Mullen Automotive (MULN) CEO Provides Update to Shareholders

via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announces a video update for shareholders released today and provided by Mullen CEO and chairman, David Michery. The video was released on Tuesday, Sept. 24, 2024, at 9 a.m. ET, and is available to view here on Mullen’s official YouTube channel and MullenUSA.com.

In the video, Michery reiterates that the Company was compelled to do another reverse split to work towards regaining compliance with NASDAQ’s minimum bid price rule and the Company’s current stock price does not represent the value of Mullen. He provides a detailed overview of Mullen's recent progress, including:

Sales and Distribution Expansion:

• Expanded dealer network in the U.S. to seven renowned dealers nationwide, including recently announced Papé Group, one of the largest commercial dealer groups in the country with major presence across the West Coast
• Conducted over 80 vehicle demos or pilots across various industries in the U.S. resulting in significant progress, including new sales opportunities and vehicle orders received and or completed:
  • Universities: Princeton University, University of Virginia (UVA), University of California, Los Angeles (UCLA)
  • Local city governments: Cities of Dublin, Ohio, Raleigh, North Carolina, Los Angeles, California, and Seattle, Washington
  • Small businesses: From local florist shops to health care providers delivering supplies
  • Large corporations: Major airport service company, roadside assistance, vehicle rental company and last-mile package delivery companies
• Expanded international reach with established retailers and orders in Eastern Europe and the Middle East.
  • Volt Mobility order for $210M with Mullen to deliver 300 vehicles this calendar year and with 3,000 planned for calendar year 2025
  • Mullen vehicle technicians and sales team members were on the ground in Dubai, UAE starting Sep. 18, 2024, delivering Volt’s first Mullen Commercial EVs and to support initial market launch activities

Bollinger Motors Progress:

• Completed all necessary engineering and testing to pass compliance regulation, including EPA and CARB approvals, and obtained sales approval in all U.S. states with qualification for significant incentives
• Partnering with Roush Industries, with manufacturing plant in the greater Detroit area, to produce the Bollinger B4 electric truck in Michigan
• Reached an important milestone with production beginning Sept. 20, 2024, on the first customer-ready B4 electric trucks

Financial Performance:

• Successfully transitioned from pre-revenue product development to revenue generation for Mullen Commercial EVs
• Bollinger begins revenue generation with the launch of Class 4 fully certified electric truck
• Reduced cash burn through strategic product focus and efficiency improvements of operations
• Company financing in place to support sales growth through a $100M preferred instrument and $150M fully available equity line
• Three vehicle lines are currently in production and generating positive margins from sales, with widespread demand for Mullen EVs from several different customer verticals

“Our group of companies, including Bollinger Motors and Mullen Advanced Energy Operations, continue to work towards meeting milestones and growing sales and I remain optimistic that the Company success will continue despite the challenges associated with our stock price,” said David Michery, CEO and chairman of Mullen Automotive.

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