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MissionIRNewsBreaks – Mullen Automotive Inc. (NASDAQ: MULN) Announces Moratorium on New Financings, Sufficient Capital for at Least 12 Months

Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today announced an investor financing moratorium for the balance of 2023 and that it has sufficient capital on hand for at least the next 12 months. In addition, the company confirmed that remaining investor option expires on June 30, 2023, and that its assets are unencumbered with the exception of $7.3 million outstanding debt. Mullen continues to trade at a steep discount to its current cash position of $135 million or $0.38 per share as of June 13, 2023. The company’s book value was $2.08 per share ss of its most recently filed Form 10-Q on March 31, 2023. Since March 31, 2023, the company’s stock has declined over 95% from $3.25 per share to $0.16 per share on June 20, 2023. Despite the decline in stock price, management believes that Mullen has already met or is positioned to meet the previously announced objectives. The company highlighted two completed acquisitions that added valuable, unencumbered assets to the balance sheet totaling $253 million for majority ownership in Bollinger Motors and certain assets related to Electric Last Mile Solutions (“ELMS”).

To view the full news release, visit

About Mullen Automotive Inc.

Mullen is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in its two United States-based assembly plants. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover, Mullen-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of Electric Last Mile Solutions’ (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana. For more information about the company, visit

NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at

About MissionIRNewsBreaks

MissionIRNewsBreaks provide a rapid summary of corporate news that catch the attention of MissionIR. MissionIRNewsBreaks are created by our Team of professional journalists that keep a constant eye on the markets, these posts are designed to inform you on the latest happenings of our clients and other publicly traded companies on our radar. From earnings, acquisitions and agreements to conference attendance and clinical study results, our news breaks keep you up-to-date with the day’s top movers. MissionIR is primarily focused on strategic communications. We have executed countless communications programs to address the needs of companies ranging from start-ups to established industry leaders, gaining valuable experience and the expertise necessary to determine the most effective strategy for any given situation.

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