Mullen Automotive Updates Investors on Post Merger Share Count
November 04 2021 - 8:00AM
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, announces today that the number of fully
diluted shares upon completion of the merger will be 32% less than
the 75 million shares originally contemplated in the merger
agreement with Nete Element, Inc.
The estimated 75 million shares is found in specific language
related to Section 2.01 of Amendment 1 to the S-4/A Agreement,
dated July 22, 2021.
At the Merger Effective Time, by virtue of the Merger and
without any action on the part of Parent, the Company or the
holders of any of the following securities:
It is intended that the number of shares of Parent Common Stock
outstanding immediately after the Merger Effective Time on a fully
diluted and fully converted basis (the “Post Merger
Capitalization”) shall not exceed 75,000,000.
In total, Mullen announces 51,173,640 million shares will be
outstanding post-merger, which is 32% less than the original
estimation from the July 22, 2021, amendment to the S4/A of 75
million shares outstanding post-merger.
“We are excited about the many milestones ahead of us and look
forward to sharing those with all our shareholders as they occur,”
states David Michery, CEO and Chairman of Mullen Automotive.
“Everyone on both ends of the transaction are excited to begin
trading tomorrow on the NASDAQ.”
Mullen will debut to the world, for the first time, the FIVE EV
Crossover on Nov. 17, 2021, at the Los Angeles International Auto
Show (LAIAS). The FIVE will debut in the South Hall (Booth S-101)
on Day One of the 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 technology.
The FIVE is built on a 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 on
MullenUSA.com.
About Mullen
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
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 that 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 forth 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
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