147,084 |
|
|
|
156,956,709 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
402,742,228 |
|
|
$ |
302,594,479 |
|
(*) Adjusted retroactively for reverse stock split, see Note 1 |
|
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|
|
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|
Recent Company Updates.
The following updates are provided on recent business and other
activities, many of which were published earlier today:
MGT Lease Company (“MGT”), a national fleet
sales and leasing provider, previously took delivery of Mullen EV
cargo vans on March 30, 2023. The Company subsequently signed a
vehicle purchase agreement, as announced on May 11, 2023, for 250
all-electric commercial Class 3 cab chassis EV trucks. The contract
is valued at $15.8 million, and MGT expects to take possession of
the vehicles between August and December of this year. All vehicle
orders will be fulfilled through Randy Marion Automotive Group, a
distributor of Mullen’s commercial EVs.
To date, the Company has received $279 million
in purchase orders for Mullen Class 1 and Class 3 EV vans and
trucks from Randy Marion Automotive Group. Randy Marion Automotive
Group is based in North Carolina and is one of the largest
commercial vehicle dealer groups in the U.S.
On April 18, 2023, the Company announced the
formation of Mullen Advanced Energy Operations (“MAEO”), a
collaboration with Global EV Technology, Inc. (“Global”), with
initial development focused on improving energy management
technology in electric vehicles for greater range and vehicle
performance. Global EV Technology, Inc. provided test results from
Element Materials Technology that were purchased by Hardge Global
Technologies, LLC, with a report date of May 14, 2021. The results
of this test on the Chevrolet Bolt electric vehicle showed an
average increased battery capacity of 38.2%. On January 20, 2023,
Energy Management Module (“EMM”) technology was also tested by
Hardge and Mullen engineers on the Company’s EV cargo van at its
Troy, Michigan, facility, with testing results showing an increased
battery capacity of 44%.
Mullen Automotive had approximately $116.1 million of cash
available for operations as of April 30, 2023.
Among the major milestones achieved during this
quarter was the successful execution of Mullen's plan to deliver EV
cargo vans to commercial customers before the end of March 2023.
The first batch of EV cargo vans was fulfilled by Randy Marion
Group to the University of North Carolina at Charlotte and MGT
Lease Company in North Carolina, marking a significant step toward
Mullen's goal of providing sustainable transportation solutions to
businesses.
In April, the Company successfully completed a
60-day pilot program in collaboration with Loop Global and Menzies
Aviation for deployment of electric vehicles and charging
infrastructure at Los Angeles International Airport (“LAX”).
The Company effected a 1-for-25 reverse stock
split of its common stock, effective on May 4, 2023. Mullen’s
common stock continues to trade on The Nasdaq Capital Market
(“Nasdaq”) under the existing symbol “MULN” and began trading on a
split-adjusted basis when the market opened on May 4, 2023.
The reverse stock split was primarily intended
to bring the Company into compliance with the $1.00 minimum bid
price requirement for maintaining its listing on Nasdaq. There is
no guarantee the Company will meet the minimum bid price
requirement going forward.
"We are pleased with the accomplishments and
progress made during our fiscal second quarter of 2023," said CEO
David Michery. "Mullen remains committed to delivering innovative
and sustainable transportation solutions to our customers, and
these achievements reflect our dedication to advancing the EV
industry and driving meaningful growth for our company."
Michery continued, “With a solid financial
position, a robust product lineup and strong strategic
partnerships, Mullen is well positioned to continue its trajectory
and deliver cutting-edge EVs to the market.”
Mishawaka, Indiana, Manufacturing
Plant Home to Mullen FIVE and Bollinger B1 and
B2
- Commercial vehicle equipment transferred to Tunica,
Mississippi, facility for commercial Class 1 build.
- Commissioning of e-coat and paint facility for readiness to
paint early prototypes.
- Enterprise data infrastructure
update, with installations including fiber optics, new servers and
security systems to support volume manufacturing.
Tunica, Mississippi, Assembly
Facility Home to vehicle assembly for commercial
class vans and trucks
- Mullen Class 1 and Class 3 commercial vehicles will be
assembled in Tunica, Mississippi.
