Mullen Automotive Inc

The electric vehicle firm Mullen Automotive, Inc. engages in a number of business sectors with a primary concentration on the automobile sector. It produces a variety of commercial vehicles in addition to electric cars (EVs) for use by passengers. Mullen FIVE and Mullen FIVE RS, Mullen Class 1 Van, Mullen Class 3, Bollinger B1 and B2, Bollinger B4 Chassis Cab, and Mullen I-GO are some of the company's vehicles.

Key Recent Business Updates

• Mullen Automotive and Qiantu Motors to Launch EV Supercar Branded Mullen GT and GTRS (March 20, 2023): Mullen Automotive, Inc. said that Qiantu Motors and associated businesses had awarded it the North and South American IP and distribution rights as part of a licensing agreement authorizing the manufacturing and marketing of the DragonFLY K50 in the Americas. Mullen will complete vehicle engineering in accordance with American standards, and the final assembly will take place in Mishawka, Indiana.
• Mullen CEO David Michery Released Statement Addressing Shareholder Inquires (March 16, 2023): The following is how the Corporation responded to specific investor questions: Product Shipping: Before the end of March 2023, Mullen plans to supply Class 1 EVs to a number of commercial clients in line with the orders listed below. Client orders:  Mullen announced a purchase order for 6,000 Class 1 EV Cargo Vans from Randy Marion Isuzu, LLC, a part of the Randy Marion Automotive Group, on December 14, 2022. The estimated value of this deal is USD 200 million. Capital position:  Mullen has USD 87,400,009 in cash and cash equivalents as of February 28, 2023, including restricted cash. By June 1, 2023, Mullen anticipates receiving an additional USD 110 million in solid commitments.
• Nasdaq Approves 180-Day Extension for Mullen Automotive to Meet Minimum USD 1 Bid Price (March 08, 2023): According to a press release from Mullen Automotive, Inc., Nasdaq has granted the company's request for a 180-day extension to fulfill the USD 1 minimum bid price criteria. On September 7, 2022, Nasdaq notified the Company that the listed common stock of the Company no longer fulfilled the minimum USD 1 bid price per share requirement as stated in Nasdaq Listing Rule 5810(c)(3)(A)(ii) based on the preceding 30 consecutive working days. The Business has until March 6, 2023, or 180 calendar days, to be back in compliance. Prior to the end of the extra 180-day compliance period, the Company will carry out a reverse stock split to correct the Deficiency if Its stock does not trade over USD 1 for a minimum of 10 consecutive business days by September 5, 2023.
• Rapid Response Defense Systems Selects Mullen Automotive as the Exclusive Provider for Class 1 EV Cargo Vans (March 06, 2023): In order to expedite chances for possible large-scale vehicle fleet orders from the US federal government, Mullen Automotive, Inc. announced a partnership with Rapid Response Defense Systems. The General Services Administration awarded RRDS an IDIQ contract for USD 2.7 billion for federal fleet vehicles. Mullen's Commercial Class 1 EV cargo van is a strategic match, according to RRDS, for work with the federal government.
• Mullen Automotive Provides Fiscal First Quarter 2023 Business Update (February 14, 2023):

Current Highlights of the Fiscal First Quarter of 2023 include:

1. After its successful acquisition of a majority interest in Bollinger Motors in September 2022, Mullen successfully completed the acquisition of the assets of ELMS (Electric Last Mile Solutions) in a USD 105 million all-cash deal in November 2022. 
2. As of December 31, 2022, the Corporation had approximately USD 100 million in cash available for operations and investments (including restricted cash available for Company use). The Corporation has committed an additional USD 90 million in the capital, which it anticipates receiving before the end of April 2023. 
3. Obtained exclusive rights to the Mullen-GO (formerly I-GO), a new tiny electric car, for sales, marketing, and branding, and made the first delivery to a distribution agency.
4. Randy Marion Automotive Group issued a purchase order to Mullen for 6,000 Class 1 EV cargo vans, which are estimated to be worth USD 200 million.
5. Mullen Automotive Reported Favorable Outcomes at Special Shareholder Meeting.
6. At Los Angeles International Airport, Mullen Automotive, Loop Global, and Menzies Aviation are testing electric vehicles and charging infrastructure. 
7. The Mullen FIVE EV Crossover's "Strikingly Different" US Test Drive Tour began on October 27, 2022, in Pasadena, California, and proceeded through nine cities in the southern states until coming to a successful finish on December 16, 2022, in Charlotte, North Carolina. The Mullen FIVE RS will make its debut on the second leg of the tour, which will continue in the summer of 2023.

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