GreenCarNewsBreaks – Mullen Automotive Inc. (NASDAQ: MULN) Increases Ownership of Bollinger Motors to 95%, Resolves Receivership

Mullen Automotive (NASDAQ: MULN) has acquired an additional 21% stake in Bollinger Motors, bringing its total ownership to 95% and increasing shareholder equity by approximately $3.5 million. The move follows Mullen’s resolution of outstanding claims and debt that had placed Bollinger under court-ordered receivership, a case now dismissed with prejudice. Bollinger will continue operating independently under Mullen’s ownership, with its commercial EV lineup—led by the all-electric B4 Chassis Cab—receiving full support for sales, service, and warranty. Mullen plans to leverage synergies to accelerate the B4’s development and drive growth within the commercial EV space.

To view the full press release, visit https://ibn.fm/ZRnX0

About Mullen Automotive Inc.

Mullen Automotive is a Southern California-based automotive company building the next generation of commercial electric vehicles (“EVs”) with two United States-based vehicle plants located in Tunica, Mississippi, (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. In September 2023, Mullen received IRS approval for federal EV tax credits on its commercial vehicles with a Qualified Manufacturer designation that offers eligible customers up to $7,500 per vehicle. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, are California Air Resource Board (“CARB”) and EPA certified and available for sale in the U.S. The CARB-issued HVIP approval on the Mullen THREE, Class 3 EV truck, provides up to a $45,000 cash voucher at time of vehicle purchase. The company has also recently expanded its commercial dealer network to seven dealers with the addition of Papé Kenworth. Other previously announced dealers include Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, Eco Auto, and Randy Marion Auto Group, providing sales and service coverage in key Midwest, West Coast, Pacific Northwest, New England and Mid-Atlantic markets. The company has also announced Foreign Trade Zone (“FTZ”) status approval for its Tunica, Mississippi, commercial vehicle manufacturing center. FTZ approval provides a number of benefits, including deferment of duties owed and elimination of duties on exported vehicles. For more information about the company, visit www.MullenUSA.com.

NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://ibn.fm/MULN

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