Mullen Automotive has received court approval on December 6, 2024, for settling $20.62 million in outstanding convertible notes through the issuance of common stock or prefunded warrants. The settlement amount represents principal and accrued interest from notes issued under a May 14, 2024 Securities Purchase Agreement.The settlement shares will be priced at the lower of $549.00, 95% of the closing price when the initial registration becomes effective, or 95% of the lowest 5-day VWAP prior to conversion, with a minimum price of $1.16 per share. The issuance is exempt from registration requirements under Section 3(a)(10) of the Securities Act.The agreement includes a 9.9% ownership limitation for creditors and their affiliates. Upon receiving all settlement shares, creditors will release the company from all claims related to the settlement amount. This arrangement resolves existing liabilities without introducing new financing.

Mullen Automotive has received court approval on December 6, 2024, for settling $20.62 million in outstanding convertible notes through the issuance of common stock or prefunded warrants. The settlement amount represents principal and accrued interest from notes issued under a May 14, 2024 Securities Purchase Agreement.The settlement shares will be priced at the lower of $549.00, 95% of the closing price when the initial registration becomes effective, or 95% of the lowest 5-day VWAP prior to conversion, with a minimum price of $1.16 per share. The issuance is exempt from registration requirements under Section 3(a)(10) of the Securities Act.The agreement includes a 9.9% ownership limitation for creditors and their affiliates. Upon receiving all settlement shares, creditors will release the company from all claims related to the settlement amount. This arrangement resolves existing liabilities without introducing new financing.