Mullen Automotive (MULN) completed the acquisition of Electric Last Mile Solutions (ELMS) assets on November 30, 2022, and the total cash purchase value of the deal was US$105 million. ELMS's asset acquisition of all IP and inventory will enable Mullen to enter the commercial market earlier than previously planned.

After completing the final certification, Mullen expects to deliver Tier 1 products in the first quarter of 2023, followed by Class III vehicles in the second quarter. Mullen CEO and Chairman David Michely said: “Over the years, I have been working on this plan to provide strategic and critical support to become a major competitor in the electric vehicle market.” “The successful completion of this asset acquisition puts Mullen in an entirely new position in terms of IP, plant, and product platform that no other competitor can offer to retail and commercial customers. We have everything we need to launch the Mullen and Bollinger electric vehicle product lineup.”