Net Element (NASDAQ: NETE), a global financial technology and value-added solutions group, has signed a definitive merger agreement with Mullen Technologies Inc. The agreement outlines a stock-for-stock reverse merger plan resulting in Mullen, a privately held electric vehicle company, and its stockholders owning a majority of the outstanding stock in the post-merger company (http://ibn.fm/5LwBp).
“We are excited to move forward with the proposed merger with Mullen Technologies,” said Net Element executive chairman Oleg Firer. “We are confident that this transaction will increase shareholder value in the long term.”
The details of the newly inked merger agreement call for Net Element’s wholly owned, newly formed subsidiary to acquire all outstanding shares of Mullen. Once the merger is complete, Net Element shareholders will own 15% and Mullen shareholders will own 85% of the issued and outstanding shares of the combined company. The agreement also dictates that Net Element has the right to acquire up to an additional 6.7% of the combined company dependent on the amount of loans from Net Element to Mullen prior to closing.
In addition, the agreement notes that, just prior to the completion of the merger, Net Element will divest itself of its payments-processing business and portfolio, pending approval of the company’s stockholders. The completion of the merger itself is also subject to shareholder and NASDAQ approval, as well as other conditions outlined in the agreement.
Based in Southern California, Mullen Technologies is a licensed electric vehicle company with international distribution that operates in a variety of businesses focused on the automotive industry, including Mullen Automotive, Mullen Energy, Mullen Auto Sales, Mullen Funding Corp. and CarHub.
“Our team at Mullen Technologies is very proud to take the next step in completing this acquisition of Net Element,” said Mullen founder and CEO David Michery. “Mullen is dedicated to the development of environmentally friendly, affordable technology that will bring energy solutions to consumer products and communities in the near future. This acquisition provides the resources that Mullen can utilize to execute on its business model to integrate state-of-the-art, clean-battery technology into personal and commercial vehicles, and eventually sustainable, reusable battery technology into everyday consumer products.”
Net Element Inc. is a global financial technology and value-added solutions group that supports electronic payments acceptance in an omni-channel environment spanning across point-of-sale, e-commerce and mobile devices. The company operates a payments-as-a-service transactional model and value-added services platform for small to medium enterprises in the U.S. and selected emerging markets.
For more information, visit the company’s website at www.NetElement.com.
NOTE TO INVESTORS: The latest news and updates relating to NETE are available in the company’s newsroom at http://ibn.fm/NETE
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