- In July 2023, the production line
for Class 3 is planned to become operational, with anticipated
deliveries and revenue from the Class 3 truck in August and
September 2023.
- Addition of trim and chassis assembly lines to accommodate new
models.
- New capital expenditures, including
Automated Guided Vehicles to transport vehicles through plant,
installation of robots, water test booth and end-of-line
diagnostics.
- Enterprise data infrastructure,
including fiber optics, new servers and security systems installed
to support volume manufacturing.
- Hiring of 35 additional plant staff to begin production.
Mullen Advanced Energy Operations and
Solid-State Battery Progress
- Mullen Advanced Energy Operations
(“MAEO”), a collaboration with Global EV Technology, Inc.
(“Global”), with Mullen owning 51%.
- Due to promising early lab and
field tests conducted by Hardge, initial development is focused on
improving energy management technology in EVs for greater range and
vehicle performance.
- Hardge provided test results from
Element Materials Technology that were purchased by Hardge Global
Technologies, LLC, with a report date of May 14, 2021. The results
of these tests on a Chevrolet Bolt EV provided an average increased
battery capacity of 38.2%
- Subsequent testing by Hardge and
Mullen engineering on the Mullen EV cargo van vehicle on Jan. 20,
2023, with the Energy Management Module (“EMM”) installed, resulted
in an increased battery capacity of 44%.
- Washington, D.C., city government
field pilot program contract with EV Technologies for Energy
(“EMM”) technology installation on their city vehicle fleet of 40
Chevrolet Bolts being supported by MAEO.
- Company accelerates implementation
of solid-state polymer battery technology to integrate battery
packs for Class 1 EV cargo vans.
- The first Class 1 EV cargo van test
vehicles with solid-state polymer technology are planned for road
testing by Q4 2023.
Bollinger Motors - Oak Park,
Michigan Class 4-6 Commercial Vehicles | Bollinger B1
SUV and B2 Pickup Truck
- B4 chassis cab engineering 90% complete.
- Vehicle testing of B4 chassis cabs running on
schedule.
- B1 SUV program restarted March 1, 2023.
- Conducted January 2023 “Ride Along” event at Oak Park HQ for
prototype B4 vehicle.
- Showcased B4 at 2023 industry
shows, including: NTEA Work Truck Show in Indianapolis, Indiana,
and ACT Expo in Anaheim, California.
Mullen Commercial Vehicle Program - Troy,
Michigan Class 1 and 3 Commercial Vehicles
- The Company has received
approximately $279 million in purchase orders for Mullen Class 1
and Class 3 EV vans and trucks from Randy Marion Automotive Group,
with expected initial revenues in August 2023.
- Commercial product development
focused on completing vehicle certifications.
- Team successfully achieved major
milestone in April, completing all required FMVSS tests for vehicle
crash worthiness and occupant safety validation for Class 1 EV
vans.
- Successfully completed customer
pilot with Menzies at Los Angeles International Airport (“LAX”),
with over 1,500 miles driven and 100% uptime as expected.
- First presentation of portfolio at
several large 2023 commercial fleet shows – NTEA Work Truck Show in
Indianapolis, Indiana; NAFA in Baltimore, Maryland; and ACT Expo in
Anaheim, California.
- Announced the availability of the
Mullen Class 3 pilot program for customers wanting to test the
vehicle in their specific use cases.
- Initial vehicle shipments of Mullen
Campus EV cargo van to the University of North Carolina at
Charlotte and MGT Lease Company in March 2023.
Mullen Consumer Vehicle Program -
Irvine, California Mullen FIVE Crossover
- Simultaneously developing three
trim levels of the Mullen FIVE family of crossover vehicles, which
includes the high-performance Mullen FIVE RS variant.
- Virtual crash and aerodynamic
simulations on track.
- Finalizing key supplier selection
and engagement.
- Vehicle content and performance
continues to be optimized in many areas, including the move to
800-volt architecture.
- Vehicle styling freeze in December
2023 and production design of Mullen FIVE and FIVE RS planned for
reveal at CES in January 2024.
- Vehicle launch order will be RS
performance variant first, with production in December 2025 and
customer sales mid-2026, followed by Touring models.
