-- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or
the “Company”), an electric vehicle (“EV”) manufacturer, today
announces financial results for the three and six months ended
March 31, 2024, and a business update.
Commenting on the results for the three and six
months ended March 31, 2024, and recent Company developments, CEO
and chairman David Michery stated,
“Our Company continues to grow despite difficult
market conditions and I am thankful to our team and the effort put
forth in getting our EVs into the market and onto U.S. roads. We
continue to drive forward and remain laser-focused on scaling our
commercial EV business. Today, we announced an additional $150
million in capital commitments to support our commercial EV
operations.”
Recent Highlights Include
- In May 2024, the Company received approval from the Department
of Commerce for Foreign Trade Zone status at its Tunica,
Mississippi, commercial vehicle manufacturing facility.
- In May 2024, the Company expanded its retail commercial dealer
network with addition of Pritchard EVs and National Auto Fleet
Group, adding both national and regional fleet focus in the Midwest
and West Coast.
- In April 2024, Mullen received California Air Resource Board’s
(“CARB”) HVIP approval for the Mullen THREE, Class 3 EV truck,
providing up to $45,000 in a cash voucher at time of vehicle
purchase.
- In April 2024, the Company received CARB approval on the 2025
Mullen Class 3 EV truck.
Mullen Class 1 and 3 Commercial
Vehicles
- Mullen opened the Dominican
Republic and Caribbean markets with Grupo Cavel for commercial EVs
and began initial shipment of vehicles in April 2024.
- Tunica recently built 500th
commercial vehicle and continues to build Class 1 and Class 3
vehicles.
- Mullen announced the completion of a new light-weight service
truck body, targeted for utility and municipality customers, for
the All-Electric Mullen THREE. The vehicles are available now and
were developed in collaboration with Phenix Truck Bodies & Van
Equipment and Knapheide Manufacturing.
- In February 2024, the Company began Class 1 EV cargo van road
testing with the integrated solid-state polymer battery pack in
Troy, Michigan, with actual road tests resulting in 86% increase in
vehicle range, from 110 miles to 205 miles.
- After successful road testing, Company is moving to production
pack design with multiple packs being produced for vehicle-level
testing, including environmental and durability.
Bollinger Motors - Oak Park,
MichiganClass 4 – 6 Commercial Vehicles
- Bollinger recently announced new
retail dealers, including LaFontaine Automotive Group, Nacarato
Truck Centers, and Nuss Truck and Equipment, covering initial
states of Michigan, Florida, Georgia, Kentucky, Maryland and
Minnesota.
- In February, Bollinger received IRS
Approval for $40,000 Commercial EV Tax Credit.
- In January, Bollinger Motors
received first vehicle orders for 40 B4, Class 4 EV trucks for a
combined total order valued at approximately $6.0 million.
- The Company expects to begin B4,
Class 4 vehicle deliveries in the second half of 2024.
Mullen Consumer Vehicle Program -
Irvine, California Mullen FIVE EV
Crossover Program
- Development and production of the high-performance Mullen FIVE
RS (“FIVE RS” or “RS”) limited-edition has been fast-tracked for
completion and launch in Q4 2025 in the European market. This
vehicle will be a limited production run delivering over 200-plus
mph and 1.95 sec 0-60 mph.
- The Company debuted the high-performance Mullen FIVE RS on Jan.
9, 2024, at CES 2024 in Las Vegas.
Mullen High Energy Facility - Fullerton,
California
- In January 2024, Mullen Advanced Energy, LLC submitted a
pre-application to the U.S. Department of Energy (“DOE”) Advanced
Technology Vehicles Manufacturing (“ATVM”) Loan Program to
support its expansion into domestic battery material processing and
manufacturing.
- In January 2024, The Company submitted a grant funding
opportunity to DOE for domestic battery materials processing.
- The Company opened the Fullerton facility in 2023 and is
focused on reducing reliance on foreign battery components.
Solid-State Polymer Battery Pack
Update
- In February 2024, the Company began Class 1 EV cargo van road
testing with the integrated solid-state polymer battery pack in
Troy, Michigan. Actual road tests resulted in 86% increase in
vehicle range, from 110 miles to 205 miles.
- After successful road testing, Company is moving to production
pack design with multiple packs being produced for vehicle-level
testing, including environmental and durability.
Financial Results – Three and Six
Months Ended March 31, 2024
For the six months ended March 31, 2024, we
delivered 362 vehicles valued at $16.3 million. The Company
has deferred the revenue and accounts receivable recognition
until invoices are paid and the return provision on the
vehicles are nullified by the dealer’s sale of vehicle to the end
user.
