Net Element Shareholders Approve Merger with Mullen Automotive
August 31 2021 - 12:00PM
via InvestorWire -- Net Element, Inc.
(NASDAQ:NETE) ("Net
Element" or the "Company"), a global technology and value-added
solutions group that supports electronic payments, announces today
that its stockholders have approved the proposed merger of the
Company’s wholly owned entity with Mullen Automotive, Inc. (the
“Merger”).
A majority of the votes cast were in favor of
the Merger. The Company will work on the final requirements to
conclude the transaction with Mullen Automotive as referenced in
the Company’s Form S-4/proxy statement and the Merger filings of
the Company with the Securities and Exchange Commission.
About Net ElementNet Element, Inc.
(NASDAQ:NETE) operates a payments-as-a-service transactional and
value-added services platform for small and medium enterprises
("SMEs") in the U.S. and selected emerging markets. In the U.S.,
the Company aims to grow transactional revenue by innovating SME
productivity services using blockchain technology solutions and
Aptito, our cloud-based, restaurant and retail point-of-sale
solution. Internationally, Net Element's strategy is to leverage
its omni-channel platform to deliver flexible offerings to emerging
markets with diverse banking, regulatory and demographic
conditions. Net Element was ranked as one of the fastest-growing
companies in North America on Deloitte's 2017 Technology Fast 500™.
In 2017, we were recognized by South Florida Business Journal as
one of 2016's fastest-growing technology companies. Further
information is available at www.NetElement.com.
Forward-Looking StatementsSecurities
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 Net Element and are difficult to predict. Examples of
such risks and uncertainties include but are not limited to whether
the proposed Merger with Mullen Automotive will be consummated, and
if so, what impact or resultant benefits, if any, the Merger will
have on the Company and its stockholders, whether the Company will
be successful in effectuating the private placement or the
divestiture required to consummate the Merger and/or the
transactions contemplated in the Second Amended and Restated
Agreement and Plan of Merger related to the Merger (the “Merger
Agreement”), whether the Company will be able to obtain the listing
of the Company shares of common stock on the Nasdaq Capital Market
(due to the change of control resulting from the Merger) required
to consummate the Merger; the effects of any failure to consummate
or a delay in the consummation of the Merger and/or the
transactions contemplated in the Merger Agreement for other
reasons, the timing to consummate the Merger and/or the
transactions contemplated in the Merger Agreement, whether all
other conditions to the consummation of the Merger and/or the
transactions contemplated in the Merger Agreement will or will not
be satisfied or waived, the effect of any unexpected costs or
liabilities in connection with the consummation of the Merger
and/or the transactions contemplated in the Merger Agreement, the
effect of operating costs, customer loss and business disruptions
arising from the Merger and/or the transactions contemplated in the
Merger Agreement and the pendency or consummation thereof
(including, without limitation, difficulties in maintaining
relationships with employees, customers, clients or suppliers),
which may be greater than expected, the effect of other
uncertainties surrounding the Merger and/or the transactions
contemplated in the Merger Agreement, the effects of other adverse
economic, business, and/or competitive factors; and the effects of
other risks to consummation of the transactions, including
circumstances that could give rise to the termination of the Merger
Agreement and the risk that the Merger and/or other transactions
contemplated in the Merger Agreement will not be consummated within
the expected time period, without undue delay, cost or expense, or
at all. Additional examples of such risks and uncertainties
include, but are not limited to (i) Net Element's ability (or
inability) to obtain additional financing in sufficient amounts or
on acceptable terms when needed; (ii) Net Element's ability to
maintain existing, and secure additional, contracts with users of
its payment processing services; (iii) Net Element's ability to
successfully expand in existing markets and enter new markets; (iv)
Net Element'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 Net Element's business; (viii) changes in
government licensing and regulation that may adversely affect Net
Element's business; (ix) the risk that changes in consumer behavior
could adversely affect Net Element's business; (x) Net Element's
ability to protect its intellectual property; (xi) local, industry
and general business and economic conditions; and (xii) adverse
effects of potentially deteriorating U.S.-Russia relations,
including, without limitation, over a conflict related to Ukraine,
including a risk of further U.S. government sanctions or other
legal restrictions on U.S. businesses doing business in Russia.
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 Net Element with the Securities and Exchange
Commission. Net Element anticipates that subsequent events and
developments may cause its plans, intentions and expectations to
change. Net Element 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.
Contact: Net Element, Inc. +1 (786) 923-0502
www.netelement.com Media@NetElement.com
Corporate Communications:
InvestorBrandNetwork (IBN) Los Angeles, California
www.InvestorBrandNetwork.com 310.299.1717 Office
Editor@InvestorBrandNetwork.com
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