Mullen Automotive Inc., an emerging electric vehicle manufacturer, which previously announced a definitive stock-for-stock reverse merger agreement with Net Element (NASDAQ: NETE) in which Mullen’s stockholders will receive a majority of the outstanding stock in the post-merger company, today announced that its Tunica, Mississippi, Advanced Manufacturing and Engineering Center (“AMEC”) is now ready to begin assembly of Class 1 and Class 2 EV Cargo vans. According to the update, the plant renovations included a full revamp of an automated skillet line with an overhead hanger section, allowing Mullen assembly technicians to work flawlessly as the vans are assembled moving down the line. In addition, there is ample room to produce and scale up to meet demand, as well as areas created for offline sub-assemblies, quality checks and road testing. “It has been gratifying to see the hard work, agility and determination demonstrated on this project by the Mullen team in a very short amount of time,” said David Michery, CEO and chairman of Mullen Automotive. “The infrastructure, talent and close proximity to the freight capital of the world allows Mullen Automotive to be in the ideal position to be a top player in the EV automotive sector.”
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About Net Element Inc.
Net Element operates a payments-as-a-service transactional and value-added services platform for small to medium enterprises (“SMEs”) in the U.S. and select emerging markets. Net Element previously announced the execution of a definitive agreement to merge with privately held Mullen Automotive Inc., a Southern California-based electric vehicle company in a stock-for-stock reverse merger in which Mullen’s stockholders will receive a majority of the outstanding stock in the post-merger company (the “contemplated merger”). The contemplated merger is subject to customary closing conditions and regulatory approvals. For additional information, visitwww.NetElement.com.
NOTE TO INVESTORS: The latest news and updates relating to NETE are available in the company’s newsroom at http://ibn.fm/NETE
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