Sign In  |  Register  |  About Livermore  |  Contact Us

Livermore, CA
September 01, 2020 1:25pm
7-Day Forecast | Traffic
  • Search Hotels in Livermore

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

GreenCarNewsBreaks — Mullen Automotive Inc. (NASDAQ: MULN) Releases Shareholder Letter Featuring Status Update

Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has issued a shareholder letter providing a business update and responding to questions regarding the company’s share price, which has declined significantly since March 31, 2023; the company currently trades at a discount to its current cash position of $135 million, or $.038 per share. The letter noted that the company anticipates meeting previously announced objectives regarding the production and sales of its class 3 commercial vehicles; management also noted that the company has completed two acquisitions, which have added “valuable, unencumbered assets to the balance sheet.” Those assets include Bollinger Motors becoming a majority-owned EV truck company of Mullen Automotive and the purchase of certain assets of Electric Last Mile Solutions (“ELMS”), including all of the company’s IP, a 650,000-square-foot manufacturing plant, and work in progress on inventory of an estimated 400 class 1 electric van kits and batteries, which can be sold at an MSRP of $36,500 each.

“In addition to acquisition assets listed above, Mullen’s Tunica, Mississippi, assembly facility has over 120,000 square feet of manufacturing space on 100 acres of land,” the company stated in the press release. “The Tunica facility is in the final stages of equipment installation for the launch of Mullen’s commercial class 3 production in the quarter ending Sept. 30, 2023. To date, the company has filed over 200 U.S. and international patent applications, with 90 patents granted to date, related to vehicle design, technology, safety and convenience features in support of the Mullen FIVE consumer vehicle program. The company has received $279 million in purchase orders from Randy Marion Automotive Group for Mullen class 1 and class 3 EV vans and trucks. Randy Marion, based in North Carolina, is one of the largest commercial vehicle dealer groups in the U.S.”

To view the full press release, visit https://ibn.fm/zeAiP

About Mullen Automotive Inc.

Mullen Automotive 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, the Mullen-GO Commercial Urban Delivery EV, 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. To learn more about the company, visit www.MullenUSA.com.

NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://ibn.fm/MULN

About Green Car Stocks

Green Car Stocks (GCS) is a specialized communications platform with a focus on electric vehicles (EV), as well as other emerging market opportunities in the green sector. The company provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to millions of social media followers, and (5) a full array of corporate communications solutions. As a multifaceted organization with an extensive team of contributing journalists and writers, GCS is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, GCS brings its clients unparalleled visibility, recognition and brand awareness. GCS is where news, content and information converge.

To receive SMS text alerts from Green Car Stocks, text “Green” to 844-397-5787 (U.S. Mobile Phones Only)

For more information, please visit https://www.greencarstocks.com

Please see full terms of use and disclaimers on the Green Car Stocks website applicable to all content provided by GCS, wherever published or re-published: https://www.greencarstocks.com/Disclaimer

Green Car Stocks
Los Angeles, CA
www.greencarstocks.com
415.949.5050 Office
Editor@GreenCarStocks.com

Green Car Stocks is part of the InvestorBrandNetwork.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 Livermore.com & California Media Partners, LLC. All rights reserved.