Mullen Reports Preliminary Summary of Financial Results for Second Quarter
GlobeNewswire “Press Releases”
- Q/Q cash and cash equivalents rose to +$65.2M, driven primarily by the issuance of Mullens Series C Preferred Stock at $8.84/share
- Notes payable, current portion fell approximately -10.8% Q/Q to $16.9M
- Total assets rose approximately 138.4% to slightly over +$100M, driven mainly by financing activities
- Stockholders equity rose favorably Q/Q from a deficit of -$10.5M to a surplus of +$52.6M
- Subsequent to the period ended March 31, 2022, Mullen Automotive Inc. entered into an agreement with Thurner Design to develop the Mullen FIVE RS, a high-performance EV sport crossover vehicle featuring close to 1,100 HP, 0-60 mph in 1.95 seconds, and a top speed of 200 mph
- Between late April and early May 2022 Mullen Automotive received an aggregate of $15M from the exercise of the CEOcast equity line of credit in exchange for warrants to acquire common stock. CEOcast has exercised its warrants for 12.7M common shares extinguishing this credit facility.
BREA, Calif., May 13, 2022 (GLOBE NEWSWIRE) — via InvestorWire — Mullen Automotive Inc. (NASDAQ: MULN) (Mullen or the Company), an emerging electric vehicle (EV) manufacturer, announces today preliminary financial results (subject to change) for its period ending March 31, 2022.