NetworkNewsBreaks – Mullen Automotive Inc. (NASD
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Posted On: 06/21/2023 4:58:16 PM
NetworkNewsBreaks – Mullen Automotive Inc. (NASDAQ: MULN) Announces Moratorium on New Financings, Sufficient Capital for at Least 12 Months
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today announced an investor financing moratorium for the balance of 2023 and that it has sufficient capital on hand for at least the next 12 months. In addition, the company confirmed that remaining investor option expires on June 30, 2023, and that its assets are unencumbered with the exception of $7.3 million outstanding debt. Mullen continues to trade at a steep discount to its current cash position of $135 million or $0.38 per share as of June 13, 2023. The company’s book value was $2.08 per share ss of its most recently filed Form 10-Q on March 31, 2023. Since March 31, 2023, the company’s stock has declined over 95% from $3.25 per share to $0.16 per share on June 20, 2023. Despite the decline in stock price, management believes that Mullen has already met or is positioned to meet the previously announced objectives. The company highlighted two completed acquisitions that added valuable, unencumbered assets to the balance sheet totaling $253 million for majority ownership in Bollinger Motors and certain assets related to Electric Last Mile Solutions (“ELMS”).
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
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today announced an investor financing moratorium for the balance of 2023 and that it has sufficient capital on hand for at least the next 12 months. In addition, the company confirmed that remaining investor option expires on June 30, 2023, and that its assets are unencumbered with the exception of $7.3 million outstanding debt. Mullen continues to trade at a steep discount to its current cash position of $135 million or $0.38 per share as of June 13, 2023. The company’s book value was $2.08 per share ss of its most recently filed Form 10-Q on March 31, 2023. Since March 31, 2023, the company’s stock has declined over 95% from $3.25 per share to $0.16 per share on June 20, 2023. Despite the decline in stock price, management believes that Mullen has already met or is positioned to meet the previously announced objectives. The company highlighted two completed acquisitions that added valuable, unencumbered assets to the balance sheet totaling $253 million for majority ownership in Bollinger Motors and certain assets related to Electric Last Mile Solutions (“ELMS”).
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
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