Summary by Futu AI
On May 21, 2024, Mullen Automotive Inc., a Delaware-incorporated company, announced the entry into a Material Definitive Agreement with an equity line investor. Under the terms of the agreement, the investor will purchase up to $150 million worth of the company's common stock over a 36-month period or until the agreement is terminated. Mullen Automotive has also agreed to file a registration statement for the resale of the shares issued to the investor. As part of the agreement, Mullen Automotive will issue shares worth $6 million to the investor, with half to be issued upon the registration statement's effectiveness and the remainder upon shareholder approval. The company retains control over the timing and amount of stock sales to the investor, who...Show More