Mullen Provides Shareholder Update
Key hires in Engineering and Production for Tunica AMEC Facility position company to accelerate production of Mullen’s first EVs.
BREA, Calif., July 28, 2021 – via InvestorWire – Mullen Technologies, Inc. (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, which previously announced a definitive agreement to merge with Net Element, Inc. (NASDAQ: NETE) in a stock-for-stock reverse merger in which Mullen’s stockholders will receive a majority of the outstanding stock in the post-merger company, announces today an update for Mullen shareholders.
“I’m very grateful for all the hard work the Mullen team has put into filing the recently cleared S4 which represents a significant milestone in merging with Net Element,” said David Michery, CEO and Chairman of Mullen. “I look forward to a successful transition with NETE and congratulate their team for making this happen. Our focus continues on our EV efforts, and we are looking forward to debuting our first EV Crossover, the Mullen FIVE.”
In March 2021, Mullen crossed another major milestone with the purchase of its 120,000-square-foot Advanced Engineering and Manufacturing Center and Proving Grounds (AMEC) on 100+ acres in Tunica, Mississippi. Mullen’s plans include an additional 700,000-square-foot body shop, paint shop, warehouse, and test track to complete an automotive campus. In total, the campus will include over 820,000-square-feet with production capacity of 100,000 vehicles annually.
Mullen has also hired experienced operating executives Trey Agner as Director of Operations and Jerry Baker as Production Manager to oversee and begin preparing the facility for production start. The two executives have a combined 50+ years of experience in manufacturing and bring a wealth of automotive expertise in production, prototyping, plant operations and facility management across the U.S
. and internationally. Agner and Baker were also part of the original manufacturing team that established the facility in 2017 and they bring a wealth of firsthand working knowledge for customizing the AMEC facility to support the start of manufacturing Mullen’s first EVs (Electric Vehicles).
Mullen has also spent the past few months diligently working on fine-tuning the design, material selections and vehicle build for the Mullen FIVE Crossover EV (formerly Ottava 2p6). Mullen will unveil the FIVE to the world for the first time in November 2021. Mullen is now accepting reservations on the FIVE. View here for more details or to make a reservation.
The Form S-4 is available under Net Element’s CIK number (0001499961) on the SEC’s EDGAR System.
About Mullen Technologies
Mullen Technologies is a Southern California-based licensed vehicle manufacturer that operates in various verticals of the businesses focusing in the automotive industry: Mullen Automotive, Mullen Energy, Mullen Auto Sales, Mullen Funding Corp., and CarHub. Each of these divisions provide Mullen with diversity of different products and services within the automotive industry. For more information, please visit: www.MullenUSA.com.
Additional Information and Where to Find It
This press release relates to a proposed business combination transaction between Mullen Technologies, Inc. (“Mullen”) and Net Element, Inc. (“Net Element”). On May 14, 2021, Net Element filed with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4, which included a proxy circular/prospectus. The S-4/A registration of securities business combinations – amendment was filed on July 22, 2021. The registration statement on Form S-4 became effective on July 26, 2021. This press release is not a substitute for the preliminary proxy circular/prospectus that Net Element has filed with the SEC or any other documents that Net Element or Mullen may file with the SEC or send to their respective stockholders in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY CIRCULAR/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC, INCLUDING THE REGISTRATION STATEMENT ON FORM S-4, AS THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. All such documents, if filed, would be available free of charge at the SEC’s website (www.sec.gov) or by directing a request to Mullen, at 1405 Pioneer St, Brea, CA 92821, or by calling (714) 613-1900, in the case of filings by Mullen; or to Net Element, at 3363 NE 163rd Street, Suite 606, North Miami Beach, Florida 33160, or by calling (305) 507-8808, in the case of filings by Net Element.
Participants in the Solicitation
Net Element and certain of its respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information regarding Net Element’s directors and executive officers is available in its definitive proxy statement for its 2020 Annual Meeting, which was filed with the SEC on Oct. 13, 2020, its Annual Report on Form 10-K for the year ended Dec. 31, 2020, which was filed with the SEC on March 31, 2021, and certain of its Current Reports on Form 8-K. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is contained in the joint proxy statement/prospectus and other relevant materials filed with the SEC. Free copies of this document may be obtained as described in the preceding paragraph.
No Offer or Solicitation
This communication shall not constitute an offer to sell or the solicitation of an offer to sell or an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933.
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 future tense, often signify forward-looking statements. These forward-looking statements are, by their nature, subject to significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. 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 whether Net Element’s stockholders will vote to approve the merger and other transactions contemplated in the merger agreement that require Net Element’s stockholders’ approval, whether regulatory approvals to the contemplated transaction will be received and whether all other conditions precedent to the transaction referenced in the merger agreement will materialize. Additional examples of such risks and uncertainties include, but are not limited to, any changes in the laws, rules and regulations relating to any aspects of the Company’s business operations, general economic, market and business conditions, including capital market developments, the actions and developments of the Company’s competitors and the effects of competition in the EV industry on the demand for, and price of, the Company’s current and proposed products and services, various business opportunities that the Company, and 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, you 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 Technologies, Inc.