Company finishes the 2024 fiscal year with growth of national dealer network, increased sales and delivery of vehicles
Fiscal year 2024 reduction of $85.4M in cash spend compared to fiscal year 2023
Successful launch of Bollinger Motors B4 production and sales
Company now has three EV production lines in the U.S. with national sales and service networks supporting Mullen Class 1 and 3 and Bollinger Class 4 commercial vehicles
Company announces further increase in operational efficiencies driving $13M annual reduction in cash spend effective Feb. 1, 2025
BREA, Calif., Jan. 24, 2025 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, today announces financial results for the twelve months ended Sept. 30, 2024, and a current business update.
Commenting on fiscal year 2024 ("FY2024"), and recent Company developments, CEO and chairman David Michery stated:
“2024 was a challenging year for the electric vehicle industry, including Mullen. In the retail market, the previous projections for EV growth rates have not materialized and the conclusion by many has been EVs are ‘not selling.’ It is true that the large OEMs have slowed their aggressive EV plans, but have certainly not stopped. However, I want to make it clear that Mullen is not in the retail market. We are in the commercial market with different market conditions, adoption criteria and customers. In the commercial market, it has only really been the last few years that OEMs have brought vehicles to customers and in some vehicle classes, there are still no entries. Consequently, adoption is still at the very early stages and is now growing.
“For all new commercial EV manufacturers, there has been a continued slowdown in available capital, high interest rates, supply chain issues, regulatory hurdles to deal with as well as the unknown impact of the new administration’s potential regulatory and incentives and tax changes. Many new OEMs have not weathered the storm and, unfortunately, were forced to close. Mullen however, managed successfully to face these challenges head on and has made significant progress in many areas.
“While I am proud of the Company’s accomplishments, I share investor disappointment with the performance of Mullen stock. There are many reasons I have previously expressed to shareholders why I believe the price of the Company stock does not closely reflect the value of the Company. I believe the Company’s real estate assets, manufacturing capabilities and intellectual property portfolio value exceeds the current market capitalization. The Company was able to successfully achieve full certification to sell its Class 1 EV cargo van and 3 EV truck, as well as Bollinger Class 4 trucks. Our Tunica, Mississippi, facility is fully equipped and has produced hundreds of commercial EVs. I do recognize a slow start of sales and as a result, we are revising our sales forecast to reflect slower growth than previously anticipated. Commercial customers require longer lead time to evaluate our new Company, brand and product offerings, including fleet managers, who often require vehicle pilots to gain the confidence they need in confirming our EVs perform and meet their specific requirements. We are gaining meaningful traction now on the sales front, and the Company is laser focused on the sale of its commercial vehicles where we believe we have a clear competitive advantage at this time.
“Being fully aware of the extremely difficult capital-raising environment, the Company has recently initiated further significant cost-cutting measures to minimize our operating expenses for 2025. These reductions are a result of a singular focus on our commercial business and include continued elimination of operating expenses where it is not critical for the sales and growth of our Company.
“As you will note from the updates below, there are many reasons I remain positive, including the fact that we now have three vehicle lines that are currently in U.S. production, generating cash from sales and building demand for our EVs from several different customer verticals. We believe no other recently established EV company in the U.S. can say this.”
Recent Company Highlights
Mullen Commercial – Troy, Michigan
Class 1 and 3 Commercial Vehicles
Bollinger Motors – Oak Park, Michigan
Class 4 Commercial Truck
Battery Technology – Fullerton, California
FY2024 Highlights
During the fiscal year ended Sept. 30, 2024, the Company successfully transitioned from pre-revenue product development to revenue generation for Mullen Commercial EVs and Bollinger Motors began revenue generation with the launch of the Class 4 electric truck in September of 2024.
