BOLLINGER MOTORS EMERGES FROM RECEIVERSHIP AS PARENT COMPANY MULLEN AUTOMOTIVE SETTLES CLAIM

Rhea-AI Summary

Mullen Automotive (NASDAQ: MULN) has successfully resolved legal claims with Bollinger Motors' founder Robert Bollinger, increasing its ownership stake to 95% and bringing Bollinger Motors out of receivership. David Michery, CEO of Mullen, has assumed the role of CEO and chairman at Bollinger Motors. During the receivership period, Bollinger continued selling and servicing its B4 all-electric commercial trucks. The B4 Chassis Cab, a Class 4 commercial EV with a 158-kwh battery pack, remains available for order through Bollinger's national dealer network. The company is also developing the B5 Class 5 electric commercial truck, scheduled for launch in 2026. The resolution allows both companies to focus on their shared vision of fleet electrification and sustainable transportation solutions.

Positive

• Mullen Automotive increases ownership stake in Bollinger Motors to 95%
• Bollinger Motors successfully emerges from receivership with settled legal claims
• Bollinger maintained continuous operations and sales during receivership
• Development of new B5 Class 5 electric truck continues with planned 2026 launch
• Company maintains national dealer network for B4 Chassis Cab sales

Negative

• Previous legal disputes and receivership may have impacted business operations and reputation
• Management restructuring with new CEO could create transitional challenges
• Delayed timeline for B5 truck launch to 2026 indicates extended development period

Insights

Corporate Restructuring Specialist

Mullen resolves Bollinger's receivership through settlement, increases stake to 95%, strengthening its commercial EV position.

Mullen Automotive has successfully navigated a significant corporate challenge by settling claims with Bollinger Motors' founder Robert Bollinger, resulting in Bollinger's emergence from receivership. This legal resolution represents a critical stabilization for Mullen's commercial EV subsidiary. During the receivership period, Bollinger's financial operations were controlled by a court-appointed receiver, creating operational constraints despite continued vehicle sales.

The settlement has increased Mullen's ownership stake from a previously unspecified percentage to 95%, consolidating control and simplifying the corporate structure. This majority position allows Mullen CEO David Michery to assume the same leadership roles at Bollinger, creating unified strategic direction across both entities.

The press release strategically emphasizes business continuity, noting that Bollinger maintained sales and service of its B4 electric commercial trucks throughout the receivership process. This messaging aims to reassure customers, dealers, and investors that operations remain stable despite the legal proceedings. The development pipeline also continues, with the B5 electric Class 5 truck still targeted for a 2026 launch.

From a corporate governance perspective, this resolution eliminates a significant distraction and potential liability. With the founder's claims settled and near-complete ownership established, Mullen can now focus on operational execution rather than legal matters. The consolidated leadership structure should streamline decision-making and potentially reduce administrative overhead between the two companies.

Mullen Automotive Acquires Additional Bollinger Motors Shares, Ownership Stake at 95%; Companies Continue Full Commitment to EV Customers, Vehicle Service

OAK PARK, Mich., June 5, 2025 /PRNewswire/ -- 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.

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. 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. The Company's commercial dealer network consists of seven dealers, which includes Papé Kenworth, Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, Eco Auto, and Randy Marion Auto Group, providing sales and service coverage in key West Coast, Midwest, Pacific Northwest, New England, and Mid-Atlantic markets.

In September 2022, Bollinger Motors, of Oak Park, Michigan, became a majority-owned EV truck company of Mullen Automotive. Bollinger Motors has passed numerous milestones including its B4, Class 4 electric truck production launch on Sept. 16, 2024, and the development of a world-class dealer and service network with over 50 locations across the United States.

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 how Mullen's stock will perform after the Reverse Stock Split, Mullen's ability to timely implement the Reverse Stock Split, the success of the Reverse Stock Split, and Mullen's ability to regain compliance with Nasdaq Listing standards. Additional examples of such risks and uncertainties include but are not limited to: (i) Mullen's ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen's ability to successfully expand in existing markets and enter new markets; (iv) Mullen's 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) Mullen's ability to protect its 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.

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SOURCE Bollinger Motors

FAQ

What happened to Bollinger Motors after Mullen Automotive's settlement?

Bollinger Motors emerged from receivership after Mullen Automotive settled claims with founder Robert Bollinger, with Mullen increasing its ownership stake to 95% and David Michery becoming CEO.

What electric vehicles does Bollinger Motors currently offer?

Bollinger Motors currently offers the B4 Chassis Cab, a Class 4 all-electric commercial truck with a 158-kwh battery pack, available through their national dealer network.

When will Bollinger Motors launch the B5 electric truck?

Bollinger Motors plans to launch the B5 all-electric Class 5 commercial truck in 2026.

Who is the new CEO of Bollinger Motors after the settlement?

David Michery, who is also CEO and chairman of Mullen Automotive, has taken the position of CEO and chairman of Bollinger Motors.

Did Bollinger Motors continue operations during receivership?

Yes, Bollinger Motors continued to sell and service its Bollinger B4 all-electric commercial trucks during receivership, with financial operations controlled by the receiver.