Company extends maturity of $28 million note, due in July 2022, by two years
BREA, Calif., June 21, 2022– via InvestorWire – Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announces today that it has extended the maturity of a senior secured convertible note of $28 million, originally due in July 2022, by two years.
The Company originally entered into a secured convertible promissory note (the “Note”) on July 23, 2020, with DBI Lease Buyback Servicing LLC, an affiliate of Drawbridge Investments LLC ("Drawbridge"). Esousa Holdings, LLC, an existing Mullen shareholder, has acquired the Note from Drawbridge and entered into an agreement with Mullen to extend the maturity date of the Note by two years. The original Note was scheduled to mature on July 28, 2022, and the Note is now extended to July 2024.
“This note extension with Esousa is important for us, as it preserves our cash flow at a time when the economy appears to be hitting some headwinds, and it provides the Company with a strengthened cash position, allowing us to execute on our EV plans,” said David Michery, CEO and chairman of Mullen Automotive.
Further details on this transaction can be found on Mullen Automotive’s most recently filed 8-K, found here.
Mullen recently announced the “Strikingly Different” U.S. Test Drive Tour for the Mullen FIVE EV Crossover, covering 19 cities across the U.S. The tour will begin this fall in Southern California and work its way throughout the U.S. Further details can be found here, or place your Mullen FIVE reservation here.
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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