Invoiced
during the 6 months ended March 31, 2024 (in thousand
dollars) |
|
Type |
|
Units invoiced |
|
|
Amount invoiced |
|
|
Cash received |
|
|
Revenue recognized |
|
Mullen 3 (UU) |
|
|
131 |
|
|
$ |
8,543.8 |
|
|
$ |
652.2 |
|
|
$ |
— |
|
Urban Delivery (UD1) |
|
|
231 |
|
|
|
7,769.4 |
|
|
|
33.3 |
|
|
|
33.3 |
|
Total |
|
|
362 |
|
|
$ |
16,313.2 |
|
|
$ |
685.5 |
|
|
$ |
33.3 |
|
The total cash spent (Operating and
Investing cash flows) for the six months ended March 31, 2024,
and 2023, was $120.9 million and $165.0 million,
respectively.
|
|
Six months ended March 31, |
|
|
2024 |
|
|
2023 |
Net loss |
|
$ |
(235,355,627 |
) |
|
$ |
(495,369,280 |
) |
Non-cash adjustments |
|
|
135,101,417 |
|
|
|
424,626,754 |
|
Working capital investment |
|
|
(8,218,766 |
) |
|
|
3,175,141 |
|
Net cash used in operating activities |
|
|
(108,472,976 |
) |
|
|
(67,567,385 |
) |
Net cash used in investing activities |
|
|
(12,470,001 |
) |
|
|
(97,420,097 |
) |
Cash spent |
|
$ |
(120,942,977 |
) |
|
$ |
(164,987,482 |
) |
The detail of non-cash adjustments to the
Consolidated Statements of Cash Flows are as follows:
|
|
Six months ended March 31, |
|
|
2024 |
|
|
2023 |
Non-cash expenses and gains during the period: |
|
|
|
|
|
|
|
|
Stock-based compensation |
|
$ |
15,609,276 |
|
|
$ |
60,303,367 |
|
Revaluation of derivative liabilities |
|
|
3,106,223 |
|
|
|
89,221,391 |
|
Depreciation and amortization |
|
|
14,310,450 |
|
|
|
8,523,682 |
|
Issuance of warrants to
suppliers |
|
|
— |
|
|
|
6,814,000 |
|
Deferred income taxes |
|
|
(3,891,300 |
) |
|
|
(901,999 |
) |
Other financing costs - initial recognition of derivative
liabilities |
|
|
— |
|
|
|
255,960,025 |
|
Impairment of goodwill |
|
|
28,846,832 |
|
|
|
— |
|
Impairment of right-of-use assets |
|
|
3,167,608 |
|
|
|
— |
|
Impairment of intangible
assets |
|
|
73,447,067 |
|
|
|
— |
|
Non-cash interest and other operating activities |
|
|
216,021 |
|
|
|
(1,745,882 |
) |
Loss/(gain) on assets disposal |
|
|
323,865 |
|
|
|
— |
|
Loss/(gain) on extinguishment of debt |
|
|
(34,625 |
) |
|
|
6,452,170 |
|
Total |
|
$ |
135,101,417 |
|
|
$ |
424,626,754 |
|
We invested an additional $8.2
million and recovered $3.2 million in working capital during
the six months ended March 31, 2024, and 2023,
respectively. Details of changes in working capital are as
follows:
|
|
Six months ended March 31, |
|
|
2024 |
|
|
2023 |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
$ |
671,750 |
|
|
$ |
— |
|
Inventories |
|
|
(16,154,711 |
) |
|
|
— |
|
Prepaids and other assets |
|
|
(726,490 |
) |
|
|
(8,271,388 |
) |
Accounts payable |
|
|
9,523,141 |
|
|
|
8,429,257 |
|
Accrued expenses and other liabilities |
|
|
(77,010 |
) |
|
|
2,672,040 |
|
Right-of-use assets and lease liabilities |
|
|
(1,455,446 |
) |
|
|
345,232 |
|
Total |
|
$ |
(8,218,766 |
) |
|
$ |
3,175,141 |
|
The net loss attributable to common shareholders
after preferred dividends was $193.9 million, or $35.83
net loss per share, for the six months ended March 31, 2024, as
compared to a net loss attributable to common shareholders after
preferred dividends of $483.8 million, or $6,378.47 loss per
share, for the six months ended March 31, 2023. Share counts were
adjusted retroactively for reverse stock splits. The net loss
for the six months ended March 31, 2024, of
$193.9 million included impairment charges
totaling $105.5 million mainly due to the uncertainty of
future fundings required to support the business and decrease
of Company's market capitalization. These write-downs include
Bollinger goodwill of $28.8 million, intangible assets for
Bollinger ($58.3) and ELMS ($15.1) and the write-down
of right-of-use assets of $3.2 million.
