Mullen Automotive and Bollinger Motors, Inc. to Discuss Acquisition on Live Webinar

Rhea-AI Summary

Mullen Automotive has announced the majority acquisition of Bollinger Motors, marking its first significant move into the medium and heavy-duty truck segments. This acquisition allows Mullen to expand its electric vehicle offerings, specifically in classes 3-6 trucks and SUVs like the B1 and B2. A webinar featuring David Michery and Robert Bollinger will discuss the strategic vision behind the partnership. The acquisition is touted as one of the largest in the EV sector, potentially enhancing Mullen's market position in electric commercial vehicles.

Positive

• Acquisition enhances Mullen's market presence in classes 3-6 electric vehicles.
• Strategic partnership with Bollinger Motors boosts product offerings.
• Touted as one of the largest acquisitions in the EV industry.

Negative

• Uncertainty surrounding the successful integration of Bollinger Motors.
• Risks related to achieving projected market share in the EV sector.
• Dependence on successful financing for future growth and operations.

David Michery, CEO and chairman of Mullen Automotive, and Robert Bollinger, CEO and founder of Bollinger Motors, will discuss Mullen’s majority acquisition of Bollinger and strategic vision for both EV companies on a live webinar scheduled for today, Thursday, Sept. 8, at 2 p.m. ET.

BREA, Calif., Sept. 08, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announces that it will be conducting a live webinar today at 2 p.m. ET., to discuss the majority acquisition of EV Truck Innovator Bollinger Motors, Inc.

Mullen announced earlier today that it acquired a controlling interest in Bollinger Motors, Inc. This is Mullen’s first EV acquisition and propels the company into the medium and heavy-duty truck classes 3-6, along with the B1 and B2 Sport Utility Vehicles. More details about the acquisition can be found on Mullen’s website and on the video created by Bollinger Motors here.

David Michery, CEO and chairman of Mullen Automotive, and Robert Bollinger, CEO and founder of Bollinger Motors, will be present on the call to introduce their respective companies and talk about what the partnership represents for both companies and the overall EV market.   

Mullen Bollinger Webinar Details:
Date: Sept. 8, 2022
Time: 2 p.m. Eastern
URL: YouTube Link

“Mullen is on a very exciting trajectory, and this acquisition is one of the largest to date in the EV industry,” said David Michery, CEO and chairman of Mullen Automotive. “This webinar will allow Robert and I to provide insight into the acquisition and the strategic direction this brings to both Mullen and Bollinger.”

About Mullen
Mullen Automotive is a Southern California-based automotive company building the next-generation of premium electric vehicles (EVs) that are affordable and built entirely in the United States. With an end-to-end ecosystem that supports owners from test driving to financing and servicing through a unique hybrid dealership model, customers are supported through every aspect of EV ownership. The Mullen FIVE, the company’s first electric crossover, is slated for delivery in 2024 and features an award-winning design and its patented PERSONA technology that utilizes facial recognition to personalize the driving experience for every individual. To learn more about the company, visit www.MullenUSA.com.

About Bollinger Motors
Founded in 2015 by Robert Bollinger, Bollinger Motors is a U.S.-based company, headquartered in Oak Park, Michigan. Bollinger Motors manufactures all-electric platforms and chassis cabs for commercial vehicles in Classes 3-6. To learn more about the company, visit www.BollingerMotors.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 whether the Bollinger majority ownership acquisition will be beneficial to the Company, whether Mullen will be successful in capturing market share the electric sport utility and commercial vehicle markets, whether combing Bollinger’s vehicles with the Company’s existing class 1 and class 2 EV cargo van programs will be successful and whether the Company will achieve its goal of achieving a significant stake in the class 1-6 commercial light, medium and heavy-duty truck segments. Additional examples of such risks and uncertainties whether Mullen’s Solid-State Battery technology development will be successful and will be able to be leveraged by Bollinger, if and when the Bollinger B1 and B2 sport utilities will be developed and whether the approximately 50,000 previous reservations for the B1 and B2 sport utilities will materialize. Further 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.

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

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3c13eb57-d190-429e-8ce5-d395c104b1a6 

FAQ

What is Mullen's recent acquisition news regarding Bollinger Motors?

Mullen Automotive has acquired a controlling interest in Bollinger Motors, focusing on expanding its electric vehicle offerings.

When is the webinar discussing the acquisition of Bollinger Motors?

The webinar is scheduled for today, September 8, 2022, at 2 p.m. ET.

What trucks are included in Mullen's acquisition of Bollinger Motors?

The acquisition allows Mullen to offer medium and heavy-duty trucks, specifically in classes 3-6, along with the B1 and B2 SUVs.

What are the expected benefits of the acquisition for Mullen Automotive?

The acquisition is expected to enhance Mullen's market presence and product diversity in the electric vehicle sector.

What risks are associated with Mullen's acquisition of Bollinger Motors?

Risks include integration challenges, uncertain market share capture, and reliance on further financing.