Mullen Automotive (MULN) reaches settlement with GEM Group

Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announces today that it has executed a settlement agreement with GEM Yield Bahamas Limited and GEM Global Yield LLC SCS (together, “GEM”).

• On May 9, 2025, Company executed a settlement agreement with GEM Group.

• Under terms of the settlement agreement, GEM has a 55-day due diligence period, subject to extension by GEM, to evaluate the transfer to GEM of the Mishawaka assets in complete satisfaction of the judgement.

• All collection activities have been suspended for the duration of the due diligence period.

• Mullen continues to build its business and expand its existing Tunica, Mississippi, manufacturing capabilities to meet near and long-term demands for its multiple product lines.

“After four years of litigation we have executed a settlement agreement which provides a path forward to a full resolution with GEM and puts this matter behind us,” said David Michery, CEO and chairman of Mullen Automotive. “I look forward to a great rest of 2025 and continued growth thereafter.”

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