Mullen Automotive Provides Company Update

(NASDAQ: MULN ) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, today issues a Company update including recent highlights and accomplishments for the Company, across manufacturing facilities, energy programs, Bollinger Motors, commercial and consumer EV programs. The Company reports as of April 30, 2023, cash available for operations was $116.1 million. Mullen's EV development portfolio includes the Mullen FIVE EV Crossover, Mullen Commercial Class 1 and 3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of all of Electric Last Mile Solutions' (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change.