MULN - Mullen Announces $150 Million Financing Commitment | Benzinga
$150 million capital infusion allows Mullen and Bollinger to operate and expand domestic and international commercial sales efforts
These commitments satisfy the Company's capital needs over the next 13 months
BREA, Calif., May 14, 2024 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) ("Mullen" or the "Company"), an electric vehicle ("EV") manufacturer, announces today the Company has received a $100 million financing commitment from a family office and has sold up to an additional $50 million of senior secured convertible notes to family offices and high net worth investors. These commitments satisfy the Company's capital needs over the next 13 months. The Company sold such investors $12.5 million in notes on May 14, 2024.
With the $150 million funding commitment, the Company has enough cash and cash equivalents to fund operations over the next 13 months for both Mullen and Bollinger Motors, which includes Bollinger Motors B4 vehicle production.
Mullen has recently announced several advancements including, California Air Resource Board (CARB) HVIP approval on the Mullen THREE, Class 3 EV truck and providing up to $45,000 cash voucher at time of vehicle purchase. The Company has also recently expanded its commercial dealer network with the addition of Pritchard EV and National Auto Fleet Group. The new dealers are all leaders in commercial, fleet and EV sales and service with key U.S. markets added in the Midwest and West Coast. The Company also recently announced Foreign Trade Zone Status approval for its Tunica, Mississippi, commercial vehicle manufacturing center. FTZ approval provides a number of benefits, including deferment of duties owed and elimination of duties on exported vehicles.