BREA, Calif., March 28, 2022 (GLOBE NEWSWIRE) — via InvestorWire — Mullen Automotive, Inc.. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, today announces that it expects to declare more than $65 million in cash and cash equivalents when it files Form 10Q for the Company’s second quarter. ending March 31, 2022.
“We have made tremendous progress in key areas over the past three months,” said David Michery, CEO and President of Mullen Automotive. “With the funding we received, we now have more than enough capital to execute on our 2022 commitments, including the launch of the Mullen FIVE EV Crossover program and the continued development of the Mullen ONE EV Cargo Van program. The Company’s balance sheet is the strongest it has ever been in our history.
On November 5, 2021, Mullen began trading on Nasdaq Capital Markets LLC (“Nasdaq”) under the new ticker symbol “MULN”. Since Mullen’s first quarter as a public company beginning in the fourth quarter of 2021, the company has launched two versions of Mullen FIVE show cars and announced the purchase of a vehicle manufacturing facility in Tunica, Mississippi . As the second quarter of 2022 draws to a close, Mullen expects to report more than $65 million in free cash and cash equivalents to continue momentum and program development.
Mullen recently announced a series of key partnerships with hofer Powertrain, Comau, ARRK, Dürr and DSA Systems for EV Powertrain, Engineering, Manufacturing, Vehicle Production Systems and Over the Air Systems Diagnostics (OTA) and vehicle, respectively. The company expects these strategic developments to play a crucial role in bringing electric vehicles to market with the latest technology and in the shortest possible time.
Mullen’s electric vehicle development portfolio includes the Mullen FIVE EV crossover, Mullen ONE EV fleet vans and the DragonFLY sports car. The FIVE is built on an EV crossover skateboard platform that offers multiple powertrain configurations and trim levels in a svelte design that is “astonishingly differentMT” and thrilling to experience in person. The Mullen FIVE was also named “Top Zero Emission SUV” in the ZEVA® Awards at the Los Angeles International Auto Show in November 2021, where it made its debut. The company also recently filed over 120 patents in 24 countries relating to the Mullen FIVE. The Mullen ONE, which will hit the market in the second quarter of 2022, will be available in two classes of electric vans and will be designed, manufactured and customized by Mullen at its manufacturing facility in Tunica, Mississippi. Learn more about Mullen’s electric vehicles at MullenUSA.com.
Mullen is a Southern California-based automotive company that owns and partners with several synergistic businesses working toward the unified goal of creating clean, scalable energy solutions. Mullen has evolved over the past decade in step with consumer and technology trends. Today, the company works diligently to provide exciting electric vehicle options built entirely in the USA and designed to fit perfectly into the life of the American consumer. Mullen is working to make electric vehicles more accessible than ever by creating an end-to-end ecosystem that supports all aspects of electric vehicle ownership.
Certain statements contained 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. All statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Words such as ‘continue’, ‘will’, ‘may’, ‘could’, ‘should’, ‘expects’, ‘expects’, ‘plans’, ‘intends’, “anticipates”, “believes”, “estimates”, “predicts”, “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 will differ materially from those expressed or implied by forward-looking statements, many of which are generally beyond Mullen’s control and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to, whether the Company will achieve its objectives of launching its EV crossover, the FIVE, on schedule and, if so, whether the FIVE will be a success; and whether the Company’s partnerships with ARRK, Dürr and DSA Systems and Over the Air ( OTA) will accelerate the deployment of the FIVE. Examples of such risks and uncertainties include, but are not limited to: (i) Mullen’s ability (or inability) to obtain additional financing in a sufficient amount or on acceptable terms if needed; (ii) Mullen’s ability to maintain and obtain additional contracts with manufacturers, parts suppliers and other service providers related to its business; (iii) Mullen’s ability to successfully expand into existing markets and enter new markets; (iv) Mullen’s ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unforeseen operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) the adverse effects of increased competition on Mullen’s business; (viii) changes in governmental licenses and regulations 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, industrial and general business and economic conditions. Other factors that could cause actual results to differ materially from those expressed or implied by 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 alter his plans, intentions and expectations. Mullen undertakes no obligation, and 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.
Mullen Automotive, Inc.
+1 (714) 613-1900
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