InvestorWire NewsRoom

InvestorNewsBreak

InvestorNewsBreaks — Mullen Automotive Inc. (NASDAQ: MULN) Releases Q2 Fiscal Report, Business Update; Delivers Demo Vehicle to Dealer Partner

InvestorNewsBreaks — Mullen Automotive Inc. (NASDAQ: MULN) Releases Q2 Fiscal Report, Business Update; Delivers Demo Vehicle to Dealer Partner

Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has released a financial update for its fiscal second quarter for the three and six months ended March 31, 2023. According to the report, the company used $67.6 million cash in operating activities, with cash flows used in investing activities coming in at $97.4 million; those numbers are offset by cash inflows from financing activities of $167.4 million for the six months ended March 31, 2023. The report noted that net loss before accrued preferred dividends and noncontrolling interest came in at $495.4 million for the six-month period, with noncash charges totaling $426.4 million and operating asset and liability charges reaching $1.4 million for the same period. The report showed an estimated $86.3 million in cash available for operations and investment on March 31, 2023, with that number increasing to approximately $116.1 million as of April 30, 2023. The report also noted that an additional committed capital of $45 million should before received by the end of June. “We are pleased with the accomplishments and progress made during our fiscal second quarter of 2023,” said Mullen Automotive CEO David Michery in the press release. “Mullen remains committed to delivering innovative and sustainable transportation solutions to our customers, and these achievements reflect our dedication to advancing the EV industry and driving meaningful growth for our company. . . . With a solid financial position, a robust product lineup and strong strategic partnerships, Mullen is well positioned to continue its trajectory and deliver cutting-edge EVs to the market.”

In addition, Mullen is also reporting that the first of its class 3 trucks has been delivered to North-Carolina-based Randy Marion Automotive, MULN’s dealer partner; the truck will be used for customer test drives and demonstrations. Priced at $68,500, the Mullen THREE features an estimated 130-mile range and 5,800-pound payload; the vehicle can also carry a 14-foot box and has more than 1,000 cubic feet of cargo capacity. “It is exciting to enter the next phase of our commercial launch with the Mullen THREE — the customers, piloting, testing and evaluation stage,” said Mullen chief commercial officer John Schwegman in the press release. “Demand has been strong since we introduced this product and the aggressive price point. We are excited to get customers behind the wheel of our Class 3 product.”

To view the full press releases, visit https://ibn.fm/0c5TW and https://ibn.fm/9j507

About Mullen Automotive Inc.

Mullen Automotive is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in two company-owned, United States-based assembly plants. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover; Mullen commercial class 1 and 3 EVs; and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and class 4–6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of all of Electric Last Mile Solutions’ (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana. To learn more about the company, visit www.MullenUSA.com.

NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://ibn.fm/MULN

About InvestorWire

InvestorWire is the wire service that gives you more. From regional releases to global announcements presented in multiple languages, we offer the wire-grade dissemination products you’ll need to ensure that your next press release grabs the attention of your target audience and doesn’t let go. While our competitors look to nickel and dime you with hidden fees and restrictive word limits, InvestorWire keeps things transparent.

As part of its service, InvestorWire provides coverage of noteworthy announcements. To further expand visibility of achievements being made throughout a multitude of sectors, InvestorWire’s syndication partners have extended the digital coverage to include individual broadcasts on financial websites and platforms visited by millions of investors daily.

For more information, please visit https://www.InvestorWire.com

Please see full terms of use and disclaimers on the InvestorBrandNetwork website applicable to all content provided by IBN, wherever published or re-published: http://ibn.fm/Disclaimer

InvestorWire (IW)
8033 Sunset Blvd Suite 1037-IW
Los Angeles, CA 90046
310.299.1717 Office
www.InvestorWire.com
[email protected]

InvestorWire is part of the InvestorBrandNetwork

Recent NewsBreaks

NewsBreaks Categories

Get Started with InvestorWire

To distribute a release in the next 24 hours. Contact our client services team.

(310) 299-1717

Distribute a press release. Submit your release to get started.

Submit Press Release

Set up a Live demonstration. Schedule a date and time that works for you.

Schedule a LIVE Demo

Press Distribution

Explore Press Distribution Solutions

All releases include an unlimited word count* with full wire-grade syndication, our press release enhancement service, and a follow-up InvestorNewsBreak article distributed to thousands of editorial syndication partners.

Discover Add-on Solutions

Increase the impact of your achievements by adding these exclusive solutions from InvestorWire, delivered in conjunction with the InvestorBrandNetwork (IBN).