Mullen Provides Update on Stock Buyback Program
August 29 2023 - 3:00PM
via IBN -- Mullen Automotive Inc. (NASDAQ: MULN) (“Mullen” or the
“Company”), an emerging electric vehicle (“EV”) manufacturer,
announces an update on the Company’s stock buyback program with an
additional repurchase of 2,000,000 in shares of its common stock.
The buyback program started on Aug. 16, 2023, and can continue
through Dec. 31, 2023.
As of today’s date, the Company has repurchased $5,610,600 in
shares of its common stock, which includes an additional 2,000,000
shares in new purchases since the Company’s original announcement
on Aug. 17, 2023.
“As I have stated on many prior occasions, I believe that our
stock is undervalued. The Company has a strong balance sheet and we
continue to execute on our business plan, including our recent
Class 3 production start with the first vehicles rolling off the
line,” said David Michery, CEO and chairman of Mullen
Automotive.
On July 6, 2023, the Board of Directors (the "Board") of the
Company authorized a stock buyback program, pursuant to which the
Company may, until Dec. 31, 2023, purchase up to $25 million in
shares of its outstanding common stock. The shares may be
repurchased, from time to time, in the open market or in privately
negotiated transactions depending upon market conditions and other
factors, and in accordance with applicable regulations of the
Securities and Exchange Commission (the “SEC”). The authorization
of the stock buyback program does not obligate the Company to
purchase any shares and may be terminated or amended by the Board
at any time prior to its expiration date.
For more information on Mullen Automotive or SEC public filings,
please visit the investor relations section of Mullen’s website or
SEC.gov.
About MullenMullen Automotive (NASDAQ: MULN) is
a Southern California-based automotive company building the next
generation of electric vehicles (“EVs”) that will be manufactured
in its two United States-based assembly plants. Mullen’s EV
development portfolio includes the Mullen FIVE EV Crossover,
Mullen-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3
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 Electric Last Mile Solutions’ (“ELMS”) assets,
including all IP and a 650,000-square-foot plant in Mishawaka,
Indiana.
To learn more about the Company, visit www.MullenUSA.com.
Forward-Looking StatementsCertain 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 the impact of the buyback program on the Company or
the stock performance and whether the Company will make additional
stock purchases. 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
Corporate Communications:InvestorBrandNetwork
(IBN) Los Angeles, California www.InvestorBrandNetwork.com
310.299.1717 Office Editor@InvestorBrandNetwork.com
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