Net Element (NASDAQ: NETE), a global technology and value-added solutions group that supports electronic payments acceptance in a multi-channel environment including point-of-sale (“POS”), e-commerce and mobile devices, Monday announced its entry into a binding Letter of Intent (“LOI”) to merge with privately-held Mullen Technologies, Inc., a Southern California-based electric vehicle company. According to the update, in the stock-for-stock reverse merger, Mullen’s stockholders will receive the majority of the outstanding stock in the post-merger Company. Pending receipt of requisite approvals, the current Net Element management team and board of directors will resign at closing of the merger, with exception to Oleg Firer who will remain a board member, and be replaced by a management team led by Mullen’s Founder, Chairman and Chief Executive Officer David Michery and the Mullen-nominated board of directors. “We believe the timing of this merger is ideal for Mullen Technologies,” Michery stated in the news release. “It comes on the preparation of our launch of the Dragonfly K50, which will be available in Q2 of 2021 and through our retail network in California and Arizona and the development of a new EV model, the MX-05 Sport Utility Vehicle, that we expect the start of production next year. In addition, becoming public at this time should allow us to accelerate the development of our unique battery technology which is non-flammable, puncture proof, capable of maintaining full capabilities after 500,000 cycles, and is synthetic, requiring no mining of natural resources. We look forward to working with the Net Element team to complete the merger as quickly as possible.”
To view the full press release, visit http://nnw.fm/Ecry2
About Mullen Technologies:
Mullen Technologies is a Southern California based licensed electric vehicle manufacturer with international distribution that operates in various verticals of 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.
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