NetworkNewsBreaks – Mullen Automotive Inc. (NASD
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Posted On: 02/07/2022 3:19:11 PM
NetworkNewsBreaks – Mullen Automotive Inc. (NASDAQ: MULN) Announces Funding to Continue Momentum, Move into next Phase of Execution
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today announced that it has bolstered its balance sheet with $4 million in funding over the past week through a combination of the initial drawdown of $2.5 million under a $30 million equity line from Esousa Holdings llc. and debt financing from existing shareholders. According to the update, this brings the total funding received over the past two months to more than $40 million. “This financing represents one of several financial avenues that the company is pursuing to address the growth and demand for our electric vehicles,” said David Michery, CEO and chairman of Mullen Automotive. “The debut of our EV crossover, the Mullen FIVE, at the 2021 LA International Auto Show this past November was a great success and very well received by everyone. Our electric cargo van program is taking off with lots of interest coming in for our fleet team. These fundings are among several financial strategies we are using to continue our momentum and move into the next phase of our execution. This is just the start for Mullen. We are looking forward to showcasing all we have to offer.”
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, today announced that it has bolstered its balance sheet with $4 million in funding over the past week through a combination of the initial drawdown of $2.5 million under a $30 million equity line from Esousa Holdings llc. and debt financing from existing shareholders. According to the update, this brings the total funding received over the past two months to more than $40 million. “This financing represents one of several financial avenues that the company is pursuing to address the growth and demand for our electric vehicles,” said David Michery, CEO and chairman of Mullen Automotive. “The debut of our EV crossover, the Mullen FIVE, at the 2021 LA International Auto Show this past November was a great success and very well received by everyone. Our electric cargo van program is taking off with lots of interest coming in for our fleet team. These fundings are among several financial strategies we are using to continue our momentum and move into the next phase of our execution. This is just the start for Mullen. We are looking forward to showcasing all we have to offer.”
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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