NetworkNewsBreaks — Mullen Automotive Inc. (NASDAQ: MULN) Eliminates Some $13M in Debt
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has eliminated $13 million in company debt, resulting in a reduction of overall indebtedness from more than $30 million last year to less than $10 million currently. The company has been working to strengthen its financial balance sheet; it also recently eliminated some $13 million of company debt associated with Esousa Holdings LLC. According to the announcement, MULN believes this debt conversion will save more than $3.5 million in interest expenses. With less than $10 million left of outstanding indebtedness, Mullen is maintaining its strong financial health. “It’s been a great year for Mullen Automotive; we’ve made tremendous strides on all fronts, including significantly improving our financial health,” said Mullen Automotive CEO and chair David Michery in the press release. “Continuing our goal of being debt free is a main focus and provides us with a strong path forward for our EV innovation and programs, securing investor confidence and overall company health.”
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Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has eliminated $13 million in company debt, resulting in a reduction of overall indebtedness from more than $30 million last year to less than $10 million currently. The company has been working to strengthen its financial balance sheet; it also recently eliminated some $13 million of company debt associated with Esousa Holdings LLC. According to the announcement, MULN believes this debt conversion will save more than $3.5 million in interest expenses. With less than $10 million left of outstanding indebtedness, Mullen is maintaining its strong financial health. “It’s been a great year for Mullen Automotive; we’ve made tremendous strides on all fronts, including significantly improving our financial health,” said Mullen Automotive CEO and chair David Michery in the press release. “Continuing our goal of being debt free is a main focus and provides us with a strong path forward for our EV innovation and programs, securing investor confidence and overall company health.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
