Net Element (NASDAQ: NETE), a financial technology company in the process of becoming a pure-play electric vehicle (“EV”) manufacturer through a pending definitive agreement with privately held Mullen Technologies Inc., has released its financial report for the calendar year ended Dec. 31, 2020. In the report, the company noted a net loss of an estimated $5.9 million for fiscal year 2020 as compared to a net loss of some $6.5 million for fiscal year 2019. Gross margin for FY 2020 was approximately $9.8 million, or 15.0% of net revenue, as compared to approximately $10.3 million, or 15.8% of net revenue, for 2019. NETE reported total operating expenses of an estimated $14.3 million for the year, compared to total operating expenses of approximately $15.8 million for the same period in 2019. In addition to its financial results, the company provided an update on the previously announced stock-for-stock reverse merger with privately held Mullen Technologies Inc., a Southern California-based electric vehicle (“EV”) company. The company announced that Mullen has completed the required financial audits and both companies are finalizing the Form S-4, which is expected to be filed with the Securities and Exchange Commission. “We would like to reassure our shareholders that we continue working diligently on the pending merger with Mullen as we move to finalize Form S-4 and the proxy statement for our shareholders,” said Net Element’s executive chairman Oleg Firer in the press release. “The company has been focused on minimizing operational expenses in the payments business pending its divestiture, subject to requisite stockholders’ approval, as part of the merger with Mullen.”
To view the full press release, visit https://ibn.fm/wdwCo
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 United States 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”). The contemplated merger is subject to customary closing conditions, regulatory approvals and shareholder approval for both companies. For additional information, visit www.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
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. We offer UNLIMITED Words on all domestic releases. While other wire services may provide a basic review of your release, InvestorWire helps you put your best foot forward with complimentary Press Release Enhancement.
With our competitors, the work is done the second your release crosses the wire. Not with InvestorWire. We include follow-up coverage of every release by leveraging the ever-expanding audiences of the 50+ brands that make up the InvestorBrandNetwork.
Get more out of your next press release with InvestorWire. It’s unlike anything you’ve seen before.
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.