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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
August 6, 2024 |
MULLEN AUTOMOTIVE INC.
(Exact name of registrant as specified in its charter)
Delaware |
|
001-34887 |
|
86-3289406 |
(State
or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(IRS Employer
Identification No.) |
1405 Pioneer Street, Brea, California 92821
(Address, including zip code, of principal executive offices)
Registrant’s telephone number, including area code |
(714) 613-1900 |
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading symbol(s) |
|
Name of each exchange on which registered |
Common Stock, par value $0.001 |
|
MULN |
|
The Nasdaq Stock Market, LLC (Nasdaq Capital Market) |
Rights to Purchase Series A-1 Junior Participating Preferred Stock |
|
None |
|
The Nasdaq Stock Market, LLC (Nasdaq Capital Market) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
|
Item 2.02. |
Results of Operations and Financial Condition. |
On August 6, 2024, Mullen Automotive Inc. issued a press release providing a recent company update. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference.
The information in this Item 2.02 and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act, except as shall be expressly set forth by specific reference in such filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
|
MULLEN AUTOMOTIVE INC. |
|
|
Date: August 6, 2024 |
By: |
/s/ David Michery |
|
|
David Michery |
|
|
Chief Executive Officer |
Exhibit 99.1
Mullen CEO Provides Company Update
Company total assets are expected to be approximately
$191.4 million as of June 30, 2024, and will be
reported in the Company’s quarterly report to be filed on or about Aug.
12, 2024
Company cash on hand exceeds current market
capitalization
Mullen has achieved all federal and state regulatory
requirements for Class 1 and Class 3 commercial vehicles
and is actively manufacturing and selling Class 1 and Class 3 commercial
vehicles across the U.S.
BREA, Calif., Aug. 6, 2024 -- via IBN -- Mullen Automotive Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), a US-based manufacturer of commercial electric vehicles (“EV”), today shares an update from CEO and chairman David Michery, providing status on various matters and Company initiatives.
Dear Mullen Shareholders,
Despite challenging economic headwinds where many enterprises are capital-constrained, our balance sheet remains strong,
and we have achieved meaningful accomplishments since our last update to shareholders in June 2024.
With Company total assets expected to be approximately $191.4 million as of June 30, 2024, and a cash position that surpasses our current market capitalization, we believe that Mullen has a strong financial foundation for future growth in our electric vehicle sales.
|
● |
Our team of experienced automotive veterans has successfully navigated the complex regulatory landscape achieving all federal and state regulatory requirements and qualifying for multiple state level incentives that will help make our EVs more affordable, promoting additional sales. Mullen is actively manufacturing and selling both Class 1 and Class 3 commercial
electric vehicles across the United States, demonstrating our commitment to bring clean transportation solutions to market. Additionally, our B4 Class 4 electric truck, offered through our Bollinger Motors subsidiary,
has achieved EPA certification, a major step forward as manufacturing begins in the
second half of 2024. |
As of Aug. 6, 2024, we are proud to highlight the following accomplishments:
Securing Financial Resources for Growth
|
● |
As recently announced, we have secured $250 million in new financing commitments, providing us with the financial resources to accelerate our growth plan. Of the $250 million in financing, $50 million has been received, $50 million is a one-year additional investment right where
the investors have the right, but not the obligation, to provide additional financing,
and $150 million is pursuant to an equity line of credit as described in the Company’s Form 8-K, filed with the Securities and Exchange Commission on May 24, 2024. |
Expanding Our Sales and Distribution Reach
|
● |
Mullen expanded its distribution network to six dealerships and has added five new commercial dealer partners during the quarter. |
|
● |
Bollinger Motors, our electric truck subsidiary, has announced four commercial dealers throughout the U.S. |
|
● |
The Company is actively engaged in adding more dealer partners and further expanding
our retail distribution network across the U.S. and internationally. |
Winning New Customers and Delivering Vehicles
|
● |
Bollinger Motors has reached agreements to sell over 200 B4 commercial Class 4 EV trucks to-date. |
|
● |
The Company recently expanded its international distribution with orders received
from our authorized dealer, GAMA, based in southeastern Europe, for commercial EVs,
including the Mullen GO, a micro urban delivery vehicle, and Class 1 and 3 EV cargo vans and trucks. |
|
● |
Mullen is actively engaged in negotiations with major telecoms, large fleet providers,
delivery companies, universities, local municipalities, government agencies, and airport
service providers to expand our customer base and market share. |
Importantly, the Company’s Tunica, Mississippi, commercial vehicle center has manufactured hundreds of our Class 1 and Class 3 electric
vehicles in 2024 and we’ve begun to fulfil our previously announced orders from our facilities proudly based
in the United States.
