Mullen Reports Strongest Fiscal Quarter in Company’s History for Three Months Ended Dec. 31, 2023
- Mullen Automotive Inc. delivered 231 vehicles in the three months ended Dec. 31, 2023, marking a significant improvement from previous periods.
- The company's net loss attributable to common stockholders decreased from $376.9 million in the three months ended Dec. 31, 2022, to $61.4 million in the three months ended Dec. 31, 2023.
- Mullen obtained CARB, federal EPA, and NHTSA certifications for its Class 1 and Class 3 vehicles, enhancing its market presence and sales potential.
- The company submitted a pre-application to the U.S. Department of Energy's ATVM Loan Program to support its expansion into domestic battery material processing and manufacturing.
- Mullen opened a battery module and pack development facility in Fullerton, California, focusing on scaling U.S.-made EV battery production and reducing reliance on foreign components.
- The solid-state polymer battery pack integration for the Mullen ONE EV cargo van is expected to increase range to over 190 miles, representing a significant improvement over current industry standards.
- The company's financial results for the three months ended Dec. 31, 2023, show a notable decrease in net loss and improved revenue recognition practices.
- Mullen Automotive Inc. maintained a relatively stable total stockholders' equity of $271.8 million for Dec. 31, 2023, compared to $272.8 million for Sept. 30, 2023.
- The company's balance sheet reflects a total cash amount of $88.9 million at Dec. 31, 2023, with a working capital of $47.1 million, indicating a strong financial position.
- Mullen Automotive Inc. expects to close a $32 million loan in February 2024 to increase usable capital for vehicle production, further supporting its growth initiatives.
- None.
Insights
The reported financial results from Mullen Automotive Inc. highlight a significant reduction in net loss from $376.9 million in the previous year to $61.4 million in the current year, indicating a substantial improvement in the company's financial health. This reduction in losses is particularly noteworthy as it reflects the company's strategic pivot towards commercial electric vehicles (EVs), which seems to be yielding positive outcomes.
The company's focus on increasing production capacity and achieving CARB certification for its Class 1 and Class 3 EVs suggests a targeted approach to capitalizing on the growing demand for commercial EVs. The certification enables sales across all 50 states, potentially expanding the company's market reach. Moreover, the company's efforts in battery technology development, including a move towards solid-state polymer batteries, could position it advantageously in the EV market if it leads to superior range and safety compared to standard lithium-ion batteries.
Analyzing the cash flow statement, Mullen Automotive's total cash spend decreased from $126.5 million to $66.8 million year-over-year, indicating more controlled spending and potentially more efficient operations. However, the company's cash position decreased from $155.7 million to $88.9 million, raising questions about liquidity and the need for additional capital to sustain operations and growth.
The expected closure of a $32 million loan could provide necessary capital for production, but it also increases leverage. The company's strategy of deferring revenue recognition until payment is received and the dealer's sale of the vehicle to the end user could affect short-term liquidity but may provide a more accurate reflection of earned revenues.
Investors should be mindful of the company's working capital investment, which increased significantly to $19.2 million and the implications this has for future financial stability and operational scalability.
The company's compliance with Nasdaq minimum bid price requirements and the anticipation of regaining full Nasdaq compliance following the annual stockholder meeting is a positive regulatory development. This compliance is crucial for maintaining investor confidence and ensuring the continued listing on a major stock exchange.
Additionally, the certifications from CARB, federal EPA, NHTSA and IRS approval as a 'qualified manufacturer' not only provide regulatory validation of Mullen's EVs but also make them eligible for federal EV tax credits, which could incentivize consumer purchases and potentially boost sales.
The pending ruling request for substantial transformation with the U.S. Border Patrol could open government sales channels if favorable. This diversification of the customer base might mitigate risks associated with reliance on individual market segments.
Company reports financial results and current business update
Stockholders’ equity
BREA, Calif., Feb. 13, 2024 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive Inc. (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today announces financial results for the three months ended Dec. 31, 2023, and a business update.
