BREA, Calif., Oct. 27, 2023 (GLOBE NEWSWIRE) — via InvestorWire — Mullen Automotive, Inc. (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, which previously announced a definitive stock-for-stock reverse merger agreement with Net Element, Inc. (NASDAQ: NETE) in which Mullen’s stockholders will receive a majority of the outstanding stock in the post-merger company, today announced that Mullen Automotive has received conditional approval to list the common stock of the Company on the Nasdaq Stock Market LLC (“Nasdaq”) after satisfaction of the conditions established by Nasdaq.
Nasdaq Conditions:
- Hold special shareholders’ meeting within six months of closing the merger transaction to procure approval of amending the certificate of incorporation of the post-merger listed company to reflect a three-year sunset provision pertaining to the voting rights associated with the Series A Preferred Shares of the post-merger listed company (the “Amendment”).
- All Series A Preferred Shares of Mullen held by David Michery will convert to common stock of Mullen upon the effectiveness of the merger and exchanged into the common stock of Net Element, Inc. pursuant to the terms of the merger.
- Prior to the effectiveness of the merger, Mullen will cause its shareholders, including the remaining Series A Preferred stockholders (which will, after the closing of the merger, constitute a majority of the ownership of the post-merger listed company) to irrevocably vote to approve the Amendment.
- There will be no further agreements or issuances of the Series A Preferred Shares of either Mullen or the post-merger listed company.
- Nasdaq’s approval of the post-merger listed company listing application will be conditioned on the Amendment becoming effective within six months of closing the merger.
Trading to commence on Nov. 5, 2023, at which time the Company’s name will be changed to Mullen Automotive, Inc. and its ticker symbol will be changed to “MULN.”
Mullen additionally issues a reminder that on Nov. 17, 2023, at the LA Auto Show, it will debut to the world, for the first time, the FIVE EV crossover. The FIVE will debut in the South Hall on Day One of international media and press days. The FIVE will continue on display in the South Hall during the consumer days of the show, Nov. 19-28, 2023. Mullen will display multiple variants of the FIVE model while also showcasing powertrain, battery and charging technologies.
The FIVE is built on an EV crossover skateboard platform that offers multiple powertrain configurations and trim levels in a svelte design that is Strikingly DifferentTM and exciting to experience in person. Learn more about the Mullen FIVE at MullenUSA.com.
About Mullen Automotive:
Mullen is a Southern California-based automotive company that owns and partners with several synergistic businesses working toward the unified goal of creating clean and scalable energy solutions. Mullen has evolved over the past decade in sync with consumers and technology trends. Today, the Company is working diligently to provide exciting EV options built entirely in the United States and made to fit perfectly into the American consumer’s life. Mullen strives to make EVs more accessible than ever by building an end-to-end ecosystem that takes care of all aspects of EV ownership.
Forward-Looking Statements
This press release contains “forward-looking statements.” Words such as “may,” “should,” “could,” “would,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar expressions, as well as statements in future tense, often signify forward-looking statements. These forward-looking statements include, without limitation, statements relating to the reverse merger, the Nasdaq approval process and the proposed debut date of the Mullen FIVE (formerly MX-05) midsize crossover. These forward-looking statements are, by their nature, subject to significant risks and uncertainties.
Forward-looking statements should not be read as a guarantee of future performance or results and may not be accurate indications of when such performance or results will be achieved. Forward-looking statements are based on information the Company has when those statements are made or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements, including factors beyond the Company’s control. As a result of these and other risks, uncertainties and assumptions, forward-looking events and circumstances discussed herein might not occur in the way the Company expects or at all. Accordingly, readers should not place reliance on any forward-looking information or statements. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise. All forward-looking statements herein are qualified by reference to the cautionary statements set fforth in this section.
Contact:
Mullen Automotive, Inc.
+1 (714) 613-1900
www.MullenUSA.com
For more information, please visit https://www.mullenusa.com/.
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