Turning to our balance sheets and liquidity, we
had $5.3 million and $58.5 million of working capital at
March 31, 2024, and Sept. 30, 2023, respectively. Adding back
derivative liabilities and liability to issue shares (items settled
in stock), the numbers increase to $18.3 million and $133.3 million
at March 31, 2024, and Sept. 30, 2023, respectively. We
had total cash (including cash equivalents and restricted cash) of
$29.8 million at March 31, 2024, versus $155.7 million at
Sept. 30, 2023.
Current notes payable were $2.7 million and $7.5
million as of March 31, 2024, and Sept. 30, 2023,
respectively. During the quarter ended March 31, 2024, we
paid off $4.9 million in current notes payable that was secured by
a mortgage on our Tunica, Mississippi, facility. We now own
Tunica and Mishawaka facilities debt free.
Shareholders’ equity was $117.4
million as of March 31, 2024, versus $272.8 million for Sept.
30, 2023. The decrease in stockholders’ equity for the six
months ended March 31, 2024, reflects the impairment charges
of $105.5 and other operating losses of $129.9
million offset by warrant exercises, stock-based compensation and
other equity adjustments.
Following are our unaudited Consolidated Balance
Sheets, Consolidated Statements of Operations and Consolidated
Statements of Cash Flows for the three and six months ended March
31, 2024, and 2023.
MULLEN AUTOMOTIVE,
INC.CONSOLIDATED BALANCE
SHEETS(unaudited)
|
|
March 31, 2024 |
|
|
Sept. 30, 2023 |
|
ASSETS |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
22,378,089 |
|
|
$ |
155,267,098 |
|
Restricted cash |
|
|
7,429,572 |
|
|
|
429,372 |
|
Accounts receivable |
|
|
— |
|
|
|
671,750 |
|
Inventory |
|
|
32,961,724 |
|
|
|
16,807,013 |
|
Prepaid expenses and prepaid inventories |
|
|
26,114,664 |
|
|
|
24,955,223 |
|
TOTAL CURRENT ASSETS |
|
|
88,884,049 |
|
|
|
198,130,456 |
|
|
|
|
|
|
|
|
|
|
Property, plant, and equipment, net |
|
|
82,803,852 |
|
|
|
82,032,785 |
|
Intangible assets, net |
|
|
28,812,583 |
|
|
|
104,235,249 |
|
Related party receivable |
|
|
— |
|
|
|
2,250,489 |
|
Right-of-use assets |
|
|
11,616,450 |
|
|
|
5,249,417 |
|
Goodwill, net |
|
|
— |
|
|
|
28,846,832 |
|
Other noncurrent assets |
|
|
2,002,815 |
|
|
|
960,502 |
|
TOTAL ASSETS |
|
$ |
214,119,749 |
|
|
$ |
421,705,730 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
22,698,645 |
|
|
$ |
13,175,504 |
|
Accrued expenses and other current liabilities |
|
|
43,192,512 |
|
|
|
41,208,929 |
|
Dividends payable |
|
|
445,205 |
|
|
|
401,859 |
|
Derivative liabilities |
|
|
5,124,487 |
|
|
|
64,863,309 |
|
Liability to issue shares |
|
|
7,789,786 |
|
|
|
9,935,950 |
|
Lease liabilities, current portion |
|
|
1,142,350 |
|
|
|
2,134,494 |
|
Notes payable, current portion |
|
|
2,717,804 |
|
|
|
7,461,492 |
|
Refundable deposits |
|
|
429,572 |
|
|
|
429,372 |
|
TOTAL CURRENT LIABILITIES |
|
|
83,540,361 |
|
|
|
139,610,909 |
|
|
|
|
|
|
|
|
|
|
Liability to issue shares, net of current portion |
|
|
526,684 |
|
|
|
1,827,889 |
|
Lease liabilities, net of current portion |
|
|
12,638,061 |
|
|
|
3,566,922 |
|
Deferred tax liability |
|
|
— |
|
|
|
3,891,900 |
|
TOTAL LIABILITIES |
|
$ |
96,705,106 |
|
|
$ |
148,897,620 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Preferred stock; $0.001 par value; 127,474,455 preferred shares
authorized; |
|
|
|
|
|
|
|
|
Preferred Series D; 84,572,538 shares authorized; 363,097 and
363,097 shares issued and outstanding at March 31, 2024, and Sept.
