Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, is releasing customer pricing for its Class 1 EV cargo van; the company announced that the starting price for the EV van will be $34,500 and the class 3 EV cab chassis trucks will start at $68,500. The announcement comes as the company has delivered 19 EV cargo vans to date with 20 more planned for this month, along with an anticipated purchase order for 200 more expected this month. The company previously announced that it had received a 1,000-unit class 3 EV truck purchase order from the Randy Marion Automotive Group, which has assisted in fulfilling its orders. “As more fleets focus on their sustainability goals addressing climate change, the net price points of our Mullen commercial products make this an easy choice and help accelerate their transition to electric,” said Mullen Automotive CEO and chair David Michery in the press release. “With both vehicles qualifying for the $7,500 federal tax credit, their Class 1 EV cargo van acquisition cost will reduce to $27,000 and Class 3 EV cab chassis truck will reduce to $61,000.”
In addition, Mullen also announced a 1-for-25 reverse stock split of its common stock; the value of stock will be $0.001 per share, effective May 4, 2023, at 12:01 a.m., ET. The company noted that it will continue to trade on the NASDAQ Capital Market under the existing symbol MULN. According to the announcement, the strategic move is intended to bring Mullen into compliance with the $1 minimum bid price requirement for maintaining its NASDAQ listing. The reverse stock split was approved during the company’s Jan. 19, 2023, special meeting of stockholders. The 1-for-25 reverse stock split will combine and convert 25 current shares of MULN common stock into one issued and outstanding share of common stock.
About Mullen Automotive Inc.
Mullen Automotive is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in two company-owned United States-based assembly plants. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover, Mullen commercial class 1 and 3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and class 4-6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of all of Electric Last Mile Solutions’ (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana. To learn more 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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