Mullen Automotive issued additional convertible notes and warrants under its May 2024 Securities Purchase Agreement. On December 26 and 30, the company issued $4.2M in convertible notes and warrants for 8.25M shares, followed by another $5.3M notes issuance with warrants for 19,171 shares on December 31.The notes mature in four months and are convertible at the lower of $1.02, 95% of closing price when registration becomes effective, or 95% of lowest 5-day VWAP, with a minimum conversion price of $0.86. The December warrants have a $1.12 exercise price with a $1.00 cashless exercise floor. Additionally, the investor received one-year rights to purchase another $5.3M in notes under similar terms.Separately, the company reached a settlement in a derivative action filed by shareholders, subject to court approval. The settlement includes governance enhancements and $500,000 in attorney fees to be paid by D&O insurers.

Mullen Automotive issued additional convertible notes and warrants under its May 2024 Securities Purchase Agreement. On December 26 and 30, the company issued $4.2M in convertible notes and warrants for 8.25M shares, followed by another $5.3M notes issuance with warrants for 19,171 shares on December 31.The notes mature in four months and are convertible at the lower of $1.02, 95% of closing price when registration becomes effective, or 95% of lowest 5-day VWAP, with a minimum conversion price of $0.86. The December warrants have a $1.12 exercise price with a $1.00 cashless exercise floor. Additionally, the investor received one-year rights to purchase another $5.3M in notes under similar terms.Separately, the company reached a settlement in a derivative action filed by shareholders, subject to court approval. The settlement includes governance enhancements and $500,000 in attorney fees to be paid by D&O insurers.