Mullen Automotive Inc. has announced the registration of a new class of securities with the SEC, specifically Rights to Purchase Series A-1 Junior Participating Preferred Stock, to be listed on the Nasdaq Capital Market. On May 1, 2024, the company's Board of Directors declared a dividend distribution of one right for each outstanding share of common and preferred stock, with the dividend payable to stockholders of record as of May 13, 2024. These rights are not exercisable until the Distribution Date, which is triggered by certain events such as a person acquiring beneficial ownership of 10% or more of the outstanding Common Stock. The Rights will become exercisable to purchase a portion of a share of Series A-1 Junior Participating Preferred Stock at a...Show More

Mullen Automotive Inc. has announced the registration of a new class of securities with the SEC, specifically Rights to Purchase Series A-1 Junior Participating Preferred Stock, to be listed on the Nasdaq Capital Market. On May 1, 2024, the company's Board of Directors declared a dividend distribution of one right for each outstanding share of common and preferred stock, with the dividend payable to stockholders of record as of May 13, 2024. These rights are not exercisable until the Distribution Date, which is triggered by certain events such as a person acquiring beneficial ownership of 10% or more of the outstanding Common Stock. The Rights will become exercisable to purchase a portion of a share of Series A-1 Junior Participating Preferred Stock at a price of $30.00. The Rights will expire on May 1, 2025, unless redeemed or exchanged earlier. The Rights Agreement includes provisions for adjustments to prevent dilution, redemption of Rights by the company, and exchange of Rights for common stock or preferred stock. The company has also reserved the right to amend the Rights Agreement under specific conditions.