NetworkNewsBreaks – Net Element Inc. (NASDAQ: NE
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Posted On: 03/12/2021 4:34:49 PM
NetworkNewsBreaks – Net Element Inc. (NASDAQ: NETE) Issues Letter to Shareholders
Net Element (NASDAQ: NETE) today released an update to its shareholders on the pending merger with privately held Mullen Technologies Inc., a Southern California-based electric vehicle (“EV”) company. The pending stock-for-stock reverse merger is subject to consummation, in which Mullen’s stockholders will receive a majority of the outstanding stock in the post-merger Company. The update reads, “We would like to reassure our shareholders that we continue working diligently on the pending merger with Mullen as we combine financial results of both companies for the period ending Dec. 31, 2020. As outlined in the Dec. 29, 2020, Amendment, the parties to the transaction agreed to extend the Outside Date referenced in the Merger Agreement to March 31, 2021. In addition, pursuant to the Amendment, the Company and Mullen agreed that, if the registration statement on Form S-4 (with the merger proxy statement included as part of the prospectus) was not filed with the U.S. Securities and Exchange Commission (the “SEC”) on or prior to Jan. 15, 2021, then Mullen would pay the Company an agreed sum of $13,333 per day (the “Late Fee”) until such registration statement (with the merger proxy statement included as part of the prospectus) is filed with the SEC. To date, the Company has recorded an aggregate of $653,317 in Late Fee income due from Mullen.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Net Element (NASDAQ: NETE) today released an update to its shareholders on the pending merger with privately held Mullen Technologies Inc., a Southern California-based electric vehicle (“EV”) company. The pending stock-for-stock reverse merger is subject to consummation, in which Mullen’s stockholders will receive a majority of the outstanding stock in the post-merger Company. The update reads, “We would like to reassure our shareholders that we continue working diligently on the pending merger with Mullen as we combine financial results of both companies for the period ending Dec. 31, 2020. As outlined in the Dec. 29, 2020, Amendment, the parties to the transaction agreed to extend the Outside Date referenced in the Merger Agreement to March 31, 2021. In addition, pursuant to the Amendment, the Company and Mullen agreed that, if the registration statement on Form S-4 (with the merger proxy statement included as part of the prospectus) was not filed with the U.S. Securities and Exchange Commission (the “SEC”) on or prior to Jan. 15, 2021, then Mullen would pay the Company an agreed sum of $13,333 per day (the “Late Fee”) until such registration statement (with the merger proxy statement included as part of the prospectus) is filed with the SEC. To date, the Company has recorded an aggregate of $653,317 in Late Fee income due from Mullen.”
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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