Mullen Automotive Provides Fiscal Third Quarter Results and Current Business Update

Mullen Automotive, Inc.

Mullen Automotive, Inc. Announces Major Milestones of Moving from Protype to Production for Class 3 Commercial Vehicles and Recording First Revenues

BREA, Calif., Aug. 14, 2023 (GLOBE NEWSWIRE) — Mullen Automotive, Inc. (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today announced financial results for its fiscal third quarter for the three and nine months ended June 30, 2023.

Recent Company Updates:

The Board of Directors of the Company has authorized a stock buyback program, pursuant to which the Company may, until December 31, 2023, purchase up to $25 million in shares of its outstanding common stock. The shares may be repurchased, from time to time, in the open market or in privately negotiated transactions depending upon market conditions and other factors, and in accordance with applicable regulations of the Securities and Exchange Commission. The authorization of the stock buyback program does not obligate the Company to purchase any shares and may be terminated or amended by the Board at any time prior to its expiration date.

The Company ended fiscal third quarter on June 30, 2023, with stockholders’ equity of $351.8 million, compared to $157.0 million on Sept 30, 2022, which represents an increase of 124%.

During the quarter ended June 30, 2023, the Company successfully secured $100 million in funding from its Series D preferred stock investors which completes all remaining investment obligations to the Series D holders. With this latest investment, the Company’s cash and cash equivalents exceed $200 million as of July 3, 2023, bolstering our liquidity and supporting our move from prototype to production for commercial vehicles.

During the quarter ended June 30, 2023, the Company recorded its first revenues on the sale of Campus EV Cargo Vans.

The Company will host a commercial EV production launch event on August 24, 2023. This event will commemorate the production of our first Class 3 commercial vehicles and showcase the Tunica, Mississippi commercial assembly plant. Select media, customers, dealers, suppliers, and local government leadership have indicated plans to attend.

Mullen will be resuming its Mullen “Strikingly Different” tour this summer, featuring additional EV vehicles, including the Mullen FIVE EV Crossover, FIVE RS High Performance EV Crossover, Mullen GT Electric Sports Car, Mullen ONE Commercial Class 1 EV Cargo Van, Mullen THREE Commercial Class 3 Electric Truck, and Bollinger B2 Pickup Truck. The second stage of the tour starts on August 20, 2023, in Austin, Texas and will span multiple U.S. cities, showcasing Mullen’s cutting-edge electric vehicles to a broad audience.

In July 2023, Mullen announced that Bollinger Motors, in which the Company holds a majority ownership, has received final approval for a $3 million grant from the state of Michigan. This grant aims to promote job creation and economic development, further solidifying Mullen’s commitment to driving progress and growth in the electric vehicle industry.

Mullen implemented a 1-for-9 reverse stock split (“Reverse Stock Split”) of its common stock on August 11, 2023, in an effort to regain compliance with Nasdaq’s $1.00 minimum

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Is Mullen way too inexpensive or a price lure?

2023-07-10 13:05:00 ET

The automotive business is a complicated one, as evidenced by some of the most significant bankruptcies in the sector. For instance, Typical Motors (


) and Chrysler submitted for individual bankruptcy for the duration of the 2008 fiscal disaster.

Most not long ago,

electric powered vehicle

providers like Lordstown Motors and ELMS submitted for bankruptcy. And in China, analysts at AlixPartners believe that that only 30 EV providers of the 167 corporations will


in the extensive term.

Mullen Automotive is at significant dangers

Mullen Automotive (


) stock value has been in a freefall, leaving the enterprise a shell of its former self. The firm’s whole sector cap has dropped to about $46 million. At its peak, the organization was valued at in excess of $700 million.

Its latest industry cap is a lot lesser than the $148 million it put in to purchase Bollinger Motors in 2022. It is also reduced than the $240 million that the company obtained Electric Mile Last Remedies (ELMS).

Most importantly, its marketplace cap is lower than the $60.3 million funds that the organization finished past quarter with. This implies that investors imagine that the corporation has no value due to the fact it is burning tens of millions of dollars each quarter. In the most latest quarter, Mullen Automotive recorded a $114 million net loss.

For that reason, even though Mullen Automotive has began manufacturing, there is a probability that the firm will experience big losses in the potential. For instance, a rapid look at EV providers like Rivian and Lucid exhibits that they have made sizeable losses right after they started out production.

As this kind of, it is questionable why the corporation determined to


its inventory by about $235 million. While share buybacks are always welcome, I think that this a single was a bit questionable considering that its funds are nevertheless slim. In June, the organization mentioned that it had sufficient dollars to past for about 12 months. At the time, the firm explained that it experienced $135 million in cash.

Enjoy right here:

MULN stock selling price forecast

MULN chart by TradingView

In Might, I


that Lordstown Motors would file for individual bankruptcy soon. This prediction was correct as the business filed two months back. I also


that Mullen could be the up coming a person to go burst.

Turning to the day by day chart, we see that the Mullen Automotive share price tag has been in a solid bearish pattern in the previous number of months. Bearish volume has also jumped in the two months. At the similar time, the shares have moved under the vital aid at $4.50, the most affordable position considering the fact that December previous yr.

Mullen Automotive continues to be beneath all moving averages whilst the Regular Correct Selection (ATR) has crashed. ATR is a person of the ideal indicators for measuring a stock’s volatility. Thus, I consider that the

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Mullen Automotive Unveils Latest EV Alternative

LOS ANGELES, CA – (NewMediaWire) – July 12, 2023 – (InvestorBrandNetwork by means of NewMediaWire) – IBN, a multifaceted monetary news, material development and publishing organization, is utilized by both of those public and personal businesses to enhance investor recognition and recognition.

