News Archives - Page 25 of 52

TuesdayJun 27, 2023 11:41 am

GreenCarNewsBreaks – Mullen Automotive Inc.’s (NASDAQ: MULN) Series D Holders Exercise Final $100M Investment Option

Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today announced that on June 23, 2023, its Series D investors exercised their final option, expiring June 30, 2023, for $100 million. The move resulted in additional funding of $100 million to the company. Mullen now has more than $235 million in cash and cash equivalents on its balance sheet, which is after expending $253 million-plus for two completed acquisitions that added valuable, unencumbered assets for the majority ownership in Bollinger Motors and certain assets related to Electric Last Mile Solutions (“ELMS”). “We are in the best financial position in…

WednesdayJun 21, 2023 1:01 pm

GreenCarNewsBreaks – Mullen Automotive Inc. (NASDAQ: MULN) Announces Moratorium on New Financings, Sufficient Capital for at Least 12 Months

Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today announced an investor financing moratorium for the balance of 2023 and that it has sufficient capital on hand for at least the next 12 months. In addition, the company confirmed that remaining investor option expires on June 30, 2023, and that its assets are unencumbered with the exception of $7.3 million outstanding debt. Mullen continues to trade at a steep discount to its current cash position of $135 million or $0.38 per share as of June 13, 2023. The company’s book value was $2.08 per share ss of its…

TuesdayJun 20, 2023 12:30 pm

GreenCarNewsBreaks – Mullen Automotive Inc. (NASDAQ: MULN) Working on Broad Commercialization of AI-Powered PERSONA Vehicle Technology

Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today announced the integration of AI-powered PERSONA vehicle technology into its overall commercial and consumer vehicle lineups. Originally developed for the Mullen FIVE, PERSONA is an advanced interactive AI camera/sensor and video monitoring system that utilizes facial recognition technology to unlock/lock vehicles and completely personalize the overall vehicle experience for the driver. “Right from the beginning, when we first introduced PERSONA at the 2021 LA Auto Show, the amount of positive feedback we’ve received has been far beyond anything we imagined; so, of course, we had to expand it for…

FridayJun 16, 2023 10:52 am

GreenCarNewsBreaks — Mullen Automotive Inc. (NASDAQ: MULN) Corrects Shareholder Letter to Reflect $0.38 Per Share

Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has released a letter to its shareholders designed to address the decrease in the company’s share price. The letter noted that earlier this week, the company’s common stock closed at $0.32 per share, down 90% since the end of March. The company currently trades at a discount to its current cash position of $135 million or $0.38 per share. The letter noted several key factors, including $86.7 million of cash available to operations and $0.68 of cash value per share as of March 31, 2023, and the completion of two…

ThursdayJun 15, 2023 12:05 pm

GreenCarNewsBreaks — Mullen Automotive Inc. (NASDAQ: MULN) Releases Shareholder Letter Featuring Status Update

Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has issued a shareholder letter providing a business update and responding to questions regarding the company’s share price, which has declined significantly since March 31, 2023; the company currently trades at a discount to its current cash position of $135 million, or $.038 per share. The letter noted that the company anticipates meeting previously announced objectives regarding the production and sales of its class 3 commercial vehicles; management also noted that the company has completed two acquisitions, which have added “valuable, unencumbered assets to the balance sheet.” Those assets include…

MondayJun 12, 2023 10:05 am

GreenCarNewsBreaks — Mullen Automotive Inc. (NASDAQ: MULN) Announces Collaboration with Phenix to Develop Light-Weight EV Truck Body

Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, is partnering with Phenix Truck Bodies & Van Equipment to develop a light-weight truck body for its class 3 EV. One of California’s largest providers of work trucks, equipment and specialty truck bodies, Phenix has an impressive list of long-term customers, including Southern California Edison, Southern California Gas, Los Angeles County Fire Department, SDG&E, USDA Forest Service and LA County Department of Public Works. MULN noted that the majority of commercial vehicles sold in the United States are sold through upfitters such as Phenix. The collaboration between the two companies…

ThursdayMay 25, 2023 1:57 pm

GreenCarNewsBreaks — Mullen Automotive Inc. (NASDAQ: MULN) Reports on Participation in 2023 Government Fleet Event

Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has completed its inaugural participation at the Government Fleet Expo and Conference (“GFX”), the largest annual conference for public fleets in the nation. The conference was held May 22–25, in Dallas. During the event, Mullen showcased several of its offerings, including its commercial EVs, the Mullen ONE and Mullen THREE. The company reported that attendees met with Mullen technology, sales and product marketing team members to talk about their fleet needs, with many signing up for vehicle demos. The company also participated in its first commercial drive event: GFX’s Block…

TuesdayMay 23, 2023 2:33 pm

GreenCarNewsBreaks – Mullen Automotive Inc. (NASDAQ: MULN) Announces Strategic Partnership with Amerit Fleet Solutions

Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today announced Amerit Fleet Solutions as the provider for national service and warranty work, supporting Mullen’s commercial vehicle lineup, including the Mullen CAMPUS – EV Cargo Van, the Mullen ONE – Class 1 EV Van and the Mullen THREE – Class 3 EV Cab Chassis Truck programs. According to the announcement, Amerit will provide national fleet service and warranty repair work for these programs and, prior to launch, will be working closely with the Mullen commercial product team and vehicle technicians in Troy, Michigan, and Tunica, Mississippi, to train on…

ThursdayMay 18, 2023 11:45 am

GreenCarNewsBreaks — Mullen Automotive Inc. (NASDAQ: MULN) Reports that Common Stock Has Met NASDAQ $1 Minimum Bid Price Requirement

Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has reported that its stock has traded above NASDAQ’s $1 minimum bid price requirement for 10 consecutive days, a key guideline to meet NASDAQ trading requirements. In September 2022, the company was notified by NASDAQ that its common stock no longer met the minimum $1 bid price per share requirement. Consequently, the company was given 180 calendar days to regain compliance; that deadline was extended another 180 days earlier this year. In an effort to meet the requirement, Mullen implemented a reverse stock split, effective May 4, 2023. As a…

WednesdayMay 17, 2023 11:26 am

GreenCarNewsBreaks – Mullen Automotive Inc. (NASDAQ: MULN), NRTC Commence Class 3 Assembly Line Installation and Integration

Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today announced that vehicle production will begin in July 2023 at Mullen’s Manufacturing Center in Tunica, Mississippi. According to the announcement, Mullen’s manufacturing group is collaborating with NRTC Automation (“NRTC”) out of Birmingham, Alabama, for Class 3 assembly line installation and integration, including all robotics and automation systems for vehicle production. NRTC will support Mullen’s Class 3 operation through launch and provide ongoing support of the production as Mullen ramps up to meet the full market demand from its commercial customers. “It’s gratifying to see our Class 3 vehicle production…

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