Mullen Automotive Announces Elimination of Approximately $13 Million in Debt, with Less than $10 Million of Debt Remaining

Mullen continues to strengthen its financial balance sheet with the recent elimination of approximately $13 million dollars in company debt, which was associated with a debt obligation to Esousa Holdings, LLC. This elimination of and reduction in debt is significant, considering the overall debt balance at the end of 2021 was over $30 million. “It’s been a great year for Mullen Automotive; we’ve made tremendous strides on all fronts, including significantly improving our financial health,” said David Michery, CEO and chairman of Mullen Automotive. Forward-Looking StatementsCertain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements.