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Mullen Automotive Issues Update to Shareholders

 

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BREA, Calif., June 23, 2022– via InvestorWire – Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announces an update for Mullen shareholders, including recent highlights and accomplishments for the Company, the Mullen FIVE and the Mullen EV Van programs.

“2022 has been an exceptional year for us so far; I am very proud of the immense effort by the Mullen team.  Mullen has made significant progress in a number of key areas,” stated David Michery, CEO and chairman of Mullen Automotive.

Recent Highlights and Accomplishments

  • Mullen’s solid-state polymer battery cell was successfully tested for the second time at Battery Innovation Center (BIC) in Indiana. This follow-up testing from an accredited facility shows promise for solid-state polymer cell technology when scaled to the vehicle pack level and used in EVs.
  • Mullen delivered its first EV van under a pilot program to a telecommunications provider in the Southeastern part of the U.S. on May 12, 2022. The Company has requested certain van modifications in support of their anticipated use. The van has been picked up and is currently being modified to fit the specs required by the customer in anticipation of a vehicle purchase order, including an upgrade to an 80-kWh battery pack.
  • Mullen expects to join the Russell 2000® and 3000® Indexes on June 27, 2022, after the market opens, according to a preliminary list of additions posted by FTSE Russell on June 3, 2022. The Company’s stock will also be automatically added to the appropriate growth and value indexes.
  • Mullen reached an agreement, subject to approval by Company shareholders, to secure $275 million in additional funding for the Company. If shareholder approval is obtained, it is anticipated that a portion of the funding will be used for the EV Cargo Van Class 1-4 program, the FIVE EV Crossover, and the FIVE RS high-performance vehicle program development.
  • Mullen’s partnership with LGG (Linghang Guochuang Group) is on track, with both parties jointly scaling solid-state polymer battery cell technology with the objective of moving from the individual cell level to the vehicle pack level. Solid-state polymer batteries are envisioned for the second generation of the Mullen FIVE EV Crossover.
  • Mullen began retrofitting the existing high-voltage facility in Monrovia, California, for the production of EV battery pack development to support the Mullen EV programs.
  • National “Strikingly Different” test drive tour event has been announced for fall 2022, and Mullen will visit over 15 cities across the U.S.
  • Development of the Mullen FIVE RS, a high-performance version of the Mullen FIVE EV Crossover, has commenced and will be joining the Mullen FIVE test-drive tour in early 2023. 

Further details on these highlights and accomplishments can be found under the news section of Mullen’s website

 

About Mullen:

Mullen is a Southern California-based automotive company that owns and partners with several synergistic businesses working toward the unified goal of creating clean and scalable energy solutions. Mullen has evolved over the past decade in sync with consumers and technology trends. Today, the Company is working diligently to provide exciting EV options built entirely in the United States and made to fit perfectly into the American consumer’s life. Mullen strives to make EVs more accessible than ever by building an end-to-end ecosystem that takes care of all aspects of EV ownership. For more information, please visit www.MullenUSA.com.


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 the future tense, often signify forward-looking statements. These forward-looking statements include, without limitation, statements relating to the reverse merger, the Nasdaq approval process, and the proposed debut date of the Mullen FIVE (formerly MX-05) midsize crossover. 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 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, readers 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

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