30, 2023, respectively (preference in liquidation of $159,000 and
$159,000 at March 31, 2024, and Sept. 30, 2023, respectively). |
|
|
363 |
|
|
|
363 |
|
Preferred Series C; 26,085,378 shares authorized; 1,211,757 and
1,211,757 shares issued and outstanding at March 31, 2024, and
Sept. 30, 2023, respectively (preference in liquidation of
$10,696,895 and $10,696,895 at March 31, 2024 and Sept. 30, 2023,
respectively). |
|
|
1,212 |
|
|
|
1,212 |
|
Preferred Series A; 83,859 shares authorized; 648 and 648 shares
issued and outstanding at March 31, 2024, and Sept. 30, 2023,
respectively (preference in liquidation of $836 and $836 at March
31, 2024, and Sept. 30, 2023, respectively). |
|
|
1 |
|
|
|
1 |
|
Common stock; $0.001 par value; 5,000,000,000 and 5,000,000,000
shares authorized at March 31, 2024, and Sept. 30, 2023,
respectively; and 2,871,707 shares issued and outstanding at March
31, 2024, and Sept. 30, 2023, respectively. |
|
|
7,974 |
|
|
|
2,872 |
|
Additional paid-in capital |
|
|
2,151,067,184 |
|
|
|
2,071,110,126 |
|
Accumulated deficit |
|
|
(2,055,988,895 |
) |
|
|
(1,862,162,037 |
) |
TOTAL STOCKHOLDERS' EQUITY ATTRIBUTABLE TO THE COMPANY'S
STOCKHOLDERS |
|
|
95,087,839 |
|
|
|
208,952,537 |
|
Noncontrolling interest |
|
|
22,326,804 |
|
|
|
63,855,573 |
|
TOTAL STOCKHOLDERS' EQUITY |
|
|
117,414,643 |
|
|
|
272,808,110 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
214,119,749 |
|
|
$ |
421,705,730 |
|
|
MULLEN AUTOMOTIVE,
INC.CONSOLIDATED STATEMENTS OF
OPERATIONS(unaudited)
|
|
Three months ended March 31, |
|
|
Six months ended March 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vehicle sales |
|
$ |
33,335 |
|
|
$ |
— |
|
|
$ |
33,335 |
|
|
$ |
— |
|
Cost of revenues |
|
|
(13,440 |
) |
|
|
— |
|
|
|
(13,440 |
) |
|
|
— |
|
Gross profit /
(loss) |
|
|
19,895 |
|
|
|
— |
|
|
|
19,895 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative |
|
$ |
47,903,692 |
|
|
$ |
47,412,338 |
|
|
$ |
91,137,744 |
|
|
$ |
112,408,349 |
|
Research and development |
|
|
24,023,526 |
|
|
|
20,478,971 |
|
|
|
40,193,493 |
|
|
|
29,100,980 |
|
Impairment of goodwill |
|
|
28,846,832 |
|
|
|
— |
|
|
|
28,846,832 |
|
|
|
— |
|
Impairment of right-of-use
assets |
|
|
3,167,608 |
|
|
|
— |
|
|
|
3,167,608 |
|
|
|
— |
|
Impairment of intangible
assets |
|
|
73,447,067 |
|
|
|
— |
|
|
|
73,447,067 |
|
|
|
— |
|
Loss from
operations |
|
|
(177,368,830 |
) |
|
|
(67,891,309 |
) |
|
|
(236,772,849 |
) |
|
|
(141,509,329 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financing costs -
initial recognition of derivative liabilities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(255,960,025 |
) |
Gain/(loss) on derivative
liability revaluation |
|
|
3,622,758 |
|
|
|
(48,439,415 |
) |
|
|
(3,106,223 |
) |
|
|
(89,221,391 |
) |
Gain/(loss) on extinguishment
of debt |
|
|
34,625 |
|
|
|
(40,000 |
) |
|
|
34,625 |
|
|
|
(6,452,170 |
) |
Gain/(loss) on disposal of
fixed assets |
|
|
(449,855 |
) |
|
|
385,031 |
|
|
|
(373,865 |
) |
|
|
385,031 |
|
Gain on lease termination |
|
|
— |
|
|
|
— |
|
|
|
50,000 |
|
|
|
— |
|
Interest expense |
|
|
(259,700 |
) |
|
|
(1,888,169 |
) |
|
|
(517,723 |
) |
|
|
(4,716,258 |
) |
Other income, net |
|
|
893,692 |
|
|
|
482,405 |
|
|
|
1,439,108 |
|
|
|
1,128,286 |
|
Net loss before income
tax benefit |
|
$ |
(173,527,310 |
) |
|
$ |
(117,391,457 |
) |
|
$ |
(239,246,927 |
) |
|
$ |
(496,345,856 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit |
|
|
2,165,062 |
|
|
|
482,922 |
|
