The California-based EV maker Mullen Automotive filed on Friday evening a form with SEC inviting shareholders for its Annual Meeting to be held at Nasdaq Building in New York on July 26. Among the themes to discuss in the meeting, the shareholders will vote to approve the increase the aggregate number of authorized shares to 2,250,000,000 shares.
“To Our Stockholders: You are cordially invited to attend the Annual Meeting of Stockholders of Mullen Automotive, a Delaware corporation, to be held at Nasdaq Building, 151 West 42nd Street, 10th Floor (West Cafe – Market Site Event Space), New York, NY 10036 on Tuesday July 26, 2022, at 9:30 a.m. (Eastern Daylight Time),” the company said.
The annual meeting of stockholders is being held for the following purposes:
- To elect three Class I Directors to serve for a three-year term ending as of the annual meeting in 2025;
- To approve an amendment to the Company’s Second Amended and Restated Certificate of Incorporation to increase the authorized number of shares of common stock to 1,750,000,000, the authorized number of shares of preferred stock to 500,000,000 and in conjunction therewith, to increase the aggregate number of authorized shares to 2,250,000,000 shares;
- To approve the Company’s 2022 Equity Incentive Plan;
- To approve, for purposes of complying with Nasdaq Listing Rule 5635(c), of the issuance of shares of Common Stock to our Chief Executive Officer pursuant to a Performance Stock Award Agreement;
- To approve, for purposes of complying with Nasdaq Listing Rule 5635(d), of potential issuance of Series D preferred stock and warrants and shares of common stock upon conversion of the Series D preferred stock and warrants, and any future adjustments of conversion price of the Series D preferred stock and exercise price of the warrants;
- To ratify the appointment of Daszkal Bolton, LLP as the independent registered public accounting firm of the Company for the fiscal year ending September 30, 2022; and
- To transact such other business as may properly come before the Meeting or any adjournments or postponements thereof.
BE THE FIRST ONE TO GET THE NEWS
”Only holders of our common stock and preferred stock of record at the close of business on June 2, 2022, will be entitled to vote and participate at the Meeting and any postponements, adjournments or continuations thereof”, Mullen clarified.
Last week, Mullen CEO David Michery had told to Benzinga that he was “comfortable that we [Mullen] have enough cash to get us through 2022 as previously stated. Our plan does call to a $1.3B spent which is half as much as mos of these guys will spend to start the production.”
Michery added that the company “believes that our plan is the most efficient, we have a facility already and if we obviously, like the most companies in our position today, raise capital is through the sale of their security. And that’s the reason for being public. We will raise additional capital, we have to like everybody else has to, like Tesla and they are a $800b market cap company”.
As time goes on and as your stock strengthens you can make better deals and each deal to be better than the next deal but that’s a part of being able to execute your plan. One of the concerns that a lot of the investors had in the past looking at their balance sheet was how do they’re going to fund this plan? Obviously now there’s a solution for us as we get more activity, as the company deliveries product and as the company expands its operations so the ability to raise additional capital for favourable rates to execute on its plan. Ultimately, our plan is the most efficient plan out there.”
As initially reported by EV, Mullen will join Russell 3000 and Russell 2000 Indexes in late June. CEO David Michery said that the inclusion in the Russell Indexes “will bring great visibility within the institutional investment community”.
Mullen CEO David Michery was featured on Friday’s episode of Benzinga’s All Access Series to give additional information on the battery testing results and the upcoming plans for the company. After being interviewed on Risk On Live podcast earlier in the week, Michery unveiled on Friday that the company “started negotiations with a couple of major OEMs” regarding Mullen’s battery technology. (Full Transcript of the Interview available here)