Written by Cláudio Afonso | info@claudio-afonso.com
Mullen Automotive announced this Monday that it expects to report in excess of $65 million in cash and cash equivalents when it files Form 10Q for the Company’s second quarter ending March 31, 2022. “We’ve made tremendous progress in key areas over the past three months,” said David Michery, CEO and chairman of Mullen Automotive. “With the financing we received, we now have more than enough capital to execute on our commitments for 2022, including the start of the Mullen FIVE EV Crossover program and continued development on the Mullen ONE EV Cargo Van program. The Company’s balance sheet is the strongest it has ever been in our history.
Mullen Automotive has filed this Monday for up to 253,109,032 share offering by selling stockholders. As of 07:12 EST, Mullen shares are trading 1.70% lower after closing 21.67% lower on Friday at $2.35.
“This prospectus of Mullen Automotive, relates solely to the resale by the investors listed in the section of this prospectus entitled “Selling Stockholders” (the “Selling Stockholders”) of up to 253,109,032 shares of our common stock, par value $0.001 per share. The Offered Shares consist solely of 51,622,489 shares of our Common Stock, 4,969,357 shares of our Common Stock (the “Conversion Shares”) issuable upon conversion of our preferred stock, and up to 196,517,186 shares of our Common Stock (the “Warrant Shares”) issuable upon exercise of outstanding warrants to purchase shares of our Common Stock (the “Warrants”).We are registering the resale of the Conversion Shares and the Warrant Shares as required by that certain Registration Rights Agreement, entered into among Mullen Technologies, Inc (“Mullen Technologies”) and certain of the Selling Stockholders (the “Registration Rights Agreement”) and that certain Exchange Agreement, entered into among Mullen Technologies and certain of the Selling Stockholders (the “Exchange Agreement”).
The Company has two electric vehicles under development, one of which we expect to begin delivery of in the second quarter of 2024. Mullen has several divisions that plan to operate synergistic businesses, being: CarHub, a digital platform that leverages artificial intelligence to offer an interactive solution for buying, selling and owning a car, and Mullen Energy, a division focused on advancing battery technology and emergency point-of-care solutions
Recently and related to Mullen‘s article published by Wccf Tech, CEO David Michery enhanced the supporters that have been bringing a lot of attention to the EV maker during the last weeks. The Wccf Tech article highlights the continued interest Mullen is seeing from a growing fan base for the Mullen FIVE EV Crossover.
“Thank you to all our supporters that kept their faith in us and to everyone that sees the potential of what we have to offer,” said David Michery, CEO and chairman of Mullen Automotive. “We are here to craft our own path in the EV market and hopefully pave the road for more innovative companies along the way.”
Mullen’s CEO, David Michery, was recently on the 199th episode of Risk On Podcast on Wednesday. Michery talked about Mullen’s origins, the design options to increase the performance, the battery tech updates. Also Mullen’s loan status and the acceptance of Bitcoin as a payment were among the themes. Mullen’s CEO also mentioned the importance of Elon Musk for the EV sector: “Every EV in the space, no one would be here today if it wasn’t for Tesla and Elon Musk.” As of 12:41 EST, Mullen ($MULN) shares are trading 40.55% higher, at $2.45 being the most traded stock with 295M of volume.
“I like to believe that we’re at the forefront of electrifying America.Every design detail is well thought out to increase performance. The tires and breaks for example are chosen lessen the weight and help you stop on a dime.” When asked about Bitcoin as a payment, Mullen’s CEO said: “Haven’t even explored that right now. We’re focused on doing what we promised and deliver vehicles.”
Recently, CarBuzz, world’s premier car-related news site and app with over 9 million monthly visits, highlighted Mullen’s FIVE Model saying that the model is luxury crossover in the fullest sense of the word luxury. The publication says that “the California-based company will be joining Tesla, Rivian, and Lucid as real American competition to legacy automakers as the EV market grows.” CarBuzz also enhanced that the model is “designed and engineered in the U.S. and set to be built here in the U.S. as well”.
On March 10th, EV posted an exclusive article reporting that Acuitas Group Holding had bought 18 Million shares of Mullen Automotive, reaching a 10% ownership on the EV maker. At the time, Mullen shares were trading at .99$ but quickly skyrocketed to positive territory having reached $1.45. The stock closed the session at $1.35, up 26.17% on the day and was the second most traded on the last session with 251.51M shares traded.
According to the SC 13G/A form with the SEC on March 10th, Peizer Terren S (Founder and CEO of Acuitas Group Holding) added 18 Million Mullen Automotive shares, increasing its ownership up to 9.99%. On the previous filing from January 25th, Peizer Terren S had reported owning 11,363,838 shares, indicating an increase of 158.40%. Check SEC’s filing here.
Written by Cláudio Afonso | info@claudio-afonso.com