Commenting on the results for the three months ended Dec. 31, 2023, and recent Company developments, CEO and chairman David Michery stated, “We are coming off our strongest quarter to date for vehicle production and deliveries. For the three months ended Dec. 31, 2023, the Company delivered 231 vehicles. For the 12 months ended Sept. 30, 2023, the Company delivered a total of 35 vehicles. Our pivot to focus on commercial EVs last year was a strategic move and has been paying off as we continue to see increased demand across our CAMPUS, Class 1 and Class 3 EVs and PowerUP charging trucks.
Our net loss attributable to common stockholders after preferred dividends was REDUCED from
Michery continued, “At our Tunica plant, we continue to increase our vehicle production capacity with two vehicle lines running concurrently for both Class 1 and Class 3 vehicle assembly. Since starting production, we have invoiced for 396 vehicles, totaling
In Fullerton, California, we continued to make progress at our battery module and pack development facility with focus on reducing our reliance on foreign battery components.
In closing, we continue to make strong progress and advancement across the commercial vehicle segment and entire EV industry overall.”
Recent Highlights Include:
- In January 2024, the Company regained compliance with the Nasdaq minimum bid price requirement. The Company expects to regain full Nasdaq compliance following the Feb. 29, 2024, annual stockholder meeting.
- The Company also achieved important milestones, including receiving CARB, federal EPA and NHTSA certification for its Class 1 and Class 3 vehicles, and IRS approval as a “qualified manufacturer,” making its vehicles eligible for up to
$7,500 in federal EV tax credits per vehicle. - Mullen announced the completion of a light-weight service truck body for the All-Electric Mullen THREE, which was developed in collaboration with Phenix Truck Bodies & Van Equipment and Knapheide Manufacturing.
- Mullen Advanced Energy, LLC submitted a pre-application to the U.S. Department of Energy Advanced Technology Vehicles Manufacturing (“ATVM”) Loan Program to support its expansion into domestic battery material processing and manufacturing.
- In November 2023, Mullen opened a battery module and pack development facility in Fullerton, California, with the goal of scaling U.S.-made EV battery module and pack production. The Company is focused on reducing reliance on foreign battery components.
Mullen Class 1 and 3 Commercial Vehicles
- Production of the Mullen Class 3 vehicle began in August 2023 and Class 1 vehicle production began in November 2023.
- As of Jan. 31, 2024, Mullen has invoiced Randy Marion Automotive
$17.3 million for Class 1 EV cargo vans, Class 3 EV trucks and CAMPUS EVs. - Mullen and RRDS submitted a final Ruling Request Application for substantial transformation of its Class 1 EV cargo van to the U.S. Border Patrol and expects a final ruling by Feb. 20, 2024. If Mullen receives a favorable final ruling, the Company will be immediately eligible to sell Class 1 EV cargo vans to all branches of the U.S. government.
Bollinger Motors - Oak Park, Michigan
Class 4 – 6 Commercial Vehicles | Bollinger B1 SUV and B2 Pick Up Truck
- Bollinger Motors (“Bollinger”) has received first vehicle orders for 40 B4, Class 4 EV trucks for a combined total order valued at approximately
$6.0 million . - The Company expects to begin B4, Class 4 vehicle deliveries in the second half of 2024.
Mullen Consumer Vehicle Program - Irvine, California
Mullen FIVE EV Crossover Program
- Development and production of the high-performance Mullen FIVE RS (“FIVE RS” or “RS”) limited-edition has been fast-tracked for completion and launch in Q4 2025 in the European market. This vehicle will be a limited production run delivering over 200-plus mph and 1.95 sec 0-60 mph.
- The Company debuted the high-performance Mullen FIVE RS on Jan. 9, 2024, at CES 2024 in Las Vegas.
Mullen-GO(TM)
Mullen’s micro urban commercial delivery vehicle, the Mullen-GO(TM) (“Mullen-GO”), is designed to bridge the gap between the growing demand for quick deliveries and space constraints in dense cities throughout Europe.
- In 2023, the Company announced a 30-unit purchase order for the Mullen-GO Commercial Urban Delivery EV from Newgate Motor Group (“Newgate”). Newgate, one of Ireland’s most recognized dealership groups, has been named to lead marketing, sales, distribution, and servicing for the Mullen-GO in Ireland and the United Kingdom.
