Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has eliminated $13 million in company debt, resulting in a reduction of overall indebtedness from more than $30 million last year to less than $10 million currently. The company has been working to strengthen its financial balance sheet; it also recently eliminated some $13 million of company debt associated with Esousa Holdings LLC. According to the announcement, MULN believes this debt conversion will save more than $3.5 million in interest expenses. With less than $10 million left of outstanding indebtedness, Mullen is maintaining its strong financial health. “It’s been a great year for Mullen Automotive; we’ve made tremendous strides on all fronts, including significantly improving our financial health,” said Mullen Automotive CEO and chair David Michery in the press release. “Continuing our goal of being debt free is a main focus and provides us with a strong path forward for our EV innovation and programs, securing investor confidence and overall company health.”
To view the full press release, visit https://ibn.fm/WZMJY
About Mullen Automotive Inc.
Mullen Automotive is a southern California-based automotive company building the next generation of premium electric vehicles (EVs) that are affordable and built entirely in the United States. With an end-to-end ecosystem that supports owners from test driving to financing and servicing through a unique hybrid dealership model, customers are supported through every aspect of EV ownership. The Mullen FIVE, the company’s first electric crossover, is slated for delivery in 2024 and features an award-winning design and patented PERSONA technology that utilizes facial recognition to personalize the driving experience for every individual. To learn more about the company, visit www.MullenUSA.com.
NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://ibn.fm/MULN
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