Letter to shareholders provides an update on NASDAQ status and Mullen FIVE EV Crossover debut at the Los Angeles International Auto Show.

BREA, Calif., Sep. 27, 2021– via InvestorWire – Mullen Automotive, Inc. (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, which previously announced a definitive stock-for-stock reverse merger agreement with Net Element, Inc. (NASDAQ: NETE), in which Mullen’s stockholders will receive a majority of the outstanding stock in the post-merger company, today releases the following letter to shareholders from Mullen’s Chief Executive Officer, David Michery.

Dear Fellow Shareholders,

As we begin the fourth quarter of 2021, I would like to take this opportunity to update everyone on the progress being made to complete the merger with Net Element.

I am pleased to say that the SEC has declared effective the S-4 registration statement of the shares of the merger. The shareholders and boards of both companies have approved the deal and the Company believes it can comply with the listing standards of the NASDAQ. The Company currently is awaiting a final response from NASDAQ.

I would also like to update you on the upcoming debut of the Mullen FIVE EV crossover. Mullen will be debuting the FIVE this coming November 2021 at the Los Angeles International Auto Show. Please visit Mullen and the FIVE EV Crossover Nov. 17 – 28 in the South Hall (Booth S-101) of the Los Angeles Convention Center.

We will continue communicating our developments to the investment community, and encourage shareholders and potential investors to visit our website and follow our social media channels, such as Facebook and Twitter, to stay informed and fully aware of new developments as they occur.

I continue to be excited and encouraged about Mullen’s potential and its future as a publicly-listed company.

Sincerely,

David Michery
Chief Executive Officer
Chairman

About Mullen Technologies:

Mullen is a Southern California-based company that owns and partners with several synergistic businesses, all working towards the same goal of creating clean and scalable electric vehicles and energy solutions. Born out of our founder, David Michery’s vision, the mantra perpetually fueling all of our efforts is the ability to … Imagine What’s Possible™.

Forward-Looking Statements
This press release contains "forward-looking statements." Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar expressions, as well as statements in future tense, often signify forward-looking statements. These forward-looking statements include, without limitation, statements relating to the proposed production date of the Mullen FIVE (previously MX-05) midsize and perceived advantages and future deployment of the solid-state polymer battery technology. These forward-looking statements are, by their nature, subject to significant risks and uncertainties.

Forward-looking statements should not be read as a guarantee of future performance or results and may not be accurate indications of when such performance or results will be achieved. Forward-looking statements are based on information that the Company has when those statements are made or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements, including any changes in the laws, rules, and regulations relating to any aspects of the Company's business operations, general economic, market and business conditions, including capital market developments, the actions and developments of the Company's competitors and the effects of competition in the EV industry on the demand for, and price of, the Company's current and proposed products and services, various business opportunities that the Company, and factors beyond the Company's control. As a result of these and other risks, uncertainties, and assumptions, forward-looking events and circumstances discussed herein might not occur in the way the Company expects, or at all. Accordingly, you should not place reliance on any forward-looking information or statements. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise. All forward-looking statements herein are qualified by reference to the cautionary statements set forth in this section.

Contact:

Mullen Automotive, Inc.
+1 (714) 613-1900
www.MullenUSA.com