Mullen and its award-winning EV program have received more than $40 million within the past two months
BREA, Calif., Feb. 07, 2022– via InvestorWire – Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announces today it has bolstered its balance sheet with $4 million in funding over the past week through a combination of the initial drawdown of $2.5 million under a $30 million equity line from Esousa Holdings, llc. and debt financing from existing shareholders, bringing the total funding received over the past two months to more than $40 million.
“This financing represents one of several financial avenues that the company is pursuing to address the growth and demand for our electric vehicles,” said David Michery, CEO and chairman of Mullen Automotive. “The debut of our EV crossover, the Mullen FIVE, at the 2021 LA International Auto Show this past November was a great success and very well received by everyone. Our electric cargo van program is taking off with lots of interest coming in for our fleet team. These fundings are among several financial strategies we are using to continue our momentum and move into the next phase of our execution. This is just the start for Mullen. We are looking forward to showcasing all we have to offer.”
Mullen recently announced a series of key partnerships with ARRK, Dürr, and DSA Systems for automotive engineering, vehicle production systems, and Over the Air (OTA) and vehicle system diagnostics, respectively. The Company expects these strategic developments to play a crucial role in bringing the FIVE to market with the latest technology and in the least amount of time. The Mullen FIVE was recently selected as the Top SUV as part of the 2021 ZEVA® Awards at the Los Angeles International Show.
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.
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.
Mullen Automotive, Inc.
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