Mullen Automotive (NASDAQ: MULN), an rising electric powered auto (“EV”) maker, has unveiled the latest addition to its line of electrical vehicles: the PowerUP. In accordance to the enterprise, the new cellular EV charging truck will provide degree 2 and amount 3 DC quick-charging capabilities in predicaments exactly where such energy is generally not readily available, this kind of as roadside guidance and emergency response. Obtainable for progress buy, the PowerUP will be highlighted in MULN’s 2023 Strikingly Various EV Tour, which commences on Aug. 19, 2023, in Austin, Texas. The newest MULN motor vehicle is based on a Course 5 truck platform, delivers up to 150kW of steady electrical power technology, and includes two amount 3 DC rapid chargers (one 120 kW or two 60kW each) and 4 degree 2 chargers (7.2kW just about every). Other motor vehicles showcased on this year’s tour will contain the Mullen 5 RS, the Mullen 5 EV Crossover, the Mullen GT Electric powered Sports Motor vehicle, the Mullen A person Class 1 Industrial EV Cargo Van, the Mullen A few Business Class 3 Electric Truck, and Bollinger B2 Decide Up. “On past year’s tour, we witnessed firsthand how tough it is to charge cars although on the street, especially Level 3 DC rapidly charging, which is pretty constrained outside of California,” mentioned Mullen Automotive CEO and chair David Michery in the press launch. “As a consequence, we resolved we desired to construct a resolution to guidance the 2023 tour and the several autos featured on tour, such as DC rapid charging for the Mullen 5 RS. Shifting ahead, we will be supplying distinct configurations of the PowerUP cell charger for fast sale by way of progress order, based off our possess professional EV truck platforms, generating this auto accessible for roadside guidance, crisis reaction and management teams. Our PowerUP EV truck can supply high-voltage power in cell or crisis cases or the place electricity is out or not offered for quick-charging situations.”

To look at the comprehensive press launch, go to

About Mullen Automotive Inc.

Mullen Automotive is a Southern California-based automotive enterprise creating the up coming technology of electric powered motor vehicles (“EVs”) that will be manufactured in its two United States-based assembly vegetation. Mullen’s EV improvement portfolio incorporates the Mullen Five EV Crossover the Mullen-GO Business City Shipping EV the Mullen professional class 13 EVs and Bollinger Motors, which functions both of those the B1 and B2 electrical SUV vans and course 46 business choices. On Sept. 7, 2022, Bollinger Motors became a bulk-owned EV truck enterprise of Mullen Automotive, and on Dec. 1, 2022, Mullen shut on the acquisition Electric powered Previous Mile Solutions’ (“ELMS”) belongings, like all IP and a 650,000-square-foot

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Mullen Automotive Announces Collaboration with Phenix

LOS ANGELES, CA – (NewMediaWire) – June 13, 2023 – (InvestorBrandNetwork by means of NewMediaWire) – IBN, a multifaceted fiscal information, content creation and publishing business, is utilized by both equally community and non-public organizations to optimize investor awareness and recognition.

Mullen Automotive (NASDAQ: MULN), an emerging electric motor vehicle (“EV”) company, is partnering with Phenix Truck Bodies & Van Equipment to produce a light-weight-body weight truck overall body for its class 3 EV. One particular of California’s biggest vendors of operate vans, tools and specialty truck bodies, Phenix has an outstanding record of extended-time period buyers, together with Southern California Edison, Southern California Fuel, Los Angeles County Hearth Division, SDG&E, USDA Forest Support and LA County Office of General public Functions. MULN pointed out that the majority of professional motor vehicles sold in the United States are bought via upfitters such as Phenix. The collaboration amongst the two companies is developed to develop an EV substitute to ICE automobiles, which will be made readily available to Phenix professional fleet customers. The Mullen 3 truck has a tight turning diameter of 38 toes and gives excellent visibility for exceptional maneuverability on slender metropolis streets. “Phenix, in its 45-yr heritage, has outfitted vehicles for some of the greatest industrial general public utility buyers in the western U.S. with emphasis on Southern California,” said Mullen Automotive CEO and chair David Michery in the press launch. “Possessing the chance to add our business EVs into the mix with Phenix and their massive fleet business is a excellent step forward for our commercial small business.”

To look at the entire press release, pay a visit to

About Mullen Automotive Inc.

Mullen Automotive is a Southern California-based automotive corporation making the upcoming technology of electric powered motor vehicles (“EVs”) that will be created in two firm-owned, United States-centered assembly plants. Mullen’s EV progress portfolio includes the Mullen Five EV Crossover the Mullen-GO Industrial City Supply EV, Mullen business class 1 and 3 EVs and Bollinger Motors, which features equally the B1 and B2 electric SUV vehicles and class 46 business choices. On Sept. 7, 2022, Bollinger Motors grew to become a bulk-owned EV truck business of Mullen Automotive, and on Dec. 1, 2022, Mullen shut on the acquisition of all of Electric Last Mile Solutions’ (“ELMS”) assets, together with all IP and a 650,000-sq.-foot plant in Mishawaka, Indiana. To understand additional about the organization, visit

Be aware TO Traders: The latest news and updates relating to MULN are obtainable in the company’s newsroom at

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