NetworkNewsBreaks – Mullen Automotive Inc. (NASD
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Posted On: 05/14/2024 4:44:55 PM
NetworkNewsBreaks – Mullen Automotive Inc. (NASDAQ: MULN) Announces $150 Million Financing Commitment Covering Commercial Sales Efforts, Capital Needs for Next 13 Months
Mullen Automotive (NASDAQ: MULN), an electric vehicle (“EV”) manufacturer, has received a $100 million financing commitment from a family office; the company has also sold up to an additional $50 million of senior secured convertible notes to family offices and high net worth investors. According to the announcement, this $150 million capital infusion allows Mullen and Bollinger to operate and expand domestic and international commercial sales efforts as well as meet its capital needs over the next 13 months. This news comes on the heels of several advancements announced by the company, including California Air Resource Board (“CARB”) HVIP approval on the Mullen THREE, Class 3 EV truck, providing up to $45,000 cash voucher at time of vehicle purchase; the addition of Pritchard EV and National Auto Fleet Group to the company’s expanding commercial dealer network; and receiving Foreign Trade Zone Status approval for its Tunica, Mississippi, commercial vehicle manufacturing center.
NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://nnw.fm/MULN
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or republished: http://NNW.fm/Disclaimer
Mullen Automotive (NASDAQ: MULN), an electric vehicle (“EV”) manufacturer, has received a $100 million financing commitment from a family office; the company has also sold up to an additional $50 million of senior secured convertible notes to family offices and high net worth investors. According to the announcement, this $150 million capital infusion allows Mullen and Bollinger to operate and expand domestic and international commercial sales efforts as well as meet its capital needs over the next 13 months. This news comes on the heels of several advancements announced by the company, including California Air Resource Board (“CARB”) HVIP approval on the Mullen THREE, Class 3 EV truck, providing up to $45,000 cash voucher at time of vehicle purchase; the addition of Pritchard EV and National Auto Fleet Group to the company’s expanding commercial dealer network; and receiving Foreign Trade Zone Status approval for its Tunica, Mississippi, commercial vehicle manufacturing center.
NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://nnw.fm/MULN
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or republished: http://NNW.fm/Disclaimer
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