Mullen Automotive issued $9.5M in convertible notes and warrants on Dec 26, 30, and 31, 2024, under an existing Securities Purchase Agreement from May 14, 2024. The issuance includes $5.3M in 5% Original Issue Discount Senior Secured Notes convertible to common stock, and warrants for 19,171 shares. An Additional Investment Rights Agreement allows the investor to purchase up to $5.3M more in notes and warrants by Dec 31, 2025.The notes mature in 4 months and are convertible at the lower of $1.02, 95% of closing price on registration effectiveness, or 95% of lowest 5-day VWAP, with a $0.86 floor. Warrants have a $1.12 exercise price with a $1.00 cashless exercise floor. The securities were issued under a Section 4(a)(2) exemption from registration.Separately, Mullen settled a derivative action filed Aug 1, 2022, agreeing to governance enhancements and $500,000 in attorney fees paid by D&O insurers, subject to court approval.

Mullen Automotive issued $9.5M in convertible notes and warrants on Dec 26, 30, and 31, 2024, under an existing Securities Purchase Agreement from May 14, 2024. The issuance includes $5.3M in 5% Original Issue Discount Senior Secured Notes convertible to common stock, and warrants for 19,171 shares. An Additional Investment Rights Agreement allows the investor to purchase up to $5.3M more in notes and warrants by Dec 31, 2025.The notes mature in 4 months and are convertible at the lower of $1.02, 95% of closing price on registration effectiveness, or 95% of lowest 5-day VWAP, with a $0.86 floor. Warrants have a $1.12 exercise price with a $1.00 cashless exercise floor. The securities were issued under a Section 4(a)(2) exemption from registration.Separately, Mullen settled a derivative action filed Aug 1, 2022, agreeing to governance enhancements and $500,000 in attorney fees paid by D&O insurers, subject to court approval.