Mullen Commercial – Troy, Michigan
Class 1 and 3 Commercial Vehicles
Bollinger Motors – Oak Park, Michigan
Class 4 Commercial Vehicle
Battery Technology – Fullerton, California
Financial Results for the Twelve Months Ended Sept. 30, 2024
Net loss and loss per share
The net loss attributable to common shareholders after preferred dividends and other capital transactions with preferred stock owners was $471.0 million, or $1,425.6 net loss per share, for the twelve months ended Sept. 30, 2024, as compared to a net loss attributable to common shareholders after preferred dividends of $964.9 million, or $157,405 loss per share, for the twelve months ended Sept. 30, 2023, (giving effect to reverse stock split made effective on Sept. 17, 2024, at a ratio of 1-for-100 shares).
The net loss for the twelve months ended Sept. 30, 2024, included non-cash impairment charges totaling $119.2 million (in the previous year - $84.6 million), recognized primarily due to future funding uncertainties and a decrease in the Company's market capitalization.
Revenue
For the twelve months ended Sept. 30, 2024, we recorded $1.1 million in revenues compared to $0.4 million for the twelve months ended Sept. 30, 2023.
For the twelve months ended Sept. 30, 2024, we invoiced for 443 commercial vehicles valued at $21 million compared to the twelve months ended Sept. 30, 2023, where we invoiced for 35 vehicles with a value of $1 million.
The difference between invoiced amounts and revenues is the Company continues to defer the revenue and accounts receivable recognition on most of Mullen commercial vehicles invoiced until invoices are paid and the return provision on the vehicles is nullified by the dealer’s sale of the vehicle to the end user.
In September 2024, our Bollinger segment achieved a major milestone, launching production of the B4 commercial truck. Additionally, Bollinger completed the sale of its first five units and recognized its first revenues of $0.7M. The B4 is generating strong traction in the market, and we expect significant sales growth from Bollinger in the coming year.
| Invoiced during the year ended September 30, 2024 (dollars in thousands) | ||||||||||||
| Vehicle type | Units invoiced | Amount invoiced | Revenue recognized | |||||||||
| Mullen 3 (UU) | 180 | $ | 11,658 | $ | 163 | |||||||
| Mullen Urban Delivery (UD1) | 258 | 8,568 | 228 | |||||||||
| Bollinger B4 | 5 | 703 | 703 | |||||||||
| Total | 443 | $ | 20,929 | $ | 1,094 | |||||||
| Invoiced during the year ended September 30, 2023 (dollars in thousands) | ||||||||||||
| Vehicle type | Units Invoiced | Amount invoiced | Revenue recognized | |||||||||
| Mullen Urban Delivery (UD0) | 25 | 366 | 366 | |||||||||
| Mullen 3 (UU) | 10 | 652 | — | |||||||||
| Total | 35 | $ | 1,018 | $ | 366 | |||||||
Cost of Revenues
The cost of revenues for the year ended Sept. 30, 2024, totaled $16.9 million and included $1.3 million for the cost of vehicles sold and $15.6 million in non-cash, inventory adjustments to net realizable value. Included in the $1.3 million of cost of vehicles sold was $0.2 million from the Mullen Commercial segment and $1.1 million from the Bollinger segment. Bollinger expects excess cost until target production capacity is reached sometime in FY25.In addition to the cost of vehicles sold, we recognized a non-cash, inventory adjustment to net realizable value of $15.6 million from the Mullen Commercial segment, primarily due to slow moving inventory where there are excess parts and systems.
Liquidity
We had total cash (including cash equivalents and restricted cash) of $10.7 million on Sept. 30, 2024, versus $155.7 million on Sept. 30, 2023. The Company has determined that its available liquidity of approximately $10.7 million is not sufficient to meet its current obligations for at least the next twelve months. The working capital as of Sept. 30, 2024, was negative and amounted to $120.0 million, or $38.5 million if adding back derivative liabilities and other liabilities settled in common stock. This compares to a positive $58.5 million of working capital or $133.3 million of working capital on Sept. 30, 2023, if adding back derivative liabilities and other liabilities settled in common stock.
