Dear Shareholders:
Despite a challenging economic environment where many enterprises are capital constrained, our balance sheet remains strong and we have achieved meaningful strides since our last update to shareholders on
Recent company highlights include:
Effective
Mullen previously announced that it had requested a hearing before a
The Company has taken a firm stance against manipulative trading in its stock. On
Additional Company Highlights:
- Commercial Vehicle Purchase Orders:
- On
Aug. 31, 2023 ,British Airways purchased Mullen CAMPUS cargo vans for use atLos Angeles International Airport and Chicago O’Hare International Airport. Mullen is now an approved vendor for additionalBritish Airways airport locations. - On
Aug. 29, 2023 ,New York Power Authority purchased Mullen CAMPUS cargo vans for an upstateNew York facility after completion of a successful pilot program and is assessing additional locations. - On
Aug. 28, 2023 ,NRTC Automation Group purchased three all-electric commercial Class 3 Mullen trucks with vehicle deliveries slated to begin in Q4 2023. - Mullen has received
$279 million in purchase orders forMullen Class 1 and Class 3 EV Vans and Trucks fromRandy Marion Automotive Group with initial revenues from Class 3 vehicle deliveries expected during the quarter endingSept. 30, 2023 .
- On
IRS Approval for Federal EV Tax Credit : OnSept. 19, 2023 , Mullen received its “Qualified Manufacturer” designation from theIRS , enabling qualification for commercial EV federal tax credits of up to$7,500 per vehicle for the Mullen ONE, a Class 1 EV cargo van, and the Mullen THREE, a Class 3 EV cab chassis truck.- Romeo Power Transaction: On
Sept. 11, 2023 , Mullen acquired battery pack production assets from Romeo Power for approximately$3.5 million . The deal includes equipment, inventory and intellectual property for high-volume EV (electric vehicle) battery pack and module production. Mullen Class 3 Production:- On
Aug. 10, 2023 ,Mullen Class 3 commercial vehicle production began at itsTunica, Mississippi , commercial vehicle assembly plant. - On
Aug. 21, 2023 , the first Mullen THREE class 3 production vehicle rolled off the line inTunica, Mississippi . - On
Aug. 24, 2023 , Mullen commemorated the start of Class 3 vehicle production with a successful commercial EV launch event featuring a company presentation, factory tour and vehicle test drives. Attendees included local county and state leadership, media, investors and customers. - Mullen has received
$279 million in purchase orders forMullen Class 1 and Class 3 EV Vans and Trucks fromRandy Marion Automotive Group with initial revenues from Class 3 vehicle deliveries expected during the quarter endingSept. 30, 2023
- On
- Stock Buyback Program: Mullen started a
$25 million buyback program onAug. 16, 2023 , which is authorized throughDec. 31, 2023 . As of today, the Company has repurchased$5,610,600 in shares of its common stock, which includes an additional 2 million shares in new purchases since the Company’s original announcement onAug. 17, 2023 . Company continues to look for opportune moments to purchase additional shares. - Other Developments:
- On
Sept. 18, 2023 , Mullen announced launch of its in-house fleet telematics solution, Commercial Pulse, which is an advanced AI system solution providing fleet optimization across Mullen’s commercial vehicle lineup. - On
Aug. 20, 2023 , Mullen kicked off its 13-city “Strikingly Different” EVU.S. tour inAustin, Texas . The tour is currently at the halfway point and will run untilNovember 2023 . This tour provides the public with the opportunity to test-drive and experience Mullen’s commercial and retail EVs on world-class racetracks across the country, meet and interact with the Mullen team, and check out the latest electric vehicle technology the Company has been working on, including AI-powered PERSONA, Mullen’s proprietary advanced facial recognition technology.
- On
The Company has achieved significant milestones and continues to deliver on our commitments. I remain optimistic and committed that Mullen is on the right path to achieving all business objectives, which will benefit our customers, shareholders and employees.
Sincerely,
David Michery, CEO
About Mullen
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 outcome of the appeal to the
Contact:
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www.MullenUSA.com
Corporate Communications:
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Attachment
- Pictured: Mullen ONE, Mullen THREE, Mullen FIVE and Bollinger B1
![](https://ml.globenewswire.com/media/NzgwODliYjYtM2ZiNC00MGI4LThkNTAtYzVmNTFlYWI3ZWFmLTUwMDA3NDUwOQ==/tiny/Mullen-Automotive-Inc-.png)
Pictured: Mullen ONE, Mullen THREE, Mullen FIVE and Bollinger B1
![](https://ml.globenewswire.com/media/c2c2410b-b624-4ab9-9551-562ab26d6518/medium/pictured-mullen-one-mullen-three-mullen-five-and-bollinger-b.jpg)
The Mullen THREE, Class 3 EV Cab Chassis Truck approved by EPA on Sept. 22, 2023 , for vehicle certification.
2023 GlobeNewswire, Inc., source