Wednesday, November 02, 2022

Breaking #EV #Stock News: Mullen Automotive (NASDAQ: $MULN) Announces Elimination of Approximately $13 Million in Debt, with Less than $10 Million of Debt Remaining; @Mullen_USA

Breaking #EV #Stock News: Mullen Automotive (NASDAQ: $MULN) Announces Elimination of Approximately $13 Million in Debt, with Less than $10 Million of Debt Remaining; @Mullen_USA

 

Conversion to save Company more than $3.5 million in interest expense and eliminate debt service obligations, further improving overall financial health

 


BREA, Calif. - November 2, 2022 (Investorideas.com Newswire) Mullen Automotive, Inc. (NASDAQ: MULN) ("Mullen" or the "Company"), an emerging electric vehicle ("EV") manufacturer, announces today that it has eliminated $13 million in company debt and has reduced its overall indebtedness from more than $30 million last year to a current estimate of less than $10 million.

 

Read this news, featuring MULN in full at https://www.investorideas.com/CO/MULN/news/2022/11021Debt-Elimination.asp

 

Mullen continues to strengthen its financial balance sheet with the recent elimination of approximately $13 million dollars in company debt, which was associated with a debt obligation to Esousa Holdings, LLC. It is anticipated that this debt conversion will save the Company more than $3.5 million in interest expenses.

 

Mullen continues to maintain its good financial health, with now less than an estimated $10 million approximately left of outstanding indebtedness. This elimination of and reduction in debt is significant, considering the overall debt balance at the end of 2021 was over $30 million.

 

"It's been a great year for Mullen Automotive; we've made tremendous strides on all fronts, including significantly improving our financial health," said David Michery, CEO and chairman of Mullen Automotive. "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."

 

About Mullen:

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 its 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.

 

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 the actual amount of the total remaining debt on the Company's balance sheet, whether the stock conversion that reduced the indebtedness will prove beneficial to the Company, whether Mullen's good financial health will continue and whether the Company will be successful in its efforts to strengthen its financial balance sheet. 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

 

Mullen Automotive, Inc. (OTCQB:MULN) is a featured EV stock on

Investorideas.com

 

More info on MULN at Investorideas.com Visit: https://www.investorideas.com/CO/MULN/

 

Get News Alerts on EV Stock MULN

 

Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created:  Mullen Automotive, Inc. (MULN) is a paid featured EV stock. More details https://www.investorideas.com/About/News/Clientspecifics.asp. Contact management and IR of each company directly regarding specific questions. More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com

Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp

 

 



RenewableEnergyStocks.com: investing ideas in renewable energy stocks

Like Renewable Energy Stocks? View our Renewable Energy Stocks Directory

Get News Alerts on Renewable Energy Stocks

 


Auto/Stock_List.com: investing ideas in automotive stocks

Like Automotive Stocks? View our Automotive Stocks Directory

 

No comments: