Mullen Automotive announced on October 23, 2024, the issuance of 340,000 shares of common stock as part of a settlement agreement dated October 21, 2024. The agreement involves issuing $3.0 million worth of shares to a note holder in exchange for the satisfaction and cancellation of approximately $4.5 million in secured promissory notes.The share issuance is based on the closing price of the common stock on the day immediately preceding the issuance, subject to a 9.99% ownership limitation. The company maintains the option to satisfy any remaining balance of the $3.0 million settlement amount through cash payment.The shares were issued under Section 3(a)(9) of the Securities Act of 1933 exemption, which applies to security exchanges between an issuer and existing security holders where no commission or remuneration is paid for soliciting the exchange.

Mullen Automotive announced on October 23, 2024, the issuance of 340,000 shares of common stock as part of a settlement agreement dated October 21, 2024. The agreement involves issuing $3.0 million worth of shares to a note holder in exchange for the satisfaction and cancellation of approximately $4.5 million in secured promissory notes.The share issuance is based on the closing price of the common stock on the day immediately preceding the issuance, subject to a 9.99% ownership limitation. The company maintains the option to satisfy any remaining balance of the $3.0 million settlement amount through cash payment.The shares were issued under Section 3(a)(9) of the Securities Act of 1933 exemption, which applies to security exchanges between an issuer and existing security holders where no commission or remuneration is paid for soliciting the exchange.