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Mullen CEO: “The Company’s balance sheet is the strongest it has ever been in our history.”

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Mullen Automotive (NASDAQ: MULN), in an announcement, revealed that it expects to report in excess of $61M in cash and cash equivalents after notably strengthening its balance sheet over the quarter ending on June 30, 2022. 

As part of the 2022 Russell indexes reconstitution, Mullen was made a member of the U.S. small-cap Russell 2000 Index, effective after the U.S. market opened on June 27.

Moreover, the stock was automatically integrated into the value indexes and appropriate growth. 

CEO and chairman of Mullen Automotive, David Michery, shared that they have made great improvement in the last quarter, saying that the balance sheet of the company is the strongest ever recorded in its history.

The company arrived at an agreement to secure $275M in additional funding as per its statement last week. A fraction of the funding will be utilized for the EV Cargo Van Class 1-4 program in case the shareholder approves it. Cargo Van Class 1-4 program is the FIVE EV Crossover and the FIVE RS high-performance vehicle program development.

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In another development, Mullen is also restarting earlier released highlights. 

On May 12, 2022, under a pilot program, Mullen delivered its first EV van to a telecommunications provider located in the southeastern area of the U.S. The firm has asked for some van modifications in support of its anticipated use. The van was picked up and is being changed to fit the specs required by the user in anticipation of a vehicle purchase order. The modification also included an upgrade to an 80-kilowatt-hour battery pack and an upgraded EV drivetrain.

On July 23, 2020, the execution of the Payoff of a secured convertible promissory note was done with an affiliate of Drawbridge Investments LLC (“Drawbridge”), DBI Lease Buyback Servicing LLC. An existing Mullen shareholder, Esousa Holdings, LLC, has acquired the Note from Drawbridge and entered into an agreement with Mullen to extend the maturity date of the Note by two years. On 28 July 2022, the original Note was expected to mature, but the Note is now postponed to July 2024. Mullen shares are up 4.4% PM.

Steve Anderrson

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