Mullen Automotive Issues Update to Shareholders
Mullen Automotive (MULN) announced significant advances in its electric vehicle programs. Key achievements include successful testing of solid-state polymer battery technology, delivery of its first EV van, and anticipation of joining the Russell 2000 and 3000 Indexes. The company secured $275 million in potential funding, pending shareholder approval, aimed at expanding its EV offerings. Mullen also initiated retrofitting for EV battery pack development and plans a nationwide test drive tour in 2022.
- Successful testing of solid-state polymer battery technology at Battery Innovation Center.
- Delivery of first EV van under pilot program, with modifications planned for customer specifications.
- Anticipation of inclusion in Russell 2000 and 3000 Indexes on June 27, 2022.
- Agreement for $275 million in additional funding, pending shareholder approval.
- Partnership with LGG for scaling solid-state battery technology.
- Retrofitting of high-voltage facility for EV battery pack development.
- Announcement of a national test drive tour across over 15 U.S. cities.
- Shareholder approval is needed for the $275 million funding, introducing uncertainty.
- Potential risks in achieving successful scaling of solid-state polymer battery technology to vehicle pack level.
- Dependency on anticipated purchase orders following the pilot program for EV vans.
BREA, Calif., June 23, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announces an update for Mullen shareholders, including recent highlights and accomplishments for the Company, the Mullen FIVE and the Mullen EV Van programs.
“2022 has been an exceptional year for us so far; I am very proud of the immense effort by the Mullen team. Mullen has made significant progress in a number of key areas,” stated David Michery, CEO and chairman of Mullen Automotive.
Recent Highlights and Accomplishments
- Mullen’s solid-state polymer battery cell was successfully tested for the second time at Battery Innovation Center (BIC) in Indiana. This follow-up testing from an accredited facility shows promise for solid-state polymer cell technology when scaled to the vehicle pack level and used in EVs.
- Mullen delivered its first EV van under a pilot program to a telecommunications provider in the Southeastern part of the U.S. on May 12, 2022. The Company has requested certain van modifications in support of their anticipated use. The van has been picked up and is currently being modified to fit the specs required by the customer in anticipation of a vehicle purchase order, including an upgrade to an 80-kWh battery pack.
- Mullen expects to join the Russell 2000® and 3000® Indexes on June 27, 2022, after the market opens, according to a preliminary list of additions posted by FTSE Russell on June 3, 2022. The Company’s stock will also be automatically added to the appropriate growth and value indexes.
- Mullen reached an agreement, subject to approval by Company shareholders, to secure
$275 million in additional funding for the Company. If shareholder approval is obtained, it is anticipated that a portion of the funding will be used for the EV Cargo Van Class 1-4 program, the FIVE EV Crossover and the FIVE RS high-performance vehicle program development. - Mullen’s partnership with LGG (Linghang Guochuang Group) is on track, with both parties jointly scaling solid-state polymer battery cell technology with the objective of moving from the individual cell level to the vehicle pack level. Solid-state polymer batteries are envisioned for the second generation of the Mullen FIVE EV Crossover.
- Mullen began retrofitting the existing high-voltage facility in Monrovia, California, for the production of EV battery pack development to support the Mullen EV programs.
- National “Strikingly Different” test drive tour event has been announced for fall 2022, and Mullen will visit over 15 cities across the U.S.
- Development of the Mullen FIVE RS, a high-performance version of the Mullen FIVE EV Crossover, has commenced and will be joining the Mullen FIVE test-drive tour in early 2023.
Further details on these highlights and accomplishments can be found under the news section of Mullen’s website.
About Mullen
Mullen is a Southern California-based automotive company that owns and partners with several synergistic businesses working toward the unified goal of creating clean and scalable energy solutions. Mullen has evolved over the past decade in sync with consumers and technology trends. Today, the Company is working diligently to provide exciting EV options built entirely in the United States and made to fit perfectly into the American consumer’s life. Mullen strives to make EVs more accessible than ever by building an end-to-end ecosystem that takes care of all aspects of EV ownership.
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 Company will receive shareholder approval for the
$275 million in additional funding and, if received, whether the proceeds will be used for EV Cargo Van Class 1-4 program, FIVE EV Crossover and FIVE RS high-performance vehicle program development; whether Mullen will be included in the Russell 2000® and 3000® Indexes or its stock added to the growth and value indexes; whether the post-pilot program anticipated purchase order for Company vehicles will materialize; whether Mullen’s solid-state polymer battery cell technology will be successful when scaled to the vehicle pack level and used in EVs; whether Mullen’s partnership with Linghang Guochuang Group will prove successful or yield the anticipated results; whether the Company will succeed with its endeavors in producing EV battery packaging to support the Mullen EV programs; whether the “Strikingly Different” test-drive tour event will take place within the time frame expected; or whether development of the Mullen FIVE RS will be implemented in time for the anticipated Mullen FIVE test-drive tour. 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.
Contact:
Mullen Automotive, Inc.
+1 (714) 613-1900
www.MullenUSA.com
Wire Service Contact:
InvestorWire (IW)
Los Angeles, California
www.InvestorWire.com
212.418.1217 Office
Editor@InvestorWire.com
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