During the twelve months ended Sept. 30, 2024, we paid off a $4.9 million current note payable that was secured by a mortgage on our Tunica, Mississippi, facility. We also issued new senior secured convertible notes with warrants for cash totaling $61.7 million. Current notes payable as of Sept. 30, 2024, was $5.4 million compared to $7.5 million as of Sept. 30, 2023, (balances include debt discounts). As of today, almost all of these notes and accumulated interest have been converted into shares of the Company's common stock.
After Sept. 30, 2024, investors purchased an additional aggregate principal amount of $17.9 million, for $17.0 million in cash after deducting the 5% original issue discount.
The total cash spent (Operating and Investing cash flows) for the twelve months ended Sept. 30, 2024 and 2023 was $201.7 million and $287.1 million, respectively.
| Year Ended September 30, | ||||||||
| 2024 | 2023 | |||||||
| Net loss | (505,826,551 | ) | (1,006,658,828 | ) | ||||
| Non-cash adjustments | 313,054,243 | 821,435,469 | ||||||
| Working capital | 7,216,827 | 6,051,168 | ||||||
| Net cash used in operating activities | (185,555,481 | ) | (179,172,191 | ) | ||||
| Net cash used in investing activities | (16,148,055 | ) | (107,923,309 | ) | ||||
| Total cash spent | $ | (201,703,536 | ) | $ | (287,095,500 | ) | ||
Shareholders’ equity/(deficit)
Shareholders’ equity/(deficit) was ($16.6) million as of Sept. 30, 2024, versus $272.8 million as of Sept. 30, 2023. The decrease in stockholders’ equity for the twelve months ended Sept. 30, 2024, reflects the impairment charges of $119.2 million and other net losses of $386.6 million offset by equity issuances.
Financial statements
Following are the Consolidated Balance Sheets, Consolidated Statements of Operations and Consolidated Statements of Cash Flows for the twelve months ended Sept. 30, 2024 and 2023.
MULLEN AUTOMOTIVE INC.
CONSOLIDATED BALANCE SHEETS
| September 30, 2024 | September 30, 2023 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | $ | 10,321,827 | $ | 155,267,098 | ||||
| Restricted cash | 426,851 | 429,372 | ||||||
| Inventory | 37,503,112 | 16,807,013 | ||||||
| Prepaid expenses and prepaid inventories | 14,798,553 | 24,955,223 | ||||||
| Accounts receivable | 124,295 | 671,750 | ||||||
| TOTAL CURRENT ASSETS | 63,174,638 | 198,130,456 | ||||||
| Property, plant, and equipment, net | 82,180,266 | 82,032,785 | ||||||
| Intangible assets, net | 27,056,030 | 104,235,249 | ||||||
| Right-of-use assets | 3,041,485 | 5,249,417 | ||||||
| Related party receivable | — | 2,250,489 | ||||||
| Goodwill, net | — | 28,846,832 | ||||||
| Other noncurrent assets | 3,178,870 | 960,502 | ||||||
| TOTAL ASSETS | $ | 178,631,289 | $ | 421,705,730 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ||||||||
| CURRENT LIABILITIES | ||||||||
| Accounts payable | $ | 41,335,509 | $ | 13,175,504 | ||||
| Accrued expenses and other current liabilities | 51,612,166 | 41,610,788 | ||||||
| Derivative liabilities | 79,742,180 | 64,863,309 | ||||||
| Liability to issue shares | 1,771,025 | 9,935,950 | ||||||
| Lease liabilities, current portion | 2,893,967 | 2,134,494 | ||||||
| Notes payable | 5,399,777 | 7,461,492 | ||||||
| Refundable deposits | 417,674 | 429,372 | ||||||
| TOTAL CURRENT LIABILITIES | 183,172,298 | 139,610,909 | ||||||
| Liability to issue shares, net of current portion | 356,206 | 1,827,889 | ||||||
| Lease liabilities, net of current portion | 11,648,662 | 3,566,922 | ||||||
| Deferred tax liability | — | 3,891,900 | ||||||
| TOTAL LIABILITIES | $ | 195,177,166 | $ | 148,897,620 | ||||
| Contingencies and claims (Note 19) | ||||||||
| STOCKHOLDERS' EQUITY (DEFICIT) | ||||||||
