Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today announced that it has extended the maturity of a senior secured convertible note of $28 million, originally due in July 2022, by two years. According to the update, the company originally entered into a secured convertible promissory note on July 23, 2020, with DBI Lease Buyback Servicing LLC, an affiliate of Drawbridge Investments LLC. An existing Mullen shareholder, Esousa Holdings LLC, has acquired the note from Drawbridge and entered into an agreement with Mullen to extend the note’s maturity date. Originally scheduled to mature on July 28, 2022, the note is now extended to July 2024. “This note extension with Esousa is important for us, as it preserves our cash flow at a time when the economy appears to be hitting some headwinds, and it provides the company with a strengthened cash position, allowing us to execute on our EV plans,” said David Michery, CEO and chairman of Mullen Automotive.
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About Mullen Automotive Inc.
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. For more information about the company, visit www.MullenUSA.com.
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