Mullen Automotive stock is raising over 19% during the Pre-Market trading session to $1.39 per share. The company announced earlier today the sign of a binding agreement with the Amazon Delivery service partner DelPack Logistics to acquire up to 600 Mullen Class 2 EV cargo vans over the next 18 months — until January 2024.
The first 300 units “can be delivered to DPL by November. 30,2022, at the request of DPL,” and the electric van will be fully homologated for the United States carrying a minimum of an 80 kilowatt per hour battery pack, Mullen added.
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The Vans will be equipped with “all airbags as required by United States standards and a cabin comfort package, including adjustable seats, cup holders, an infotainment system, and a comfortable passenger seat”, the company detailed.
“This agreement is a milestone for Mullen Automotive,” said David Michery, CEO and chairman of Mullen Automotive. “DelPack is a leader in last mile package delivery and this agreement puts our Class 1 cargo van program front and center for last mile delivery opportunities.”
“Delpack is excited about an opportunity to take part and participate in a global green and sustainable initiative,” said Eugene Goldberg, Partner DelPack, Logistics, LLC.
On June 23, Mullen said that the van “has been picked up and is currently being modified to fit the specs required by the customer in anticipation of a vehicle purchase order, including an upgrade to an 80-kWh battery pack”. At the time, the company added the upgrade of the EV drivetrain, which is responsible for taking energy stored in the vehicle’s battery system and supplying it to the motors.
Recently, the company filed 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 of the aggregate number of authorized shares to 2,250,000,000 shares.