Mullen Automotive Inc. has been actively engaged in a series of corporate events following September 30, 2023. The company has completed the acquisition of Bollinger Motors Inc. and assets from Electric Last Mile Solutions, Inc. (ELMS), marking a significant expansion in its operational capabilities. Additionally, Mullen executed a reverse stock split and expanded its authorized common stock to 5 billion shares. The period also saw Mullen involved in various legal proceedings, including a spoofing complaint against UBS Securities, LLC, and settlements with TOA Trading LLC and the GEM Group. A prospectus supplement was filed to register additional shares connected to outstanding warrants. Post-balance sheet events included entering lease agreements for manufacturing and distribution facilities, taking steps to comply with NASDAQ listing requirements...Show More

Mullen Automotive Inc. has been actively engaged in a series of corporate events following September 30, 2023. The company has completed the acquisition of Bollinger Motors Inc. and assets from Electric Last Mile Solutions, Inc. (ELMS), marking a significant expansion in its operational capabilities. Additionally, Mullen executed a reverse stock split and expanded its authorized common stock to 5 billion shares. The period also saw Mullen involved in various legal proceedings, including a spoofing complaint against UBS Securities, LLC, and settlements with TOA Trading LLC and the GEM Group. A prospectus supplement was filed to register additional shares connected to outstanding warrants. Post-balance sheet events included entering lease agreements for manufacturing and distribution facilities, taking steps to comply with NASDAQ listing requirements, and issuing common stock to settle debts and as part of CEO performance awards. The CEO Performance Stock Award Agreements for 2022 and 2023 were established, with milestones for share issuance tied to company performance and fundraising. Mullen also reported significant stock issuances post-balance sheet date for warrant exercises and stock-based compensation plans. The company achieved certifications for the Mullen ONE cargo van, facilitating sales nationwide. Furthermore, Mullen entered into a non-convertible secured promissory note agreement, which was not funded and later terminated, resulting in the reversal of an $18 million original issue discount accrual. Lastly, Mullen terminated the Transition Services Agreement with Mullen Technologies, Inc., settling all outstanding amounts, and continued to issue shares to settle various obligations while forming new agreements to boost manufacturing and product development.