Mullen's (MULN) Bollinger Bands Emerges from Receivership

Bollinger Motors today announced it has emerged from receivership as its parent company Mullen Automotive Inc. (NASDAQ: MULN), an electric vehicle manufacturer, settled claims in a lawsuit filed by Bollinger Motors' founder, Robert Bollinger. In connection with the settlement, Mullen Automotive increased its ownership stake in the company to 95%.

The companies announced that David Michery, CEO and chairman of Mullen Automotive, has taken the position of CEO and chairman of Bollinger Motors, as well.

While in receivership, Bollinger Motors continued to sell and service its Bollinger B4 all-electric commercial trucks, but its financial operations were controlled by the receiver. With the legal claims settled, Bollinger Motors has emerged from receivership and will continue to operate as a subsidiary of Mullen Automotive.

"Vehicle sales and customer service remained the top priority for Bollinger Motors throughout the receivership process, and I commend the team for continuing to gain momentum, even during this distraction," said Michery. "We look forward to putting this chapter in the rearview mirror and continuing to help customers find more sustainable transportation options. We are focused on the shared vision of both Mullen Automotive and Bollinger Motors to help electrify fleets with world-class vehicles and industry-leading customer and dealership support. Our optimism for Bollinger Motors and its current and future products and prospects has never wavered."

The Bollinger B4 Chassis Cab is an all-electric Class 4 commercial truck designed from the ground up with extensive fleet and upfitter input. Bollinger's unique chassis design protects the 158-kwh battery pack and components to offer impressive capability and safety in the commercial market. The Bollinger B4 Chassis Cab is available for order and is available via Bollinger Motors' national dealer network.

Bollinger Motors also continues to develop its Bollinger B5 all-electric Class 5 commercial truck, with an anticipated launch in 2026.

"In the past several weeks our message to customers and dealers is that we are open for business, focused on our customers and optimistic about our future," said Jim Connelly, Chief Revenue Officer for Bollinger Motors. "The market for commercial EVs is full of opportunity and we continue to deliver world-class vehicles to help customers meet their fleet electrification needs."

ABOUT BOLLINGER MOTORS

Founded in 2015, Bollinger Motors, Inc. is a U.S.-based company headquartered in Oak Park, Mich. Bollinger Motors is developing all-electric commercial chassis cab trucks, Classes 4-6. In September 2022, Bollinger Motors became a majority owned company of Mullen Automotive, Inc. (NASDAQ: MULN). Learn more at www.BollingerMotors.com and www.MullenUSA.com.

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