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InvestorNewsBreaks – Net Element Inc. (NASDAQ: NETE), Mullen Automotive Inc. Release Update Letter to Shareholders
September 27, 2021

InvestorNewsBreaks – Net Element Inc. (NASDAQ: NETE), Mullen Automotive Inc. Release Update Letter to Shareholders

Mullen Automotive, 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 released a letter to shareholders from Mullen’s CEO David Michery. “As we begin the fourth quarter of 2021, I would like to take this opportunity to update everyone on the progress being made to complete the merger with Net Element. I am pleased to say that the SEC has declared effective the S-4 registration statement of the shares of the merger. The shareholders and boards of both companies have approved the deal and the company believes it can comply with the listing standards of the NASDAQ. The company currently is awaiting a final response from NASDAQ,” Michery writes in the update. “I would also like to update you on the upcoming debut of Mullen FIVE EV crossover. Mullen will be debuting the FIVE this coming November 2021 at the Los Angeles International Auto Show. Please visit Mullen and the FIVE EV Crossover Nov. 17 – 28 in the South Hall (Booth S-101) of the Los Angeles Convention Center.”

To view the full news release, visit https://ibn.fm/0DtpM

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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