Developing Technologies for Future Growth
|
● |
The Company is advancing its solid-state polymer pack program and is continuing to conduct
battery and vehicle testing since Class 1 EV cargo van road testing began in February 2024. |
|
● |
Recently, the Company has identified lead suppliers for development and components and issued initial purchase
orders to support this pivotal program. |
|
● |
The Company expects to have the solid-state polymer packs fully certified for production
and sale in the second half of 2025. |
These achievements are a testament to the hard work and dedication of our team, and
we are excited about the opportunities ahead. We remain focused on delivering value to our shareholders through innovation, operational excellence and strategic
partnerships.
Thank you for your continued support.
Sincerely,
David Michery
CEO and chairman
About Mullen
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company
building the next generation of commercial electric vehicles (“EVs”) with two United
States-based vehicle plants located in Tunica, Mississippi, (120,000 square feet)
and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. In September 2023, Mullen received IRS approval for federal EV tax credits on its commercial vehicles
with a Qualified Manufacturer designation that offers eligible customers up to $7,500
per vehicle. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab
chassis truck, are California Air Resource Board (“CARB”) and EPA certified and available
for sale in the U.S. Recently, CARB issued HVIP approval on the Mullen THREE, Class
3 EV truck, providing up to a $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, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group
and Eco Auto, providing sales and service coverage in key Midwest, West Coast and
Pacific Northwest and New England markets. The Company also recently announced Foreign
Trade Zone (“FTZ”) 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.
To learn more about the Company, visit www.MullenUSA.com.
Forward-Looking Statements
Certain statements in this press release that
are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of
1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed
forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,”
“anticipate,” “believe,” “estimate,” “predict,” “potential” and similar expressions are intended to identify such forward-looking
statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ
materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of
Mullen and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to, the date the Company
expects to file its upcoming Quarterly report and the total assets to be reported at that time, which are subject to all aspects of
the final quarterly review process and may change as a result of new information that arises, or new determinations that are made in
this process; the variable nature of the Company’s market capitalization and cash on hand at any given time; whether the
Company’s negotiations with major telecoms, large fleet providers, delivery companies, universities, local municipalities,
government agencies, and airport service providers will result in agreements and/or vehicle sales orders from these parties; and
whether the Company will timely meet its goal of having solid-state polymer packs fully certified for production and sale in the
second half of 2025. Additional examples of such risks and uncertainties include but are not limited to: (i) ability (or inability)
to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) ability to maintain existing, and
secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) ability to
successfully expand in existing markets and enter new markets; (iv) ability to successfully manage and integrate any acquisitions of
businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities;
(vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on
Mullen’s business; (viii) changes in government licensing and regulation that may adversely affect Mullen’s business;
(ix) the risk that changes in consumer behavior could adversely affect Mullen’s business; (x) ability to protect intellectual
property; and (xi) local, industry and general business and economic conditions. Additional factors that could cause actual results
to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report
on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange
Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change.
Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements,
whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements
speak only as of the date they are made and should not be relied upon as representing Mullen’s plans and expectations as of
any subsequent date.
Contact:
Mullen Automotive Inc.
+1 (714) 613-1900
www.MullenUSA.com
Corporate Communications:
InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com
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