Mullen Automotive, Inc. (NASDAQ:MULN) ("Mullen" or the "Company"), an emerging electric vehicle ("EV") manufacturer, announces today receipt of $150 million on Nov. 16, 2022, which will be used in part to close on ELMS assets.
Mullen is now in position to fund and close on ELMS assets and complete engineering, preparation and launch of EVs.
"We are excited to announce today that we have the funding in place to close on the ELMS asset acquisition," said David Michery, CEO and chairman of Mullen Automotive. "We expect to close quickly on the ELMS transaction. This will accelerate market introduction of our cargo van program and provide us with critical manufacturing capacity at a much lower investment than previously expected to supply the rest of our product portfolio."
ELMS assets include:
- The factory in Mishawaka, Indiana, providing Mullen with the capability to produce up to 50,000 vehicles per year
- All Intellectual Property, including all manufacturing data that is required for the assembly of the Class 1 van and Class 3 Cab Chassis
- All inventory including finished and unfinished vehicles, part modules, component parts, raw materials, tooling
- All property including equipment, machinery, supplies, computer hardware, software, communication equipment, data networks and all other data storage
"The completion of this acquisition brings together the critical enablers for our business strategy. With our Mullen, Bollinger and ELMS assets, as well as our plants, we are now in a unique position to be a leader in the new EV auto market," said Michery.