Mullen Automotive CEO Responds to Fox Business Question
September 01 2023 - 9:30AM
via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the
“Company”), an emerging electric vehicle (“EV”) manufacturer,
announces today its response to a question asked during Mullen CEO
David Michery’s appearance on Making Money with Charles Payne,
which aired on Fox Business at 2:55 p.m. EST on Aug. 31, 2023.
Michery and Wes Christian of the law firm of Christian Attar
were interviewed by host Charles Payne to discuss various matters
and, notably, Mullen’s recent lawsuit against large brokerage firms
including TD Ameritrade, Charles Schwab, National Finance Services
and others alleging that these broker-dealers engaged in a scheme
to manipulate the share price of the Company’s securities. Mullen
hired the services of Christian Attar in partnership with Warshaw
Burstein, LLP to file this lawsuit and has taken a number of
measures to combat illegal short-selling activities to protect
retail investors.
“During the broadcast yesterday, the feed provided by Fox lost
its audio connection with us and as a result we did not have a
chance to respond at the end of the segment,” said David Michery,
CEO and chairman of Mullen Automotive. “Below is our response to
Charles’ last question.”
Charles Payne Question:Can you explain $31
million in G&A per the Condensed Consolidated Statements of
Operations?
Mullen Response:
The Condensed Consolidated Statements of Operations contains
both cash and non-cash expenditures in total operating expenses.
For the three months ended June 30, 2023, we incurred $7.8 million
of non-cash expenses including:
- $6.6 million of non-cash charge for warrants provided to
Qiantu.
- $4.1 million in stock-based compensation to employees and
consultants.
- $2.5 million in depreciation and amortization.
- ($5.4) million in increased working capital as we move into
production of our commercial vehicles.
Pursuant to the Condensed Consolidated Statements of Cash Flows,
we spent $46.1 million ($15.3 million per month) in operating
expenses as compared to the $53.9 million of Total Operating
Expenses reported on the Condensed Consolidated Statement of
Operations:
Three Months Ending June 30,
2023
Operating Activities:
$(46.1) millionInvesting
Activities: $(10.0)
millionFinancing Activities:
$196.8 million
Please refer to our press release related to our quarterly third
quarter results, issued Aug. 14, 2023, for further information.
If you compare our operating cash flows to our competitors, you
will see that we operate very efficiently. Mullen also has a
strong balance sheet with $352 million in stockholders’ equity,
$560 million in total assets and total notes payable of only $7.3
million.
For example, Canoo reported a $62.3 million use of operating
cash flow for the quarter ended June 30, 2023. Nikola reported
$107.2 million use of operating cash flow for the quarter ended
June 30, 2023. Workhorse reported $33.1 of operating cash flow for
the quarter ended June 30, 2023. As noted above, Mullen used $46.1
million of operating cash flow for the quarter ended June 30,
2023.
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
I-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 all 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 and outcome of the referenced lawsuit.
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
Mullen Automotive (NASDAQ:MULN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Mullen Automotive (NASDAQ:MULN)
Historical Stock Chart
From Jul 2023 to Jul 2024