NetworkNewsBreaks – Net Element (NASDAQ: NETE) R
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Posted On: 05/18/2021 5:05:52 PM
NetworkNewsBreaks – Net Element (NASDAQ: NETE) Releases Q1 2021 Financial Report, Provides Update on Pending Merger
Net Element (NASDAQ: NETE), a financial technology company in the process of becoming a pure-play electric vehicle (“EV”) manufacturer through a pending definitive agreement with privately held Mullen Automotive Inc., has reported its financial results for the quarter ended March 31, 2021; the report also included an update for shareholders on its previously announced merger with Mullen, a Southern California-based electric vehicle (“EV”) company. The merger is a stock-for-stock reverse merger in which Mullen’s stockholders will receive a majority of the outstanding stock in the post-merger company. Financial numbers for the quarter included net income attributable to common stockholders of approximately $0.3 million or $0.05 per share income compared to a net loss of approximately $1.4 million or $0.33 per share loss for the same period in 2020. The company reported that the decrease in net loss was primarily due to an increase in net revenues and approximately $1 million in late fees owed by Mullen. “We are pleased to report that we filed a Form S-4 registration statement with the SEC on May 14, 2021, a milestone furtherance of the proposed merger with Mullen,” said Net Element executive chair Oleg Firer in the press release. “We want to thank our shareholders for their patience through this process, and we will continue working diligently to conclude the transaction as soon as regulatory and stockholder approvals are received.”
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), a financial technology company in the process of becoming a pure-play electric vehicle (“EV”) manufacturer through a pending definitive agreement with privately held Mullen Automotive Inc., has reported its financial results for the quarter ended March 31, 2021; the report also included an update for shareholders on its previously announced merger with Mullen, a Southern California-based electric vehicle (“EV”) company. The merger is a stock-for-stock reverse merger in which Mullen’s stockholders will receive a majority of the outstanding stock in the post-merger company. Financial numbers for the quarter included net income attributable to common stockholders of approximately $0.3 million or $0.05 per share income compared to a net loss of approximately $1.4 million or $0.33 per share loss for the same period in 2020. The company reported that the decrease in net loss was primarily due to an increase in net revenues and approximately $1 million in late fees owed by Mullen. “We are pleased to report that we filed a Form S-4 registration statement with the SEC on May 14, 2021, a milestone furtherance of the proposed merger with Mullen,” said Net Element executive chair Oleg Firer in the press release. “We want to thank our shareholders for their patience through this process, and we will continue working diligently to conclude the transaction as soon as regulatory and stockholder approvals are received.”
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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