Mullen Receives Conditional Approval to List on Nasdaq Capital Markets
October 27 2021 - 8:30AM
via InvestorWire -- Mullen Automotive, Inc. (“Mullen” or the
“Company”), an emerging electric vehicle (“EV”) manufacturer, which
previously announced a definitive stock-for-stock reverse merger
agreement with Net Element, Inc. (NASDAQ: NETE) in which Mullen’s
stockholders will receive a majority of the outstanding stock in
the post-merger company, today announced that Mullen Automotive has
received conditional approval to list the common stock of the
Company on the Nasdaq Stock Market LLC (“Nasdaq”) after
satisfaction of the conditions established by Nasdaq.
Nasdaq Conditions:
- Hold special shareholders’ meeting within six months of closing
the merger transaction to procure approval of amending the
certificate of incorporation of the post-merger listed company to
reflect a three-year sunset provision pertaining to the voting
rights associated with the Series A Preferred Shares of the
post-merger listed company (the “Amendment”).
- All Series A Preferred Shares of Mullen held by David
Michery will convert to common stock of Mullen upon the
effectiveness of the merger and exchanged into the common stock of
Net Element, Inc. pursuant to the terms of the merger.
- Prior to the effectiveness of the merger, Mullen will cause its
shareholders, including the remaining Series A Preferred
stockholders (which will, after the closing of the merger,
constitute a majority of the ownership of the post-merger listed
company) to irrevocably vote to approve the Amendment.
- There will be no further agreements or issuances of the Series
A Preferred Shares of either Mullen or the post-merger listed
company.
- Nasdaq’s approval of the post-merger listed company listing
application will be conditioned on the Amendment becoming effective
within six months of closing the merger.
Trading to commence on Nov. 5, 2021, at which time the Company’s
name will be changed to Mullen Automotive, Inc. and its ticker
symbol will be changed to “MULN.”
Mullen additionally issues a reminder that on Nov. 17, 2021, at
the LA Auto Show, it will debut to the world, for the first time,
the FIVE EV crossover. The FIVE will debut in the South Hall on Day
One of international media and press days. The FIVE will continue
on display in the South Hall during the consumer days of the show,
Nov. 19-28, 2021. Mullen will display multiple variants of the FIVE
model while also showcasing powertrain, battery and charging
technologies.
The FIVE is built on an EV crossover skateboard platform that
offers multiple powertrain configurations and trim levels in a
svelte design that is Strikingly DifferentTM and exciting to
experience in person. Learn more about the Mullen FIVE at
MullenUSA.com.
About Mullen Automotive:
Mullen is a Southern California-based automotive company that
owns and partners with several synergistic businesses working
toward the unified goal of creating clean and scalable energy
solutions. Mullen has evolved over the past decade in sync with
consumers and technology trends. Today, the Company is working
diligently to provide exciting EV options built entirely in the
United States and made to fit perfectly into the American
consumer’s life. Mullen strives to make EVs more accessible than
ever by building an end-to-end ecosystem that takes care of all
aspects of EV ownership.
Forward-Looking Statements This press release
contains "forward-looking statements." Words such as "may,"
"should," "could," "would," "predicts," "potential," "continue,"
"expects," "anticipates," "future," "intends," "plans," "believes,"
"estimates" and similar expressions, as well as statements in
future tense, often signify forward-looking statements. These
forward-looking statements include, without limitation, statements
relating to the reverse merger, the Nasdaq approval process and the
proposed debut date of the Mullen FIVE (formerly MX-05) midsize
crossover. These forward-looking statements are, by their nature,
subject to significant risks and uncertainties.
Forward-looking statements should not be read as a guarantee of
future performance or results and may not be accurate indications
of when such performance or results will be achieved.
Forward-looking statements are based on information the Company has
when those statements are made or management's good faith belief as
of that time with respect to future events and are subject to risks
and uncertainties that could cause actual performance or results to
differ materially from those expressed in or suggested by the
forward-looking statements, including factors beyond the Company's
control. As a result of these and other risks, uncertainties and
assumptions, forward-looking events and circumstances discussed
herein might not occur in the way the Company expects or at all.
Accordingly, readers should not place reliance on any
forward-looking information or statements. The Company assumes no
obligation to publicly update or revise its forward-looking
statements as a result of new information, future events or
otherwise. All forward-looking statements herein are qualified by
reference to the cautionary statements set fforth in this
section.
Contact:
Mullen Automotive, Inc. +1 (714) 613-1900 www.MullenUSA.com
For more information, please visit
https://www.mullenusa.com/.
Wire Service Contact InvestorWire (IW) Los
Angeles, California www.InvestorWire.com 212.418.1217 Office
Editor@InvestorWire.com
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