The California-based EV maker Mullen Automotive is now holding its Annual Meeting of shareholders at Nasdaq Building in New York. Among the themes to discuss in the meeting, the shareholders will vote to approve the increase in the aggregate number of authorized shares to 2,250,000,000 shares.
[10:30] — End of the meeting —
[10:29] — “We know we have one of the most traded stocks on the market. It has a lot of momentum.”
[10:25] — “There’s definitely a lot of demand for Class 1 and Class 2 vehicles […] Class 1 has the advantage that allows someone with the standard license to drive it”.
[10:23] — “We are looking into an expansion to another facility… there are some opportunities ahead of us.”
[10:19] — “Our plan is to deliver those vehicles in August and announce who the customer is [ the Fortune 500 company] by then with the customer”.
“We are making a small expansion in Tunica to support it [the manufacturing] The vehicle will be assembled in Tunica and we will make the modifications there. We have currently 100 acres but we can scale up to 1.2/ 1.3 million acres, there’s a lot of space around”.
“Tunica has great infrastructure for transportation,” he added.
[10:15] — The third question was “Will the RS be included in Florida [testdrive tour]?
“We will have another location near Florida in ’23 and we will gonna show also technology and PERSONA at the test drive tests”.
The vehicle will be available in 2025. The vehicles for the test drives will not have the certificate for the public roads.
[10:12] — Q&A Session: The first question was regarding Mullen branding and the Mullen FIVE logo. The second question was about launch points. Mullen VP of Marketing said there will be chargers there but also test drives available but it will depend. Not all locations will look the same, it will change based on the location.
[10:08] — VP Finance says the company’s future plans include a build-out of 1.3M sq ft.
automotive campus on over 100 available acres with a body shop, paint shop, a general assembly, and a test track.
[10:04] — VP of Marketing talks about some stats and the approach of the company towards the launch of Mullen FIVE model. The company has the initial goal of having 32 Lounge Point locations across the US via direct and hybrid sales model.
“We’re gonna make updates on the vehicles and drive that customer experience, we are focused on that,” VP Marketing said.
The Lounge Point will feature innovative full vehicle sales and service interaction including test drives, reservations, purchase, trade-in, finance, insurance, and delivery.
Our approach is focused on providing a superior customer experience, in an easily accessible retail environment with a no pressure sales approach.
Not your typical dealership located on an off beaten path down by the expressway, on auto dealer row. Our retail locations will be centered in areas that fit well into everyday life.
Initial goal of 32 Lounge Point locations across the US via direct and hybrid sales model.
[10:00] — Mullen VP of Finance enters the stage to cover the partnerships and the timeline for the EV maker.
There are currently very few options in the Class 1 market and no EVs. The Nissan NV is no
longer available in the U.S., leaving a gap in the market.
The Mullen ONE will be one of the first and only EVs in an underserved market, with a significantly higher cargo space and max payload capacity than other Class 1 vehicles.
[09:58] — PERSONA is introduced: Mullen’s personal assistant with facial recognition, security fence, Pet Safe, and vehicle Charging features.
Facial Recognition: On recognition, the door will unlock for the driver, the vehicle will turn on, and the infotainment, seating, and climate control settings will adjust to the driver’s preset preferences.
Security Fence: Ids all non-owners of the vehicle. or those who display ill-intent behavior. Start alert-response process.
Pet Safe: Notifies people outside that the vehicle is in “PET SAFE’ mode: the car is climate controlled and set to ideal internal cabin temp.
Vehicle Charging: Displays the vehicle’s charging specs when plugged into a charging device.
[09:54] — VP of Marketing comes to the stage to talk about Mullen products. He confirms the US test drive tour from October until November and the second leg of it in Q1 2023. Mullen is paying attention to Tesla Model Y and also Ford Mach-E as competitors.
[09:50] — The host shows the usual initial disclaimer to the shareholders. Here’s the transcript:
“This presentation is for discussion purposes only. The material is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such.
The material available in this presentation may contain forward-looking statements, which are subject to risks, uncertainties and assumptions. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should” “expect”, “plan”, “anticipate” “believe”, “estimate”, “predict”, “optimistic”, “potential”, “future” or “continue”, the negative of these terms and other comparable terminology. Such forward-looking statements are based on current plans, estimates and expectations and are made pursuant to the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are based on known and unknown risks, assumptions, uncertainties and other factors. The Company’s actual results, performance and achievements may differ materially from any future results, performance, or achievements expressed or implied by such forward-looking statements. We do not assume responsibility for the accuracy or completeness of any forward-looking statement and you should not rely on forward-looking statements as predictions of future events. We are under no duty to update any of these forward-looking statements to conform them to actual results or revised expectations.
Any investment in MULLEN AUTOMOTIVE, INC will be subjectto certain risks related to the nature of the Company’s business and the structure and operations of the Company. Any investment in the Company should be made only with an appreciation of the applicable risks, which are described in the Company’s filings with the SEC.”
[09:44] — The host Kerry says the company will release a form with the results of the votes.
[09:38] — After an introduction, it is said that Mullen’s CEO is hospitalized with a “serious kidney infection” and is not attending the Shareholders Meeting today.
[09:30] — The meeting is about to start.
“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.
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”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.