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Mullen Technologies has appointed John Taylor as VP of Manufacturing. Taylor, with experience from Tesla and General Motors, will supervise production for the MX-05 and MX-07 SUVs. This follows Mullen's announcement of a merger with Net Element, Inc. (NASDAQ: NETE), where Mullen’s stockholders will control the majority of shares post-merger. The new manufacturing facility spans over 1 million sq. ft. and aims to integrate advanced manufacturing technologies focusing on efficiency and low environmental impact, enhancing Mullen's position in the electric vehicle market.
Mullen Technologies Inc. announced a non-binding Letter of Intent with Unlimited Electrical Contractors Corp. for the purchase of 1,500 MX-05 electric vehicles and an option for up to 8,500 more by 2025. This initial order is valued at approximately $75 million. UEC aims to electrify its service fleet, marking Mullen's first commercial fleet relationship. The MX-05 is a versatile electric crossover SUV designed for various commercial applications, enhancing Mullen's presence in the growing EV market.
Net Element, Inc. (NASDAQ: NETE) reported its Q3 2020 financial results, revealing total transaction volume of $956.2 million, a slight increase from $953.7 million in Q3 2019. However, net revenues decreased marginally to $16.7 million from $16.8 million. North American Transaction Solutions revenue rose to $16.07 million, while International Transaction Solutions fell to $0.67 million. Operating expenses increased to $4.1 million, and gross margin declined to $2.2 million. The company posted a net loss of $2.3 million, up from $1.0 million in the previous year.
Net Element, Inc. (NASDAQ: NETE) is progressing with its merger with Mullen Technologies while reducing operating expenses in its payments processing segment. The merger agreement caps outstanding shares at 75 million, but the exact number at closing remains uncertain. As of August 18, 2020, if the share price remains constant, outstanding shares may be around 50 million. The merger's completion depends on customary conditions including regulatory and shareholder approvals. More details are available in their Form 8-K filed with the SEC on August 5, 2020.
Net Element (NASDAQ: NETE) reported its Q2 2020 financial results, showing a decrease in total transaction volume to $717.9 million, down from $950.2 million year-over-year. Net revenue fell to $13.7 million from $16.5 million in Q2 2019. Operating expenses decreased significantly to $2.2 million due to cost-cutting measures. The company reported a net loss of $300,000, improving from a $1.5 million loss in the previous year. The CEO noted ongoing challenges from the COVID-19 pandemic but positive adaptations in response to it, including support for merchants.
On August 12, 2020, Net Element Inc. (NASDAQ: NETE) announced a merger agreement with Mullen Technologies, an electric vehicle manufacturer based in Southern California. The U.S. electric vehicle market is rapidly growing, with average annual sales increasing by 25% since 2013, while overall U.S. auto market growth remains at 1.4%. EVs currently represent 2% of the market but are projected to exceed 20% by 2030. This merger aligns NETE with the EV sector, positioning the company for potential growth as demand for electric vehicles rises.
Mullen Technologies announced a presentation at the J.P. Morgan Virtual Auto Conference on August 12, 2020, at 9:20 a.m. Eastern Time, where CEO David Michery will discuss the company's plans for electric vehicle production in 2022. The upcoming stock-for-stock reverse merger with Net Element (NASDAQ: NETE) will give Mullen's shareholders a majority stake in the post-merger entity. The conference will feature over 50 automotive companies, with live access available for interested investors.
Mullen Technologies, an emerging electric vehicle manufacturer, has announced its presentation at the J.P. Morgan Virtual Auto Conference on August 12, 2020, at 9:20 a.m. ET. CEO David Michery will discuss the company's plans for electric vehicle production in 2022 and its proprietary technology platform. Investors can access the live presentation through J.P. Morgan. This conference will feature over 50 auto sector companies, including panel discussions and Q&A sessions. Mullen operates multiple automotive verticals, enhancing its product diversity.
Net Element, Inc. (NASDAQ: NETE) announced a definitive agreement to merge with Mullen Technologies, Inc., an electric vehicle manufacturer. This stock-for-stock reverse merger will leave Mullen shareholders with 85% ownership and Net Element shareholders with 15% of the combined company. Prior to the merger, Net Element plans to divest its payments-processing business. The merger awaits shareholder and NASDAQ approval, with management changes expected post-merger. Mullen aims to use the merger to enhance its business model in clean-battery technology for vehicles and consumer products.
Net Element (NASDAQ: NETE) announces its Board of Directors has authorized a review of strategic alternatives to unlock shareholder value. The company has achieved operational optimizations and cost savings but believes the market undervalues its business. Options under consideration include potential sale, licensing of technology, spin-offs, or business combinations. The company has not set a timeline for this process and will provide updates as necessary. Net Element operates a payments-as-a-service platform and has been recognized for its growth in North America.
