"BREA, Calif., February 14, 2023– via InvestorWire – Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, today announced a financial update for its fiscal first quarter in 2023 ending December 31, 2022.
Fiscal First Quarter 2023 and Recent Highlights Include:
Mullen completed the purchase of ELMS’ (Electric Last Mile Solutions) assets in an all-cash $105 million purchase in November 2022 on the heels of the successful acquisition of a controlling interest in Bollinger Motors in September 2022.
The Company has over $100 million in cash (includes restricted cash available for Company use) available for operations and investment at December 31, 2022. The Company has additional committed capital of $90 million, expected to be received prior to the end of April 2023.
Secured exclusive sales, distribution, and branding rights to the new compact electric vehicle, the Mullen-GO (formerly I-GO), and made initial delivery to the distribution agent.
Mullen Receives Purchase Order from Randy Marion Automotive Group for 6,000 Class 1 EV Cargo Vans valued at approximately $200 million.
Mullen Automotive Announces Results of Special Shareholder Meeting with Favorable Outcome.
Mullen Automotive, Loop Global, and Menzies Aviation Pilot Electric Vehicles and Charging Infrastructure at Los Angeles International Airport (LAX).
Launched “Strikingly Different” US Test Drive Tour of the Mullen FIVE EV Crossover on October 27, 2022, in Pasadena, CA, and continued through nine cities across the southern states, concluding with the successful close on Dec. 16th in Charlotte, NC. The second leg of the tour will continue in the Summer of 2023 and include the debut of the Mullen FIVE RS.
Management Commentary
“In a very short period of time, we have built Mullen into an emerging leader in the electric vehicle (EV) industry, accomplishing a number of synergistic acquisitions, forging key partnerships, and achieving important milestones,'' said David Michery, Mullen’s CEO and Chairman. "With the launch of the Mullen Five Tour and our acquisitions, we are in a unique position among new electric vehicle producers, with both retail and commercial vehicles coming to market. With the recent addition of Bollinger and ELMS, we now have the portfolio in place from class 1 through 6, allowing us to drive the company toward the production of our industry-leading electric vehicles.”
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