Fullerton Battery Tech Assembly Facility
- In November 2023, Mullen opened a battery module and pack development facility in Fullerton, California, with focus on scaling U.S.-made EV battery module and pack production.
- The Company is focused on reducing reliance on foreign battery components.
Solid-State Polymer Battery Pack Update
- In December 2023, Mullen completed the solid-state polymer cell to vehicle pack integration for the Mullen ONE EV cargo van.
- Battery pack testing began and is on track for road testing in the first quarter of calendar 2024. The solid-state battery pack is expected to increase range to more than 190 miles, a
73% increase from the current range, providing a superior, clean and safe alternative to current lithium-ion batteries and representing a significant increase over industry standards.
Financial Results – Three Months Ended Dec. 31, 2023
The net loss attributable to common stockholders after preferred dividends was approximately
For the quarter ended Dec. 31, 2023, we delivered to a dealer 231 vehicles valued at
During January 2024, we delivered an additional 130 (“UD1”) vehicles valued at
Through Jan. 31, 2024, the Company has deferred revenue and accounts receivable recognition, pending remaining payment due and return provision expiration, on 371 vehicles valued at
| (dollars in thousands) | ||||||
| Units delivered | Amount Invoiced | |||||
| Total Vehicles Invoiced | 396 | $ | 17,298.1 | |||
| Revenue Recognized | 25 | $ | 366.0 | |||
| Revenue to be Recognized | $ | 16,932.1 | ||||
| Invoiced for the year ended September 30, 2023 | ||||||
| Type | Units delivered | Amount Invoiced | Revenue recognized | |||
| Urban Delivery (UD0) | 25 | $ | 366.0 | $ | 366.0 | |
| Mullen 3 (UU) | 10 | $ | 652.2 | $ | - | |
| Total | 35 | $ | 1,018.2 | $ | 366.0 | |
| Invoiced for the quarter ended December 31, 2023 | ||||||
| Type | Units delivered | Amount Invoiced | Revenue Recognized | |||
| Mullen 3 (UU) | 131 | $ | 8,543.8 | $ | - | |
| Urban Delivery (UD1) | 100 | $ | 3,363.5 | $ | - | |
| Total | 231 | $ | 11,907.3 | $ | - | |
| Invoiced in January 2024 | ||||||
| Type | Units delivered | Amount Invoiced | Revenue recognized | |||
| Urban Delivery (UD1) | 130 | $ | 4,372.6 | $ | - | |
| Total | 130 | $ | 4,372.6 | $ | - | |
The total cash spend (sum of operating and investing activities) for the three months ended Dec. 31, 2023, and 2022, was
| Three Months Ended December 31, | |||||||||
| 2023 | 2022 | ||||||||
| Net loss | $ | (63,993,379 | ) | $ | (378,460,745 | ) | |||
| Non-Cash Adjustments | 23,284,793 | 347,745,650 | |||||||
| Working Capital Investment | (19,182,967 | ) | (2,018,943 | ) | |||||
| Net cash used in operating activities | $ | (59,891,553 | ) | $ | (32,734,038 | ) | |||
| Net cash used in investing activities | $ | (6,865,681 | ) | $ | (93,718,182 | ) | |||
| Net cash provided by financing activities | $ | - | $ | 150,000,000 | |||||
| Change in cash | $ | (66,757,234 | ) | $ | 23,547,780 | ||||
The detail of non-cash adjustments to Statements of Operations for quarters ended Dec. 31, 2023, and 2022, are as follows:
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Three Months Ended December 31, | |||||||
| 2023 | 2022 | ||||||
| Stock-based compensation | $ | 13,903,416 | $ | 40,753,410 | |||
| Revaluation of derivative liabilities | 6,728,981 | 40,781,976 | |||||
| Depreciation and amortization | 4,343,960 | 4,794,327 | |||||
| Amortization of debt discount | 160,664 | 74,577 | |||||
| Deferred income taxes | (1,726,238 | ) | - | ||||
| Loss/(gain) on asset disposal | (125,990 | ) | - | ||||
| Other financing costs - initial recognition of derivative liabilities | - | 255,960,025 | |||||
| Gain on conversion of derivative liabilities to common stock | - | (9,965,728 | ) | ||||
| Non-cash financing loss on over-exercise of warrants | - | 8,934,892 | |||||
| Loss/(gain) on extinguishment of debt | - | 6,412,171 | |||||
| $ | 23,284,793 | $ | 347,745,650 | ||||
We invested an additional
| Changes in operating assets and liabilities: | ||||||||
| Three Months Ended December 31, | ||||||||
| 2023 | 2022 | |||||||
| Accounts receivable | $ | 671,750 | $ | - | ||||
| Inventories | (13,912,516 | ) | - | |||||
| Prepaids and other assets | (1,781,132 | ) | (8,457,324 | ) | ||||
| Accounts payable | 1,317,232 | 7,724,852 | ||||||
| Accrued expenses and other liabilities | (3,044,392 | ) | (1,576,292 | ) | ||||
| Right of use assets and lease liabilities | (2,433,909 | ) | 289,821 | |||||
| $ | (19,182,967 | ) | $ | (2,018,943 | ) | |||
Turning to our balance sheets and liquidity, we had
Current notes payables were
Total stockholders’ equity remained relatively flat at
Following are our Consolidated Balance Sheets, Consolidated Statements of Operations and Consolidated Statements of Cash Flows for the quarters ended Dec. 31, 2023, and 2022.