| Preferred stock; $0.001 par value; 126,263,159 and 127,474,458 shares authorized at September 30, 2024 and 2023, respectively; | ||||||||
| Preferred Series D; 84,572,538 shares authorized, 363,097 shares issued and outstanding at September 30, 2024 and 2023, respectively (preference in liquidation of $159,000 at September 30, 2024 and 2023) | 363 | 363 | ||||||
| Preferred Series C; 24,874,079 and 26,085,378 shares authorized at September 30, 2024 and 2023, respectively; 458 and 1,211,757 shares issued and outstanding at September 30, 2024 and 2023, respectively (preference in liquidation of $4,049 and $10,696,895 at September 30, 2024 and 2023, respectively) | — | 1,212 | ||||||
| Preferred Series A; 83,859 shares authorized; 648 shares issued and outstanding at September 30, 2024 and 2023 (preference in liquidation of $836 at September 30, 2024 and 2023) | 1 | 1 | ||||||
| Common stock; $0.001 par value; 5,000,000,000 shares authorized; 4,577,306 and 28,718 shares issued and outstanding at September 30, 2024 and 2023 respectively | 4,577 | 29 | ||||||
| Additional paid-in capital | 2,290,659,971 | 2,071,112,969 | ||||||
| Accumulated deficit | (2,319,220,938 | ) | (1,862,162,037 | ) | ||||
| TOTAL STOCKHOLDERS' EQUITY (DEFICIT) ATTRIBUTABLE TO THE COMPANY'S STOCKHOLDERS | (28,556,026 | ) | 208,952,537 | |||||
| Noncontrolling interest | 12,010,149 | 63,855,573 | ||||||
| TOTAL STOCKHOLDERS' EQUITY (DEFICIT) | (16,545,877 | ) | 272,808,110 | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ | 178,631,289 | $ | 421,705,730 | ||||
MULLEN AUTOMOTIVE INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
| Year Ended September 30, | ||||||||
| 2024 | 2023 | |||||||
| Revenue from sale of vehicles | $ | 1,094,322 | $ | 366,000 | ||||
| Cost of revenues | 16,894,100 | 273,882 | ||||||
| Gross profit / (loss) | (15,799,778 | ) | 92,118 | |||||
| Operating expenses: | ||||||||
| General and administrative | $ | 181,947,541 | $ | 215,846,132 | ||||
| Research and development | 74,889,400 | 77,387,336 | ||||||
| Impairment of goodwill | 30,062,727 | 63,988,000 | ||||||
| Impairment of intangible assets | 73,447,067 | 5,873,000 | ||||||
| Impairment of right-of-use assets | 11,505,001 | — | ||||||
| Impairment of property, plant, and equipment, and other noncurrent assets | 4,174,935 | 14,770,000 | ||||||
| Loss from operations | (391,826,449 | ) | (377,772,350 | ) | ||||
| Other income (expense): | ||||||||
| Other financing costs - initial recognition of derivative liabilities | (54,653,033 | ) | (506,238,038 | ) | ||||
| Other financing costs - initial recognition of warrants | (13,652,762 | ) | — | |||||
| Other financing costs - ELOC commitment fee | (6,000,000 | ) | — | |||||
| Gain/(loss) on warrants and derivative liability revaluation | 4,503,099 | (116,256,212 | ) | |||||
| Gain/(loss) on extinguishment of debt | (655,721 | ) | (6,246,089 | ) | ||||
| Loss on financing | — | (8,934,892 | ) | |||||
| Gain/(loss) on disposal of fixed assets | (511,838 | ) | 386,377 | |||||
| Interest expense | (49,377,125 | ) | (4,993,140 | ) | ||||
| Other income, net | 2,458,578 | 2,407,034 | ||||||
| Total other income (expense) | (117,888,802 | ) | (639,874,960 | ) | ||||
| Net loss before income tax benefit | $ | (509,715,251 | ) | $ | (1,017,647,310 | ) | ||
| Income tax benefit/ (provision) | 3,888,700 | 10,988,482 | ||||||
| Net loss | $ | (505,826,551 | ) | $ | (1,006,658,828 | ) | ||
| Net loss attributable to noncontrolling interest | (48,767,650 | ) | (34,404,246 | ) | ||||
| Net loss attributable to stockholders | $ | (457,058,901 | ) | $ | (972,254,582 | ) | ||
