Mullen Automotive Inc - MULN STOCK NEWS

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.

Mullen Automotive (NASDAQ: MULN) announces the sale of its Mullen ONE All-Electric Cargo Van to Mr. Appliance of Owings Mills, Maryland, marking the company's first entry into the home service vertical. The sale represents a strategic expansion into a sector where transportation costs typically exceed 30% of operating expenses.

The Mullen ONE offers significant advantages for home service businesses, including up to 57% reduction in fuel expenses, 50% lower maintenance costs, and eligibility for a $7,500 federal tax credit. The vehicle aims to provide cost-effective transportation solutions while supporting sustainability through reduced carbon emissions.

Mullen Automotive (NASDAQ: MULN) announces a purchase order from Westland Floral for two Mullen THREE Class 3 EV trucks. The vehicles, featuring service body upfits by Phenix Truck Bodies & Van Equipment, were fulfilled by Pritchard and include California HVIP incentives. The Mullen THREE offers a 38-foot turning diameter, payload capacity over 5,800 pounds, and can accommodate bodies up to 14 feet long.

The vehicles are fully compliant with U.S. Federal Motor Vehicle Safety Standards, EPA, and CARB certifications. The Mullen THREE qualifies for significant incentives: $15,000 through Massachusetts MOR-EV program, $45,000 through California HVIP, and $7,500 Federal Tax Incentive.

Mullen Automotive (NASDAQ: MULN) has submitted an updated plan to the Department of Energy (DOE) for a $55 million grant funding opportunity in US battery materials processing. The company has already invested $12 million in battery development and manufacturing, with plans to invest an additional $43 million. The strategy includes relocating high-volume production to Mishawaka, Indiana, which will have a capacity of 108,000 battery systems or 1 gigawatt-hour per year, while the Fullerton, California facility will focus on R&D and solid-state prototype production.

The company plans to begin production deliveries in mid-2025, with two additional production lines scheduled for launch in the following years. Mullen is also considering adding a low-voltage line for 24-volt and 48-volt battery modules.

Mullen Automotive reports significant progress in EV sales and cost reduction through December 18, 2024. The company has delivered 100 electric vehicles (57 Class 3 and 43 Class 1 EV cargo vans and trucks) since September 30, generating $5.5 million in sales. Notably, Mullen has substantially reduced its monthly burn rate from $16.8M in August to $5.3M in October and November 2024.

The company's vehicles qualify for various incentives, including a $15,000 Massachusetts MOR-EV program incentive and a $45,000 California HVIP rebate for the Mullen THREE, plus a $7,500 federal tax incentive for both models. Mullen is actively engaging with government agencies, universities, and large fleets to expand EV adoption.

Mullen Automotive's subsidiary, Bollinger Motors, reports successful initial sales of its B4 electric trucks, delivering 25 units worth approximately $4.1 million since production began in September. The Class 4 all-electric commercial truck features a 158-kWh battery pack, 7,300+ pounds payload capacity, and 185-mile average range.

Production is being carried out through a partnership with Roush Industries in Livonia, Michigan. The company has established a nationwide dealer network including notable partners like Anderson Motors, TEC Equipment, and Nacarato Truck Centers. Key achievements include FMVSS compliance, EPA and CARB certifications, and partnerships with Our Next Energy for battery packs and Amerit Fleet Solutions for mobile service.

Bollinger Motors has expanded its commercial EV network by partnering with Bergey's Truck Centers, adding over 50 locations across Delaware, Maryland, New Jersey, and Pennsylvania. The company's B4 Chassis Cab, an all-electric class 4 commercial truck featuring a 158-kwh battery pack, began customer deliveries in October.

Recent achievements include production launch, regulatory certifications (FMVSS, EPA, CARB), and significant vehicle agreements: 145 vehicles with Momentum Group, 70 with Doering Fleet Management, and 50 with EnviroCharge. The company has also secured partnerships with multiple dealers, ONE for battery supplies, and established warranty administration with Syncron and mobile service through Amerit Fleet Solutions.

Mullen Automotive's subsidiary, Bollinger Motors, has expanded its dealer network by adding Bergey's Truck Centers, covering Delaware, Maryland, New Jersey, and Pennsylvania. This addition grows Bollinger's national network to over 50 locations. The company has delivered and received payment for Bergey's initial order of all-electric B4 Trucks.

The Bollinger B4 Chassis Cab is an all-electric Class 4 commercial truck featuring a 158-kilowatt-hour battery pack. Bollinger began customer deliveries in October and has achieved several milestones, including FMVSS compliance, EPA certification, and CARB certification. The company has secured multiple vehicle agreements: 145 with Momentum Group, 70 with Doering Fleet Management, and 50 with EnviroCharge.

Bollinger Motors has partnered with St. Louis-based Broadway Ford Truck Center as an official dealer, expanding its Midwest presence. The partnership aims to meet growing EV demand among fleet managers and provide access to innovative electric vehicle solutions.

The company's B4 Chassis Cab, an all-electric class 4 commercial truck featuring a 158-kwh battery pack, began customer deliveries in October. Recent achievements include production launch, regulatory certifications (FMVSS, EPA, CARB), and significant vehicle agreements: 145 vehicles with Momentum Group, 70 with Doering Fleet Management, and 50 with EnviroCharge.

Bollinger has also expanded its dealer network, secured battery supply from Our Next Energy, and established partnerships with Syncron for warranty administration and Amerit Fleet Solutions for mobile service.