NetworkNewsBreaks – Mullen Automotive Inc. (NASD
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Posted On: 08/14/2023 4:26:04 PM
NetworkNewsBreaks – Mullen Automotive Inc. (NASDAQ: MULN) Announces Fiscal Q3 Results, Business Update
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today announced financial results for its fiscal third quarter for the three and nine months ended June 30, 2023, and provided recent business updates. Among the highlights, the company’s board of directors has authorized a stock buyback program, pursuant to which the company may, until Dec. 31, 2023, purchase up to $25 million in shares of its outstanding common stock. Mullen ended fiscal third quarter on June 30, 2023, with stockholders’ equity of $351.8 million, compared to $157.0 million on Sept 30, 2022, which represents a 124% increase. In addition, during the quarter ended June 30, 2023, Mullen successfully secured $100 million in funding from its Series D preferred stock investors, which completes all remaining investment obligations to the Series D holders. With this latest investment, the company’s cash and cash equivalents exceed $200 million as of July 3, 2023, bolstering its liquidity and supporting its move from prototype to production for commercial vehicles. “We are very proud to report Mullen’s move from prototype to production for our Class 3 commercial vehicle,” said Mullen’s CEO David Michery. “This milestone marks the next phase of our journey towards transforming the electric vehicle landscape and driving sustainable mobility solutions.”
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 financial results for its fiscal third quarter for the three and nine months ended June 30, 2023, and provided recent business updates. Among the highlights, the company’s board of directors has authorized a stock buyback program, pursuant to which the company may, until Dec. 31, 2023, purchase up to $25 million in shares of its outstanding common stock. Mullen ended fiscal third quarter on June 30, 2023, with stockholders’ equity of $351.8 million, compared to $157.0 million on Sept 30, 2022, which represents a 124% increase. In addition, during the quarter ended June 30, 2023, Mullen successfully secured $100 million in funding from its Series D preferred stock investors, which completes all remaining investment obligations to the Series D holders. With this latest investment, the company’s cash and cash equivalents exceed $200 million as of July 3, 2023, bolstering its liquidity and supporting its move from prototype to production for commercial vehicles. “We are very proud to report Mullen’s move from prototype to production for our Class 3 commercial vehicle,” said Mullen’s CEO David Michery. “This milestone marks the next phase of our journey towards transforming the electric vehicle landscape and driving sustainable mobility solutions.”
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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