Mullen Automotive Inc - MULN STOCK NEWS

Mullen Automotive (NASDAQ: MULN) announces that its all-electric commercial vehicles, the Mullen ONE (Class 1 EV cargo van) and Mullen THREE (Class 3 EV cab chassis truck), have been added to National Auto Fleet Group's (NAFG) Sourcewell contract for public sector government purchasing.

This partnership enables government agencies and educational institutions to purchase Mullen EVs through NAFG without lengthy bidding procedures. Sourcewell, serving 50,000 municipalities and related agencies, streamlines the procurement process through pre-approved contracts.

As an approved CARB HVIP dealer, NAFG can offer significant cost reductions for the Mullen THREE, which has an MSRP of $68,500. With available HVIP vouchers up to $45,000 and a $7,500 federal tax credit, the net cost could be reduced to under $17,000.

Bollinger Motors has announced a strategic partnership with EO Charging to provide comprehensive electrification solutions for commercial fleet customers. EO Charging will deliver complete charge assurance solutions, including charger installation, tech stack, and 24/7 support with >99% uptime guarantee. The partnership leverages EO's experience of over 50 million charging sessions and 100,000+ charging units deployed globally.

The collaboration aims to simplify fleet electrification by combining the Bollinger B4 chassis cab with EO's infrastructure. The B4, which began customer deliveries in October, is an all-electric class 4 commercial truck with a 158-kwh battery pack. Recent company milestones include production launch, regulatory certifications, dealer network expansion, and partnerships with key service providers.

Mullen Automotive (NASDAQ: MULN) has announced a strategic partnership between its subsidiary Bollinger Motors and EO Charging to provide comprehensive EV charging solutions for commercial fleet customers. EO Charging will deliver full charge assurance solutions, including charger installation, tech stack, and 24/7 support with 99% uptime guarantee.

EO Charging brings significant experience with over 50 million charging sessions delivered and 100,000+ charging units deployed globally across 1,700+ sites. The partnership will support the Bollinger B4 Chassis Cab, an all-electric Class 4 commercial truck with a 158-kwh battery pack, which began customer deliveries in October.

Recent Bollinger achievements include production launch in September 2024, FMVSS compliance, EPA and CARB certifications, expansion of dealer network, partnership with Our Next Energy for battery supplies, and agreements with Syncron for warranty administration and Amerit Fleet Solutions for mobile service.

Mullen Automotive reported its strongest quarter to date for the period ended Dec. 31, 2024, with $4.4M invoiced and $6M received for delivered vehicles. The company's subsidiary Bollinger Motors delivered 20 B4 trucks, generating $2.8M in revenue.

Despite these achievements, the company reported a net loss of $114.9M, with 79% ($91.0M) attributed to non-cash expenses. Cash position decreased to $2.7M from $10.7M in September 2024, with negative working capital of $186.2M. The company implemented cost-cutting measures, including personnel reductions expected to save $13M annually.

Mullen expanded its commercial vehicle presence through sales to various sectors and strengthened its battery production capabilities in Fullerton, California. The company is seeking $55M in matching DOE funds for U.S.-based battery production.

Mullen Automotive (NASDAQ: MULN) has announced a 1-for-60 reverse stock split effective Feb. 18, 2025, at 12:01 a.m. Eastern Time. The primary goal is to comply with Nasdaq's $1.00 minimum bid price requirement for continued listing. The stock will continue trading under the MULN symbol with a new CUSIP number 62526P604.

The reverse split was approved by stockholders at a Special Meeting on Jan. 31, 2025, authorizing a range of 1-for-2 to 1-for-100, with the board selecting 1-for-60. The split will automatically convert every 60 current shares into one new share. Proportional adjustments will be made to equity awards, warrants, convertible notes, and preferred stock conversion prices. No fractional shares will be issued, with all fractions rounded up to the nearest whole share.

Mullen Automotive (NASDAQ: MULN) has expanded its U.S. battery production capabilities by purchasing additional battery line equipment from Nikola for its Fullerton, California facility. The newly acquired assets include a high-volume standard battery chemistry production line and an electro-dynamic shaker system for laboratory testing.

Upon installation of the new equipment delivered on January 27, 2025, the Fullerton facility will feature two high-volume standard battery chemistry lines, high-precision R&D lines for both standard and solid-state polymer batteries, and a full testing laboratory. Production is planned to begin in the second half of 2025.

This follows Mullen's initial $3.5 million purchase of battery production assets from Romeo Power in September 2023. The company has also submitted a modified plan to the U.S. Department of Energy, seeking $55 million in matching funds to support U.S. manufacturing capabilities at its Fullerton and Mishawaka facilities.

Mullen Automotive (NASDAQ: MULN) has secured additional orders for five Mullen ONE Class 1 EV cargo vans from two leading California universities located in Los Angeles and the San Francisco Bay Area. The orders will be fulfilled through Mullen's dealer partners, the Papé Group and Randy Marion Automotive Group.

The Mullen ONE, designed for campus-related tasks including deliveries and maintenance, features a compact size with ample cargo space. These orders represent repeat business from institutions already using Mullen's EVs on their campuses, demonstrating customer satisfaction with the product line.

Mullen's commercial vehicle lineup includes both the Mullen ONE and the Mullen THREE Class 3 EV cab chassis truck. Both vehicles comply with U.S. Federal Motor Vehicle Safety Standards, EPA requirements, and CARB certifications.

Mullen Automotive (NASDAQ: MULN) reported financial results for fiscal year 2024, highlighting a challenging year for the EV industry. The company achieved significant milestones including:

- Reduced cash spend by $85.4M compared to FY2023
- Delivered 443 vehicles valued at $21M in FY2024 vs 35 vehicles ($1M) in FY2023
- Expanded dealer network from one to seven partners
- Launched Bollinger Motors B4 production with 31 trucks delivered ($4.2M revenue)
- Established three EV production lines in the U.S.

Financial results showed $1.1M in recognized revenue for FY2024 vs $0.4M in FY2023. Net loss was $471M ($1,425.6 per share). Cash position decreased to $10.7M from $155.7M year-over-year. The company announced $13M annual reduction in cash spend effective Feb 2025.

Mullen Automotive (NASDAQ: MULN) has received a notice from Nasdaq due to not filing its Annual Report (Form 10-K) for the fiscal year ended Sept. 30, 2024. This puts the company in non-compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic financial reports.

While the notice doesn't immediately affect MULN's listing status, the company must either file the Form 10-K or submit a compliance plan within 60 days. If a plan is submitted and accepted, Mullen could receive up to 180 days from the original due date to comply. The company expects to file its 10-K on or before January 31, 2025.