BREA, Calif., May 03, 2023 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, today issues a Company update, including recent highlights and accomplishments for the Company, across manufacturing facilities, energy programs, Bollinger Motors, commercial and consumer EV programs. The Company reports as of April 30, 2023, cash available for operations was $116.1 million.
Recent Company Updates:
Mishawaka, IN Manufacturing Plant
Home to Mullen FIVE and Bollinger B1 and B2
Tunica, MS Assembly Facility
Home to vehicle assembly for Commercial Class Vans and Trucks
Bollinger Motors - Oak Park, MI
Class 4 – 6 Commercial Vehicles |Bollinger B1 SUV and B2 Pick Up Truck
Mullen Commercial Vehicle Program - Troy, MI
Class 1 and 3 Commercial Vehicles
Mullen Consumer Vehicle Program - Irvine, CA
Mullen FIVE Crossover
Mullen Advanced Energy Operations and Solid-State Battery Progress
Mullen-GO
About Mullen
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in two Company-owned United States-based assembly plants. Mullen's EV development portfolio includes the Mullen FIVE EV Crossover, Mullen Commercial Class 1 and 3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of all of Electric Last Mile Solutions' (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana.
To learn more about the Company, visit www.MullenUSA.com.
Forward-Looking Statements
Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential" and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include but are not limited to: (i) whether the expected timelines for manufacturing of the Class 3 eV trucks will be met; whether the expected timelines for testing, production and other programs for all other Mullen and Bollinger vehicles will be met; whether the anticipated revenue for Class 3 trucks and EV Cargo Vans will be realized within the August and September 2023 timeframe or otherwise; whether the cash available for Company operations will be adequate to meet the Company’s objectives; whether the initiatives for completing vehicle certifications will be successful; whether the partnership with Global EV Technology, Inc. and EV Technologies will be successful; the timing of the expected testing of the solid-state polymer technology in the Class 1 EV cargo van; whether the contract awarded by the District of Columbia, Washington, D.C., to EV Technologies, LLC will be assigned to MAEO as contemplated by the agreement between Mullen and EV Technologies; whether the test results, which indicate that applying EMM technology to an electrical vehicle significantly increases vehicle range, are accurate; whether the EEM product and associated technology will prove beneficial; and whether the Company’s initiatives for the Mullen-Go will prove successful; (ii) whether the commercial product launches contemplated for 2023 will materialize within the slated timelines; (iii) Mullen’s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (iv) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (v) Mullen’s ability to successfully expand in existing markets and enter new markets; (vi) Mullen’s ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (vii) unanticipated operating costs, transaction costs and actual or contingent liabilities; (viii) the ability to attract and retain qualified employees and key personnel; (ix) adverse effects of increased competition on Mullen’s business; (x) changes in government licensing and regulation that may adversely affect Mullen’s business; (xi) the risk that changes in consumer behavior could adversely affect Mullen’s business; (xii) Mullen’s ability to protect its intellectual property; and (xiii) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen’s plans and expectations as of any subsequent date.
Contact:
Mullen Automotive, Inc.
+1 (714) 613-1900
www.MullenUSA.com
Corporate Communications:
InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
This email address is being protected from spambots. You need JavaScript enabled to view it.
Last Trade: | US$2.73 |
Daily Change: | 0.18 7.06 |
Daily Volume: | 708,681 |
Market Cap: | US$17.880M |
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