On May 1, 2024, Mullen Automotive Inc. announced the declaration of a dividend distribution of rights by its Board of Directors. Each holder of the company's common and preferred stock will receive one right per share held, with the dividend payable to stockholders on record as of May 13, 2024. The rights distribution is part of a Rights Agreement entered into with Continental Stock Transfer & Trust Company, serving as the rights agent. This strategic move is designed to ensure fair treatment of all shareholders and to protect the company from any single stockholder or group gaining control without offering a premium. The Rights Agreement will discourage or complicate any non-board-approved mergers or acquisitions. The rights will become exercisable under specific conditions...Show More

On May 1, 2024, Mullen Automotive Inc. announced the declaration of a dividend distribution of rights by its Board of Directors. Each holder of the company's common and preferred stock will receive one right per share held, with the dividend payable to stockholders on record as of May 13, 2024. The rights distribution is part of a Rights Agreement entered into with Continental Stock Transfer & Trust Company, serving as the rights agent. This strategic move is designed to ensure fair treatment of all shareholders and to protect the company from any single stockholder or group gaining control without offering a premium. The Rights Agreement will discourage or complicate any non-board-approved mergers or acquisitions. The rights will become exercisable under specific conditions and will allow shareholders to purchase a fraction of a share of Series A-1 Junior Participating Preferred Stock at a set price. The Rights Agreement includes provisions for adjustments to prevent dilution, redemption of rights, and exchange of rights, with the rights expiring on May 1, 2025, unless earlier redeemed or exchanged. The adoption of the Rights Agreement has also led to the approval of a Certificate of Designation for the Series A-1 Preferred Stock, designating 50,000 shares of this stock.