- Preparations for August 2023
“Strikingly Different” EV tour in the works, with expanded vehicles
joining the planned upcoming tour, including, but not limited to,
the Mullen FIVE, Mullen FIVE RS, Mullen Commercial Class 1, Mullen
Commercial Class 3 as well as the new Mullen GT.
Mullen-GO
- Announced first Mullen-GO retailer
located in Ireland and covering the United Kingdom and
Ireland.
- Finalizing European aftersales
support network for parts, service and warranty.
- Executed LOIs with new dealers in
France and Spain.
- Negotiating HQ property for Mullen
Automotive European operations.
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 two Company-owned
United States-based assembly plants. Mullen's EV development
portfolio includes the Mullen FIVE EV Crossover; Mullen Commercial
Class 1 and 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 all of Electric Last Mile Solutions' (“ELMS”)
assets, including all IP and a 650,000-square-foot plant in
Mishawaka, Indiana.
For more information, please visit
www.MullenUSA.com. Mullen uses its investors.mullenusa.com webpage
and links as a means of disclosing material nonpublic information
and for complying with its disclosure obligations under Regulation
FD.
About Mullen Advanced Energy
Operations
Mullen Automotive forms Mullen Advanced Energy
Operations, LLC, in partnership with Global EV Technology, Inc. and
EV Technologies, LLC. The partnership with Mullen owning 51% will
focus initial development on improving energy management technology
in EVs for greater range and vehicle performance.
About Randy Marion Automotive
Group
Randy Marion Automotive Group is one of the
largest car dealerships in the Carolinas and one of the largest
commercial vehicle dealers in the U.S.
For more information, please visit
www.RandyMarion.com.
About MGT Lease Company
MGT is a growing commercial vehicle sales and
leasing company with annual revenue of over $70 million in 2022 and
$100 million projected for 2023. MGT’s primary customer base
focuses on last mile segments, such as package delivery and retail,
and vocations, such as plumbing and electrical. MGT currently
provides commercial vehicle sales and leasing across all major OEM
brands, with a focus on class 1-4 commercial vehicles.
For more information, please visit
www.MGTlease.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: whether
delivery and fulfillment of the MGT purchase order will occur
within the expected timelines; whether Mullen Advanced Energy
Operations (“MAEO”) will be successful with its initiatives of
improving energy management technology in electric vehicles for
greater range and vehicle performance and whether Mullen’s
partnership with EV Technologies will be a success; whether
the test results provided to Mullen by EV Technologies is accurate
and whether initial testing conducted by Mullen utilizing the EMM
technology is scalable or will have the expected increased battery
capacity; whether the Washington, D.C., field pilot
program contract with EV Technologies, LLC will be a
success; whether the Mullen Class 1 and Class 3 commercial
vehicles will be assembled in Tunica, Mississippi; the anticipated
timelines for the production, delivery and revenues associated
with the Class 3 truck; whether the implementation of
solid-state polymer battery technology to integrate battery packs
for Class 1 EV cargo vans will commence within the expected
timelines or have the anticipated results; the timeline for
expected revenues from purchase orders of the Mullen Class 1 and
Class 3 EV vans and trucks from Randy Marion; the timelines, design
and features and anticipated performance of the of the Mullen FIVE
family of crossover vehicles; whether the production design of
Mullen FIVE and FIVE RS will be revealed when anticipated; the
timing for launch and availability for sale of the RS performance
variant and Touring models; whether the ELMS and
Bollinger transactions will prove successful; whether the Mullen-GO
(formerly I-GO initiatives) in the U.K. and Ireland or
elsewhere in Europe will prove successful; whether the respective
parties’ obligations under the Randy Marion Automotive
Group purchase order will be met; whether the Loop Global and
Menzies initiative will be a success; whether the second leg
of 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 second part of the 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; (xi) Mullen’s ability to maintain compliance with
continued listing requirements of the Nasdaq Capital Market; and
(xii) 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
Investor Relations
Contactinvestor@Mullenusa.com
Media Contactmedia@Mullenusa.com
Corporate CommunicationsIBN
(InvestorBrandNetwork) Los Angeles,
Californiawww.InvestorBrandNetwork.com 310-299-1717
OfficeEditor@InvestorBrandNetwork.com
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