| Waived/(accrued) accumulated preferred dividends and other capital transactions with Preferred stock owners | (13,902,843 | ) | 7,360,397 | |||||
| Net loss attributable to common stockholders after preferred dividends and other capital transactions with Preferred stock owners | $ | (470,961,744 | ) | $ | (964,894,185 | ) | ||
| Net Loss per Share | $ | (1,425.61 | ) | $ | (157,405.25 | ) | ||
| Weighted average shares outstanding, basic and diluted | 330,358 | 6,130 | ||||||
MULLEN AUTOMOTIVE INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended September 30, | ||||||||
| 2024 | 2023 | |||||||
| Cash Flows from Operating Activities | ||||||||
| Net loss | $ | (505,826,551 | ) | $ | (1,006,658,828 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Stock-based compensation | 40,432,688 | 85,441,869 | ||||||
| Deferred income taxes | (3,891,900 | ) | (10,990,882 | ) | ||||
| Depreciation and amortization | 21,984,312 | 16,388,299 | ||||||
| Amortization of debt discount and other non-cash interest expense | 48,790,729 | 862,045 | ||||||
| Impairment of intangible assets | 73,447,067 | 5,873,000 | ||||||
| Impairment of goodwill | 30,062,727 | 63,988,000 | ||||||
| Impairment of right-of-use assets | 11,505,001 | — | ||||||
| Impairment of property, plant, and equipment, and other noncurrent assets | 4,174,935 | 14,770,000 | ||||||
| Write-down of inventory to net realizable value | 15,578,429 | 1,000,284 | ||||||
| Other financing costs - ELOC commitment fee | 6,000,000 | — | ||||||
| Other financing costs - initial recognition of derivative liabilities | 54,653,033 | 506,238,038 | ||||||
| Other financing costs - initial recognition of warrants | 13,652,762 | 6,814,000 | ||||||
| Revaluation of derivative liabilities | (4,503,099 | ) | 116,256,212 | |||||
| Loss/(gain) on extinguishment of debt | 655,721 | 6,246,089 | ||||||
| Loss/(gain) on assets disposal | 511,838 | (386,377 | ) | |||||
| Non-cash financing loss on over-exercise of warrants | — | 8,934,892 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 547,455 | — | ||||||
| Inventories | (36,274,528 | ) | (17,807,297 | ) | ||||
| Prepaids and other assets | 8,420,150 | (22,687,245 | ) | |||||
| Accounts payable | 25,227,125 | 7,784,136 | ||||||
| Accrued expenses and other liabilities | 9,752,481 | 38,500,352 | ||||||
| Right-of-use assets and lease liabilities | (455,856 | ) | 261,222 | |||||
| Net cash used in operating activities | (185,555,481 | ) | (179,172,191 | ) | ||||
| Cash Flows from Investing Activities | ||||||||
| Purchase of equipment | (14,748,055 | ) | (14,508,004 | ) | ||||
| Acquisition of MTI business | (1,400,000 | ) | — | |||||
| Purchase of intangible assets | — | (498,431 | ) | |||||
| ELMS assets purchase | — | (92,916,874 | ) | |||||
| Net cash used in investing activities | (16,148,055 | ) | (107,923,309 | ) | ||||
| Cash Flows from Financing Activities | ||||||||
| Proceeds from issuance of notes payable with attached warrants | 61,701,576 | 170,000,000 | ||||||
| Payment of notes payable | (4,945,832 | ) | (20,694,353 | ) | ||||
| Proceeds from issuance of common stock and prefunded warrants | — | 196,999,970 | ||||||
| Reimbursement for over issuance of shares | — | 17,721,868 | ||||||
| Payments to acquire treasury stock | — | (5,610,600 | ) | |||||
| Net cash provided by financing activities | 56,755,744 | 358,416,885 | ||||||
| Change in cash | (144,947,792 | ) | 71,321,385 | |||||
| Cash and restricted cash (in amount of $429,372), beginning of period | 155,696,470 | 84,375,085 | ||||||
| Cash and restricted cash (in amount of $426,851), ending of period | $ | 10,748,678 | $ | 155,696,470 | ||||
| Supplemental disclosure of Cash Flow information: | ||||||||
| Cash paid for interest | $ | 37,458 | $ | 122,501 | ||||
