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Net Element, Inc. (NASDAQ:NETE) has announced that its stockholders approved the merger with Mullen Automotive, Inc. A majority voted in favor, and the Company will finalize requirements to complete the transaction as detailed in their SEC filings. This merger is positioned to enhance Net Element's payments-as-a-service platform, targeting small and medium enterprises. The merger is expected to create synergies and expand market reach, although it carries risks related to completion and integration.
Net Element, Inc. (NASDAQ: NETE) reported significant financial growth for the second quarter of 2021. Net revenue surged to $33.3 million, up from $13.7 million in Q2 2020. North American Transaction Solutions revenue increased to $32 million from $13 million. The company achieved a net income of $1.3 million or $0.21 per share, contrasting with a net loss of $325,000 or $(0.08) per share for the same quarter last year. Operating expenses rose to $3.1 million, reflecting growth-related costs.
Net Element, Inc. (NASDAQ:NETE) announced that its Registration Statement for the merger with Mullen Automotive, Inc. was declared effective by the SEC on July 26, 2021. A Special Meeting of stockholders is scheduled for August 26, 2021, to vote on the merger, which aims to enhance Net Element's position in the electronic payments market. Stockholders of record as of July 16, 2021, can vote. The merger's approval will facilitate closing the deal as soon as possible after meeting required conditions.
Net Element (NASDAQ: NETE) reported financial results for Q1 2021, revealing a net income of approximately $0.3 million or $0.05 per share, a significant recovery from a net loss of $1.4 million in Q1 2020. Revenue increased to about $23.8 million, driven by North American transaction solutions. The company is pursuing a merger with Mullen Automotive, with regulatory filings underway. The merger aims to enhance operational capabilities and shareholder value, pending necessary approvals.
Net Element (NASDAQ:NETE) reports a net loss of approximately $5.9 million for 2020, a 9% decrease from $6.5 million in 2019, primarily due to reduced operational costs. Revenue rose to $65.7 million, an increase of $705,511 from 2019. The Company is advancing a merger with Mullen Technologies, where Mullen's stockholders will receive a majority stake. The merger's completion awaits regulatory approvals and is expected to finalize the Form S-4. Total operating expenses decreased to $14.3 million, reflecting management's efforts to minimize costs.
Mullen Technologies has announced plans to become a US manufacturing hub for electric vehicles (EVs) in Memphis, Tennessee. The company intends to lease an 820,000-square-foot facility and aims to create up to 800 jobs while delivering 100,000 vehicles over five years starting in Q4 2023. The 2P6 SUV crossover will be the first vehicle produced at this site. Mullen's strategic location and local incentives are expected to support its growth in advanced automotive manufacturing.
Net Element (NASDAQ: NETE) provides an update on its pending merger with electric vehicle company Mullen Technologies. The merger is a stock-for-stock reverse agreement expected to give Mullen's shareholders a majority in the new entity. As part of the amended agreement, Mullen has incurred a Late Fee of $13,333 per day due to delays, totaling $653,317 to date. Both companies are finalizing financial integration for the merger, with the Outside Date extended to March 31, 2021. Further details are available through SEC filings.
Mullen Technologies has announced a definitive agreement to merge with Net Element, Inc. (NASDAQ:NETE) through a stock-for-stock reverse merger. The company has executed a purchase agreement to acquire an EV manufacturing facility in Tunica, Mississippi, to be named Mullen's Advanced Manufacturing Engineering Center (AMEC). This facility, operational since 2016, aims to optimize manufacturing processes and will support vehicle assembly, set to begin in Q3 2021. Mullen plans to create over 200 jobs in three years while developing its all-electric SUV.
Mullen Technologies has executed a purchase and sales agreement for an EV manufacturing facility in Tunica, Mississippi, as part of its merger with Net Element (NASDAQ: NETE). This facility will allow Mullen to innovate and validate its manufacturing processes for electric vehicles. Built in 2016, the facility is set to begin vehicle assembly in Q3 2021 and aims to employ over 200 workers within three years. The company plans to maintain 100% of its manufacturing processes in the U.S. and is currently preparing to launch its first all-electric SUV.
Mullen Technologies has announced a partnership with NexTech Batteries to supply lithium-sulfur (Li-S) batteries for its electric vehicles (EVs). This innovative technology promises a 60% weight reduction compared to traditional lithium-ion batteries, significantly improving vehicle efficiency and range. Mullen aims to produce over 100,000 vehicles over the next five years using these advanced batteries, which are projected to cost below $90 per kWh. This partnership positions Mullen as a competitive player in the EV market.
