Mullen Automotive Inc., an electric vehicle manufacturer listed on Nasdaq under the symbol MULN, has announced a significant financing event. On October 24, 2024, Bollinger Motors, a majority-owned subsidiary of Mullen Automotive, issued an Amended and Restated Secured Promissory Note to Robert Bollinger for $10 million. This note amends a previous $5 million note issued on October 22, 2024. The financing is aimed at supporting the production and sale of Bollinger Motors' B4, a Class 4 electric truck. The note carries a 15% annual interest rate and matures on October 30, 2026, with an initial interest-only payment due on November 29, 2024. It is secured by Bollinger Motors' assets, excluding inventory and certain intellectual property, and contains standard representations, warranties, and covenants. In the event of a default, the full principal...Show More

Mullen Automotive Inc., an electric vehicle manufacturer listed on Nasdaq under the symbol MULN, has announced a significant financing event. On October 24, 2024, Bollinger Motors, a majority-owned subsidiary of Mullen Automotive, issued an Amended and Restated Secured Promissory Note to Robert Bollinger for $10 million. This note amends a previous $5 million note issued on October 22, 2024. The financing is aimed at supporting the production and sale of Bollinger Motors' B4, a Class 4 electric truck. The note carries a 15% annual interest rate and matures on October 30, 2026, with an initial interest-only payment due on November 29, 2024. It is secured by Bollinger Motors' assets, excluding inventory and certain intellectual property, and contains standard representations, warranties, and covenants. In the event of a default, the full principal and accrued interest become immediately due. The company also issued a press release on October 28, 2024, detailing the financing and highlighting the production ramp-up of the Bollinger B4 truck, which began in September 2024. The trucks are assembled in Michigan with over 70% US-made content. Mullen Automotive has expanded its commercial dealer network and has received various approvals and designations that benefit its commercial electric vehicles, including federal EV tax credits and California Air Resource Board certification.