| MULLEN AUTOMOTIVE, INC. | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| (unaudited) | ||||||||
| December 31, 2023 | September 30, 2023 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | $ | 81,512,264 | $ | 155,267,098 | ||||
| Restricted cash | 7,426,972 | 429,372 | ||||||
| Accounts receivable | — | 671,750 | ||||||
| Inventory | 30,719,529 | 16,807,013 | ||||||
| Prepaid expenses and prepaid inventories | 23,863,455 | 24,955,223 | ||||||
| TOTAL CURRENT ASSETS | 143,522,220 | 198,130,456 | ||||||
| Property, plant, and equipment, net | 86,916,241 | 82,032,785 | ||||||
| Intangible assets, net | 103,569,927 | 104,235,249 | ||||||
| Related party receivable | 2,733,998 | 2,250,489 | ||||||
| Right-of-use assets | 13,400,598 | 5,249,417 | ||||||
| Goodwill, net | 28,846,832 | 28,846,832 | ||||||
| Other non-current assets | 2,186,704 | 960,502 | ||||||
| TOTAL ASSETS | $ | 381,176,520 | $ | 421,705,730 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| CURRENT LIABILITIES | ||||||||
| Accounts payable | $ | 15,458,604 | $ | 13,175,504 | ||||
| Accrued expenses and other current liabilities | 38,166,937 | 41,201,929 | ||||||
| Dividends payable | 423,163 | 401,859 | ||||||
| Derivative liabilities | 20,714,620 | 64,863,309 | ||||||
| Liability to issue shares | 11,489,068 | 9,935,950 | ||||||
| Lease liabilities, current portion | 2,137,882 | 2,134,494 | ||||||
| Notes payable, current portion | 7,622,156 | 7,461,492 | ||||||
| Refundable deposits | 426,972 | 429,372 | ||||||
| Other current liabilities | — | 7,000 | ||||||
| TOTAL CURRENT LIABILITIES | 96,439,402 | 139,610,909 | ||||||
| Liability to issue shares, net of current portion | 1,527,153 | 1,827,889 | ||||||
| Lease liabilities, net of current portion | 9,230,806 | 3,566,922 | ||||||
| Deferred tax liability | 2,165,062 | 3,891,900 | ||||||
| TOTAL LIABILITIES | $ | 109,362,423 | $ | 148,897,620 | ||||
| Commitments and Contingencies | ||||||||
| STOCKHOLDERS' EQUITY | ||||||||
| Preferred stock; | ||||||||
| Preferred Series D; 437,500,001 shares authorized; 363,097 and 363,097 shares issued and outstanding at December 31, 2023 and September 30, 2023, respectively (preference in liquidation of | 363 | 363 | ||||||
| Preferred Series C; 40,000,000 shares authorized; 1,211,757 and 1,211,757 shares issued and outstanding at December 31, 2023 and September 30, 2023, respectively (preference in liquidation of | 1,212 | 1,212 | ||||||
| Preferred Series A; 200,000 shares authorized; 648 and 648 shares issued and outstanding at December 31, 2023 and September 30, 2023, respectively (preference in liquidation of | 1 | 1 | ||||||
| Common stock; | 5,885 | 2,872 | ||||||
| Additional paid-in capital (*) | 2,134,106,479 | 2,071,110,126 | ||||||
| Accumulated deficit | (1,923,556,935 | ) | (1,862,162,037 | ) | ||||
| TOTAL STOCKHOLDERS' EQUITY ATTRIBUTABLE TO THE COMPANY'S STOCKHOLDERS | 210,557,005 | 208,952,537 | ||||||
| Noncontrolling interest | 61,257,092 | 63,855,573 | ||||||
| TOTAL STOCKHOLDERS' EQUITY | 271,814,097 | 272,808,110 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 381,176,520 | $ | 421,705,730 | ||||
| (*) Adjusted retroactively for reverse stock splits | ||||||||
| MULLEN AUTOMOTIVE, INC. | ||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| (unaudited) | ||||||||
| Three months ended December 31, | ||||||||
| 2023 | 2022 | |||||||
| Operating expenses: | ||||||||
| General and administrative | $ | 43,234,052 | $ | 64,996,011 | ||||
| Research and development | 16,169,967 | 8,622,009 | ||||||