|
|
3,891,300 |
|
|
|
976,576 |
|
Net loss |
|
$ |
(171,362,248 |
) |
|
$ |
(116,908,535 |
) |
|
$ |
(235,355,627 |
) |
|
$ |
(495,369,280 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to
noncontrolling interest |
|
|
(38,930,288 |
) |
|
|
(1,995,217 |
) |
|
|
(41,528,769 |
) |
|
|
(4,180,176 |
) |
Net loss attributable
to stockholders |
|
$ |
(132,431,960 |
) |
|
$ |
(114,913,318 |
) |
|
$ |
(193,826,858 |
) |
|
$ |
(491,189,104 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Waived/(accrued) accumulated
preferred dividends |
|
|
(22,043 |
) |
|
|
8,039,612 |
|
|
|
(43,346 |
) |
|
|
7,400,935 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to common stockholders after preferred dividends |
|
$ |
(132,454,003 |
) |
|
$ |
(106,873,706 |
) |
|
$ |
(193,870,204 |
) |
|
$ |
(483,788,169 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss per Share |
|
$ |
(19.39 |
) |
|
$ |
(1,167.18 |
) |
|
$ |
(35.83 |
) |
|
$ |
(6,378.47 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding, basic and diluted |
|
|
6,829,415 |
|
|
|
91,566 |
|
|
|
5,410,894 |
|
|
|
75,847 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MULLEN AUTOMOTIVE,
INC.CONSOLIDATED STATEMENTS OF CASH
FLOWS(unaudited)
|
|
Six Months Ended March 31, |
|
|
|
2024 |
|
|
2023 |
|
Cash Flows from Operating Activities |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(235,355,627 |
) |
|
$ |
(495,369,280 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
15,609,276 |
|
|
|
60,303,367 |
|
Revaluation of derivative liabilities |
|
|
3,106,223 |
|
|
|
89,221,391 |
|
Depreciation and amortization |
|
|
14,310,450 |
|
|
|
8,523,682 |
|
Issuance of warrants to suppliers |
|
|
— |
|
|
|
6,814,000 |
|
Deferred income taxes |
|
|
(3,891,300 |
) |
|
|
(901,999 |
) |
Other financing costs - initial recognition of derivative
liabilities |
|
|
— |
|
|
|
255,960,025 |
|
Impairment of intangible assets |
|
|
73,447,067 |
|
|
|
— |
|
Impairment of goodwill |
|
|
28,846,832 |
|
|
|
— |
|
Impairment of right-of-use assets |
|
|
3,167,608 |
|
|
|
— |
|
Non-cash interest and other operating activities |
|
|
216,021 |
|
|
|
(1,745,882 |
) |
Loss/(gain) on assets disposal |
|
|
323,865 |
|
|
|
— |
|
Loss/(gain) on extinguishment of debt |
|
|
(34,625 |
) |
|
|
6,452,170 |
|
|
|
|
|
|
|
|
|
|
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
671,750 |
|
|
|
— |
|
Inventories |
|
|
(16,154,711 |
) |
|
|
— |
|
Prepaids and other assets |
|
|
(726,490 |
) |
|
|
(8,271,388 |
) |
Accounts payable |
|
|
9,523,141 |
|
|
|
8,429,257 |
|
Accrued expenses and other liabilities |
|
|
(77,010 |
) |
|
|
2,672,040 |
|
Right-of-use assets and lease liabilities |
|
|
(1,455,446 |
) |
|
|
345,232 |
|
Net cash used in operating activities |
|
|
(108,472,976 |
) |
|
|
(67,567,385 |
) |
|
|
|
|
|
|
|
|
|
Cash Flows from
Investing Activities |
|
|
|
|
|
|
|
|
Purchase of equipment |
|
|
(12,470,001 |
) |
|
|
(4,298,563 |
) |
Purchase of intangible assets |
|
|
— |
|
|
|
(204,660 |
) |
ELMS assets purchase |
|
|
— |
|
|
|
(92,916,874 |
) |
Net cash used in investing activities |
|
|
(12,470,001 |
) |
|
|
(97,420,097 |
) |
|
|
|
|
|
|
|
|
|
Cash Flows from
Financing Activities |
|
|
|
|
|
|
|
|
Proceeds from issuance of convertible notes payable |
|
|
— |
|
|
|
150,000,000 |
|
Payment of notes payable |
|
|
(4,945,832 |
) |
|
|
(460,000 |
) |
Reimbursement for over issuance of shares |
|
|
— |
|
|
|
17,819,660 |
|
Net cash provided by financing activities |
|
|
(4,945,832 |
) |
|
|
167,359,660 |
