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Mullen CEO David Michery Publishes Open Letter to Shareholders Addressing Declining Stock Values


BREA, Calif., August 23, 2023– via InvestorWire – Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer,  today shares an open letter to Mullen shareholders addressing declining stock values.

Dear Mullen Shareholders:

The Company has received numerous requests to respond to the ongoing decline of our stock. Many of these communications have been addressed to me personally with less than kind, and sometimes threatening statements.

As CEO of this Company, I take all shareholders’ concerns seriously. One of my primary responsibilities is to execute the Company’s business plan, and as evidenced by multiple prior communications to the public, the Company continues to make significant strides in that regard. I will summarize some of those at the end of this statement.

I am very disappointed by the performance of our stock.  As I have previously publicly stated, I do not believe the trading price of our stock even closely resembles the Company’s actual value. It is evident that, regardless of meeting significant corporate milestones (i.e., vehicle production completion within projected timelines), stock traders continue to place downward pressure on the stock, causing the price to fall.

I previously announced that the Company engaged Share Intel and other parties to investigate what I suspect to be unlawful trading practices in our stock. We are assembling all the data received to date and should have something to announce in the coming days.

I am extremely frustrated that the hard work of Mullen‘s dedicated team and the significant momentum and successes achieved to date are overshadowed by the unrealistic value attributed to our stock. The Company and I have demonstrated our commitment to the success of our initiatives by purchasing its stock through the previously announced Share Buy Back program.  I have also personally recently purchased stock, demonstrating my unwavering confidence in our Company.

I remain committed to executing the Company’s business plan and using all measures at our disposal to eliminate any unlawful trading practices in our stock.

Here are some recent highlights of company success:

Financial Highlights:

  • The Company had cash balances of $227.4 million on June 30, 2023.
        - Net cash used in operating activities was $113.6 million for the nine months ended June 30, 2023.
        - Net cash used in investing activities for the nine months ended June 30, 2023, was $107.4 million; primarily consisting of the ELMS acquisition where the Company acquired a 650,000 square-foot Mishawaka production facility (originally built by GM to produce Hummer vehicles). 
        - For the nine months ended June 30, 2023, we raised $364.1 million in net cash provided by financing activities.
  • The Company’s total assets on June 30, 2023, were $600.0 million and total debt was only $7.3 million.
  • The Company reported $351.8 million of stockholders’ equity on June 30, 2023, as compared to $157.0 million on Sept. 30, 2022.
  • First revenues of $308,000 were reported for the quarter ended June 30, 2023.
  • Research and development expenses for the quarter ended June 30, 2023, were $22.1 million as compared to $7.3 million for the quarter ended June 30, 2022.

Operational Highlights:

  • Closed on controlling interest of Bollinger Motors in Sept. 2022, adding commercial class 4-6 vehicle programs along with the B1 and B2 sport utility trucks, increasing Mullen’s overall EV lineup.
  • Closed on the acquisition of ELMS in Dec. 2022 including all IP for Class 1 & Class 3 vehicles as well as the manufacturing plant in Mishawaka, Indiana.
  • The Company has received $279 million in purchase orders for Mullen Class 1 and Class 3 EV Vans and Trucks from Randy Marion Automotive Group with initial revenues from Class 3 vehicle deliveries expected during the quarter ending Sept. 30, 2023.
  • Delivery of first EV campus vans in March 2023.
  • Completed all required FMVSS testing requirements for vehicle crashworthiness and occupant safety validation for Class 1 in April 2023.
  • Partnered with Amerit Fleet Solutions in May 2023 to support national service, parts and warranty for all commercial vehicles.
  • Commercial vehicle assembly equipment transfer completed from Mishawaka, Indiana, plant to Tunica, Mississippi, facility in July 2023 enabling commercial Class 1 and Class 3 start of production.
  • Production milestone achieved in Aug. 2023 with the start of commercial assembly line with the first Class 3 completed vehicles rolling off the line.


David Michery
CEO and Chairman
Mullen Automotive, Inc.


About Mullen

Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in its two United States-based assembly plants. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover, Mullen-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of Electric Last Mile Solutions’ (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana.

To learn more about the Company, visit

Forward-Looking Statements

Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential” and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include but are not limited to the findings from the Share Intel and other parties’ investigations into suspicious trading activities or the timing of the Company’s announcement of the findings to shareholders.  Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen’s plans and expectations as of any subsequent date.



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

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