Net Element (NASDAQ: NETE) is in the process of transforming its business model to become a pure-play electric vehicle (“EV”) manufacturer through a pending merger with privately-held Mullen Technologies Inc. Mullen today announced that it has executed a purchase and sales agreement (“PSA”) and opened escrow to purchase an EV manufacturing facility in Tunica, Mississippi. The turn-key facility affords Mullen the opportunity to innovate its manufacturing processes with the availability to assemble vehicles now and optimize product design with simultaneous engineering efforts. Under Mullen ownership, the facility will operate as Mullen’s Advanced Manufacturing Engineering Center (“AMEC”) and Proving Grounds. “Our goal is to sustain 100% of our manufacturing processes in the U.S. and by U.S. workers,” said David Michery, CEO and chairman of Mullen Technologies. “With the establishment of AMEC in Tunica, we are among the very few EV companies that have a manufacturing presence in the U.S.”
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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 enterprise (“SME”) in the U.S. and selected emerging markets. On Aug. 5, 2020, Net Element announced the execution of a definitive agreement to merge with privately-held Mullen Technologies 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”). That contemplated merger is subject to customary closing conditions, regulatory approvals and shareholder approval for both companies. 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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