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Posted On: 07/05/2022 4:08:49 PM
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NetworkNewsBreaks — Mullen Automotive Inc. (NASDAQ: MULN) Eliminates $17.5M in Debt, in Best Financial Health in Company History
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has eliminated $17.5 million in company debt, resulting in a reduction of debt from more than $30 million last year to an estimated $11 million currently. The eliminated debt was related to a secured convertible promissory note with DBI Lease Buyback Servicing LLC, an affiliate of Drawbridge Investments LLC. The announcement noted that the company is committed to strengthening its overall financial balance sheet and currently is in the best financial health in its history. “We continue to make great progress on our overall company financial health,” said Mullen Automotive CEO and chair David Michery in the press release. “This recent elimination of debt makes us financially stronger now, allowing the company to maintain its focus on its various EV initiatives.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has eliminated $17.5 million in company debt, resulting in a reduction of debt from more than $30 million last year to an estimated $11 million currently. The eliminated debt was related to a secured convertible promissory note with DBI Lease Buyback Servicing LLC, an affiliate of Drawbridge Investments LLC. The announcement noted that the company is committed to strengthening its overall financial balance sheet and currently is in the best financial health in its history. “We continue to make great progress on our overall company financial health,” said Mullen Automotive CEO and chair David Michery in the press release. “This recent elimination of debt makes us financially stronger now, allowing the company to maintain its focus on its various EV initiatives.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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