NetworkNewsBreaks — Mullen Automotive Inc. (NASDAQ: MULN) Releases Shareholder Letter Featuring Status Update
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has issued a shareholder letter providing a business update and responding to questions regarding the company’s share price, which has declined significantly since March 31, 2023; the company currently trades at a discount to its current cash position of $135 million, or $.038 per share. The letter noted that the company anticipates meeting previously announced objectives regarding the production and sales of its class 3 commercial vehicles; management also noted that the company has completed two acquisitions, which have added “valuable, unencumbered assets to the balance sheet.” Those assets include Bollinger Motors becoming a majority-owned EV truck company of Mullen Automotive and the purchase of certain assets of Electric Last Mile Solutions (“ELMS”), including all of the company’s IP, a 650,000-square-foot manufacturing plant, and work in progress on inventory of an estimated 400 class 1 electric van kits and batteries, which can be sold at an MSRP of $36,500 each.
“In addition to acquisition assets listed above, Mullen’s Tunica, Mississippi, assembly facility has over 120,000 square feet of manufacturing space on 100 acres of land,” the company stated in the press release. “The Tunica facility is in the final stages of equipment installation for the launch of Mullen’s commercial class 3 production in the quarter ending Sept. 30, 2023. To date, the company has filed over 200 U.S. and international patent applications, with 90 patents granted to date, related to vehicle design, technology, safety and convenience features in support of the Mullen FIVE consumer vehicle program. The company has received $279 million in purchase orders from Randy Marion Automotive Group for Mullen class 1 and class 3 EV vans and trucks. Randy Marion, based in North Carolina, is one of the largest commercial vehicle dealer groups in the U.S.”
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Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has issued a shareholder letter providing a business update and responding to questions regarding the company’s share price, which has declined significantly since March 31, 2023; the company currently trades at a discount to its current cash position of $135 million, or $.038 per share. The letter noted that the company anticipates meeting previously announced objectives regarding the production and sales of its class 3 commercial vehicles; management also noted that the company has completed two acquisitions, which have added “valuable, unencumbered assets to the balance sheet.” Those assets include Bollinger Motors becoming a majority-owned EV truck company of Mullen Automotive and the purchase of certain assets of Electric Last Mile Solutions (“ELMS”), including all of the company’s IP, a 650,000-square-foot manufacturing plant, and work in progress on inventory of an estimated 400 class 1 electric van kits and batteries, which can be sold at an MSRP of $36,500 each.
“In addition to acquisition assets listed above, Mullen’s Tunica, Mississippi, assembly facility has over 120,000 square feet of manufacturing space on 100 acres of land,” the company stated in the press release. “The Tunica facility is in the final stages of equipment installation for the launch of Mullen’s commercial class 3 production in the quarter ending Sept. 30, 2023. To date, the company has filed over 200 U.S. and international patent applications, with 90 patents granted to date, related to vehicle design, technology, safety and convenience features in support of the Mullen FIVE consumer vehicle program. The company has received $279 million in purchase orders from Randy Marion Automotive Group for Mullen class 1 and class 3 EV vans and trucks. Randy Marion, based in North Carolina, is one of the largest commercial vehicle dealer groups in the U.S.”
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