| Loss from operations | (59,404,019 | ) | (73,618,020 | ) | ||||
| Other income (expense): | ||||||||
| Other financing costs - initial recognition of derivative liabilities | — | (255,960,025 | ) | |||||
| Loss on derivative liability revaluation | (6,728,981 | ) | (40,781,976 | ) | ||||
| Loss on extinguishment of debt, net | — | (6,412,170 | ) | |||||
| Gain on sale of fixed assets | 75,990 | — | ||||||
| Gain on lease termination | 50,000 | — | ||||||
| Interest expense | (258,023 | ) | (2,828,089 | ) | ||||
| Other income, net | 545,416 | 645,881 | ||||||
| Net loss before income tax benefit | (65,719,617 | ) | (378,954,399 | ) | ||||
| Income tax benefit | 1,726,238 | 493,654 | ||||||
| Net loss | $ | (63,993,379 | ) | $ | (378,460,745 | ) | ||
| Net loss attributable to noncontrolling interest | (2,598,481 | ) | (2,184,959 | ) | ||||
| Net loss attributable to stockholders | $ | (61,394,898 | ) | $ | (376,275,786 | ) | ||
| Accrued accumulated preferred dividends | (21,303 | ) | (638,677 | ) | ||||
| Net loss attributable to common stockholders after preferred dividends | $ | (61,416,201 | ) | $ | (376,914,463 | ) | ||
| Net Loss per Share | $ | (15.32 | ) | $ | (6,233.08 | ) | ||
| Weighted average shares outstanding, basic and diluted | 4,007,791 | 60,470 | ||||||
| MULLEN AUTOMOTIVE, INC. | ||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| (unaudited) | ||||||||
| Three Months Ended December 31, | ||||||||
| 2023 | 2022 | |||||||
| Cash Flows from Operating Activities | ||||||||
| Net loss | $ | (63,993,379 | ) | $ | (378,460,745 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Stock-based compensation | 13,903,416 | 40,753,410 | ||||||
| Revaluation of derivative liabilities | 6,728,981 | 40,781,976 | ||||||
| Depreciation and amortization | 4,343,960 | 4,794,327 | ||||||
| Amortization of debt discount | 160,664 | 74,577 | ||||||
| Deferred income taxes | (1,726,238 | ) | — | |||||
| Gain on asset disposal | (125,990 | ) | — | |||||
| Other financing costs - initial recognition of derivative liabilities | — | 255,960,025 | ||||||
| Gain on conversion of derivative liabilities to common stock | — | (9,965,728 | ) | |||||
| Non-cash financing loss on over-exercise of warrants | — | 8,934,892 | ||||||
| Loss on extinguishment of debt | — | 6,412,171 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 671,750 | — | ||||||
| Inventories | (13,912,516 | ) | — | |||||
| Prepaids and other assets | (1,781,132 | ) | (8,457,324 | ) | ||||
| Accounts payable | 1,317,232 | 7,724,852 | ||||||
| Accrued expenses and other liabilities | (3,044,392 | ) | (1,576,292 | ) | ||||
| Right of use assets and lease liabilities | (2,433,909 | ) | 289,821 | |||||
| Net cash used in operating activities | (59,891,553 | ) | (32,734,038 | ) | ||||
| Cash Flows from Investing Activities | ||||||||
| Purchase of equipment | (6,865,681 | ) | (726,482 | ) | ||||
| Purchase of intangible assets | — | (74,826 | ) | |||||
| ELMS assets purchase | — | (92,916,874 | ) | |||||
| Net cash used in investing activities | (6,865,681 | ) | (93,718,182 | ) | ||||
| Cash Flows from Financing Activities | ||||||||
| Proceeds from issuance of convertible notes payable | — | 150,000,000 | ||||||
| Net cash provided by financing activities | — | 150,000,000 | ||||||
| Change in cash | (66,757,234 | ) | 23,547,780 | |||||
| Cash and restricted cash (in amount of | 155,696,470 | 84,375,085 | ||||||
| Cash and restricted cash (in amount of | $ | 88,939,236 | $ | 107,922,865 | ||||
| Supplemental disclosure of Cash Flow information: | ||||||||