| Supplemental Disclosure for Non-Cash Activities: | ||||||||
| Exercise of warrants recognized earlier as liabilities | $ | 113,837,742 | $ | 627,836,463 | ||||
| Convertible notes and interest - conversion to common stock | 49,894,130 | 167,070,343 | ||||||
| Right-of-use assets obtained in exchange of operating lease liabilities | 11,867,625 | 2,112,773 | ||||||
| Issuance of Series E P/S in exchange for Series C P/S | 8,605,241 | — | ||||||
| Issuance of Notes and Warrants upon exchange of Series E P/S | 7,866,592 | — | ||||||
| Common stock issued to settle other derivative liability | 6,508,995 | — | ||||||
| Fair value of common stock issued to avoid fractional shares on reverse stock split | 5,208,383 | |||||||
| Extinguishment of accounts payable with recognition of derivatives | 4,623,655 | — | ||||||
| Decrease of noncontrolling interest upon additional investments into subsidiary | 3,077,774 | — | ||||||
| Common stock issued to extinguish other liabilities | 639,146 | 5,524,838 | ||||||
| Reclassification of derivatives to equity upon authorization of common shares | — | 47,818,882 | ||||||
| Notes issued to extinguish liability to issue stock | 11,597,571 | |||||||
| Waiver of dividends by stockholders | — | 7,387,808 | ||||||
| Extinguishment of operational liabilities by sale of property | — | 760,669 | ||||||
| Extinguishment of financial liabilities by sale of property | — | 238,259 | ||||||
About Mullen
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of commercial electric vehicles (“EVs”) with two United States-based vehicle plants located in Tunica, Mississippi, (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, are California Air Resource Board (“CARB”) and EPA certified and available for sale in the U.S. The Company has also recently expanded its commercial dealer network to seven dealers, which includes Papé Kenworth, Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, Eco Auto, and Randy Marion Auto Group, providing sales and service coverage in key West Coast, Midwest, Pacific Northwest, New England and Mid-Atlantic markets.
To learn more about the Company, visit www.MullenUSA.com.
Forward-Looking Statements
Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential" and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to whether sales demand and traction for its vehicles will continue, how long the Company’s competitive advantage with its commercial vehicle line up will continue, whether federal, state and other electric vehicle incentive programs will continue, the outcome of the Company’s application to DOE for $55 million in matching DOE funds to support its U.S. manufacturing capabilities and whether the Company will be successful with its battery development initiatives or meet its projected battery production, certification and sales timelines. Additional examples of such risks and uncertainties include but are not limited to: (i) Mullen’s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen’s ability to successfully expand in existing markets and enter new markets; (iv) Mullen’s ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Mullen’s business; (viii) changes in government licensing and regulation that may adversely affect Mullen’s business; (ix) the risk that changes in consumer behavior could adversely affect Mullen’s business; (x) Mullen’s ability to protect its intellectual property; and (xi) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen’s plans and expectations as of any subsequent date.
Contact:
Mullen Automotive, Inc.
+1 (714) 613-1900
www.MullenUSA.com
Corporate Communications:
InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com