NetworkNewsBreaks – Mullen Automotive Inc. (NASD
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Posted On: 06/30/2022 4:55:47 PM
NetworkNewsBreaks – Mullen Automotive Inc. (NASDAQ: MULN) Expects to Report >$61M in Cash, Cash Equivalents After Significantly Strengthening Balance Sheet
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today announced that it expects to report in excess of $61 million in cash and cash equivalents on June 30, 2022, after having significantly strengthened its balance sheet over the quarter-ending June 30, 2022. In the update, Mullen restated previously released highlights, including recent delivery of its first EV van under a pilot program to a telecommunications provider in the southeastern part of the U.S., payoff of a secured convertible promissory note executed on July 23, 2020, with DBI Lease Buyback Servicing LLC, as well as the company’s addition to the U.S. small-cap Russell 2000(R) Index. In addition, Mullen reached an agreement, subject to approval by company shareholders, to secure $275 million in additional funding for the company. If shareholder approval is obtained, a portion of the funding is expected to be used for the EV Cargo Van Class 1-4 program, the FIVE EV Crossover and the FIVE RS high-performance vehicle program development. “We’ve made solid progress over the past quarter,” said David Michery, CEO and chairman of Mullen Automotive. “The company’s balance sheet is the strongest it has ever been in our history.”
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 expects to report in excess of $61 million in cash and cash equivalents on June 30, 2022, after having significantly strengthened its balance sheet over the quarter-ending June 30, 2022. In the update, Mullen restated previously released highlights, including recent delivery of its first EV van under a pilot program to a telecommunications provider in the southeastern part of the U.S., payoff of a secured convertible promissory note executed on July 23, 2020, with DBI Lease Buyback Servicing LLC, as well as the company’s addition to the U.S. small-cap Russell 2000(R) Index. In addition, Mullen reached an agreement, subject to approval by company shareholders, to secure $275 million in additional funding for the company. If shareholder approval is obtained, a portion of the funding is expected to be used for the EV Cargo Van Class 1-4 program, the FIVE EV Crossover and the FIVE RS high-performance vehicle program development. “We’ve made solid progress over the past quarter,” said David Michery, CEO and chairman of Mullen Automotive. “The company’s balance sheet is the strongest it has ever been in our history.”
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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