On May 21, 2024, Mullen Automotive Inc., a Delaware-incorporated company, announced the entry into a Material Definitive Agreement with an equity line investor. Under the terms of the agreement, the investor will purchase up to $150 million worth of the company's common stock over a 36-month period or until the agreement is terminated. Mullen Automotive has also agreed to file a registration statement for the resale of the shares issued to the investor. As part of the agreement, Mullen Automotive will issue shares worth $6 million to the investor, with half to be issued upon the registration statement's effectiveness and the remainder upon shareholder approval. The company retains control over the timing and amount of stock sales to the investor, who...Show More

On May 21, 2024, Mullen Automotive Inc., a Delaware-incorporated company, announced the entry into a Material Definitive Agreement with an equity line investor. Under the terms of the agreement, the investor will purchase up to $150 million worth of the company's common stock over a 36-month period or until the agreement is terminated. Mullen Automotive has also agreed to file a registration statement for the resale of the shares issued to the investor. As part of the agreement, Mullen Automotive will issue shares worth $6 million to the investor, with half to be issued upon the registration statement's effectiveness and the remainder upon shareholder approval. The company retains control over the timing and amount of stock sales to the investor, who is prohibited from assigning their rights or engaging in short selling or hedging of the company's stock. The proceeds from the stock sales are intended for working capital and general corporate purposes. The agreement includes customary representations, warranties, covenants, and indemnification provisions, and may be terminated by Mullen Automotive at any time without penalty.