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Mullen Issues Letter to Shareholders on Merger Completion

Reverse merger with Net Element is complete. Mullen now trading on NASDAQ under “MULN”

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BREA, Calif., Nov. 09, 2021– via InvestorWire – Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announces today that its reverse merger transaction with Net Element is now complete. The combined company will operate under the name Mullen Automotive, Inc. The shares of Mullen Automotive now trade on the Nasdaq Capital Market under the ticker symbol "MULN."

Pursuant to the closing of the merger, there are 51,173,640 million shares issued and outstanding on a fully diluted basis, all of Mullen Automotive’s outstanding common and preferred shares were exchanged for Net Element common and preferred stock; an aggregate of 43,971,895 million shares which represents 85 percent of the combined company, were allocated to holders of common stock, preferred stock and reserved for issuance under outstanding warrants. A Current Report on Form 8-K containing more detailed information regarding the merger transaction and the allocation of shares to the holders of common stock and preferred stock and those issuable upon exercise of outstanding warrants will be filed with the Securities and Exchange Commission.

David Michery, Chief Executive Officer of Mullen Automotive, commented, "We are excited to have completed this merger and our transition to a public company and welcome the Net Element shareholders to Mullen. With the completion of this corporate action, we believe that we are well-positioned to continue to further develop our electric vehicle technologies and advance the development and deployment of our previously announced vehicles.”

On Nov. 5, 2021, Mullen began trading on the Nasdaq Stock Market LLC (“Nasdaq”) under the new stock ticker symbol “MULN.” Additionally, Mullen will debut to the world, for the first time, the FIVE EV Crossover on Nov. 17, 2021, at the Los Angeles International Auto Show (LAIAS). The FIVE will debut in the South Hall (Booth S-101) on Day One of the international media and press days. The FIVE will continue on display in the South Hall during the consumer days of the show, Nov. 19 – 28, 2021. Mullen will display multiple variants of the FIVE model while also showcasing powertrain, battery, and charging technology.

The FIVE is built on an EV crossover skateboard platform that offers multiple powertrain configurations and trim levels in a svelte design that is “Strikingly DifferentTM” and exciting to experience in person.  Learn more about the Mullen FIVE at MullenUSA.com.

 

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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