|
|
|
|
|
|
|
|
|
|
Change in
cash |
|
|
(125,888,809 |
) |
|
|
2,372,178 |
|
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 $7,429,572), ending of period |
|
$ |
29,807,661 |
|
|
$ |
86,747,263 |
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of Cash Flow information: |
|
|
|
|
|
|
|
|
Cash paid for interest |
|
$ |
37,458 |
|
|
$ |
5,028 |
|
Cash paid for income
taxes |
|
|
— |
|
|
|
800 |
|
|
|
|
|
|
|
|
|
|
Supplemental
Disclosure for Non-Cash Activities: |
|
|
|
|
|
|
|
|
Exercise of warrants recognized earlier as liabilities |
|
$ |
59,163,019 |
|
|
$ |
268,713,397 |
|
Right-of-use assets obtained in exchange of operating lease
liabilities |
|
|
11,185,901 |
|
|
|
370,668 |
|
Convertible notes and interest - conversion to common stock |
|
|
— |
|
|
|
153,222,236 |
|
Reclassification of derivatives to equity upon authorization of
sufficient number of shares |
|
|
— |
|
|
|
47,818,882 |
|
Common stock issued to extinguish other liabilities |
|
|
— |
|
|
|
10,500,712 |
|
Waiver of dividends by stockholders |
|
|
— |
|
|
|
6,872,075 |
|
Warrants issued to suppliers |
|
|
— |
|
|
|
6,814,000 |
|
Debt conversion to common stock |
|
|
— |
|
|
|
1,096,787 |
|
Extinguishment of operational liabilities by sale of property |
|
|
— |
|
|
|
767,626 |
|
Extinguishment of financial liabilities by sale of property |
|
|
— |
|
|
|
231,958 |
|
About MullenMullen 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. In September 2023, Mullen received
IRS approval for federal EV tax credits on its commercial vehicles
with a Qualified Manufacturer designation that offers eligible
customers up to $7,500 per vehicle. 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. Recently CARB
issued HVIP approval on the Mullen THREE, Class 3 EV truck,
providing up to $45,000 cash voucher at time of vehicle purchase.
The Company has also recently expanded its commercial dealer
network with the addition of Pritchard EV and National Auto Fleet
Group, providing sales and service coverage in key Midwest and West
Coast markets. The Company also recently announced Foreign Trade
Zone (“FTZ”) status approval for its Tunica, Mississippi,
commercial vehicle manufacturing center. FTZ approval provides a
number of benefits, including deferment of duties owed and
elimination of duties on exported vehicles.
To learn more about the Company, visit www.MullenUSA.com.
Forward-Looking
StatementsCertain 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 timing and
receipt of the $150 Million capital commitment, whether such
funding will be sufficient to meet the needs of the Company and its
affiliated entities, the impact to the Company and its shareholders
as a result of the anticipated financing , whether the B4, Class 4
vehicle deliveries will occur in the timeline expected, whether
development and production of the Mullen FIVE RS will be completed
and launched within the anticipated timeframes, whether
governmental grant applications submitted by the Company will be
successful and the outcome of the integrated solid-state polymer
battery packs in vehicle level testing. 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)
613-1900www.MullenUSA.com
Corporate Communications:InvestorBrandNetwork
(IBN)Los Angeles,
Californiawww.InvestorBrandNetwork.com310.299.1717
OfficeEditor@InvestorBrandNetwork.com
Grafico Azioni Mullen Automotive (NASDAQ:MULN)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Mullen Automotive (NASDAQ:MULN)
Storico
Da Set 2023 a Set 2024