| Cash paid for interest | $ | — | $ | 3,056 | ||||
| Supplemental Disclosure for Non-Cash Activities: | ||||||||
| Exercise of warrants recognized earlier as liabilities | $ | 50,875,649 | $ | 84,799,179 | ||||
| Right-of-use assets obtained in exchange of operating lease liabilities | $ | 8,932,159 | $ | 617,820 | ||||
| Convertible notes and interest - conversion to common stock | $ | - | $ | 59,402,877 | ||||
| Debt conversion to common stock | $ | - | $ | 1,096,787 | ||||
About Mullen
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in its two United States-based assembly plants. Mullen's EV development portfolio includes the Mullen FIVE EV Crossover, Mullen-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. During 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of all of Electric Last Mile Solutions' (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana.
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 (i) whether increased demand across CAMPUS, Class 1 and Class 3 EVs and PowerUP charging trucks will continue; (ii) whether Mullen will achieve its battery module and pack development objectives, including the timing and anticipated range increases for the development of the solid-state battery packs; (iii) whether the Company will regain full Nasdaq compliance as expected; (iv) the outcome of Mullen Advanced Energy’s pre-application to the U.S. Department of Energy Advanced Technology Vehicles Manufacturing Loan Program; (v) the timing and outcome of the Mullen and RRDS final Ruling Request Application regarding its Class 1 EV cargo van; (vi) the timing and outcome of Bollinger B4 production and deliveries; (vii) whether the projected timelines for the development and production of the high-performance Mullen FIVE RS limited-edition will be realized; (viii) whether the Mullen-GO will prove successful; (vix) the timing of manufacturing, production and availability of Mullen vehicles to customers, including future vehicle production capacity for the Class 1 Class 3 and B4, Class 4 vehicles, and timely completion and launch of Mullen FIVE RS in the European market;; (x) Mullen’s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (xi) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (xii) Mullen’s ability to successfully expand in existing markets and enter new markets; (xiii) Mullen’s ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (xiv) unanticipated operating costs, transaction costs and actual or contingent liabilities; (xv) the ability to attract and retain qualified employees and key personnel; (xvi) adverse effects of increased competition on Mullen’s business; (xvii) changes in government licensing and regulation that may adversely affect Mullen’s business; (xviii) the risk that changes in consumer behavior could adversely affect Mullen’s business; (xix) Mullen’s ability to protect its intellectual property; and (xx) 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:
IBN (InvestorBrandNetwork)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com
FAQ
What was Mullen Automotive Inc.'s net loss attributable to common stockholders for the three months ended Dec. 31, 2023?
What important certifications did Mullen Automotive Inc. receive for its vehicles?
What facility did Mullen Automotive Inc. open in Fullerton, California, and what is its focus?
What is the expected range increase for the Mullen ONE EV cargo van with the solid-state polymer battery pack integration?
What was Mullen Automotive Inc.'s total stockholders' equity for Dec. 31, 2023?
