Mullen Automotive Provides Fiscal Third Quarter Results and Current Business Update

(NASDAQ: MULN ) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, today announced financial results for its fiscal third quarter for the three and nine months ended June 30, 2023. The Company ended fiscal third quarter on June 30, 2023, with stockholders’ equity of $351.8 million, compared to $157.0 million on Sept 30, 2022, which represents an increase of 124%. During the quarter ended June 30, 2023, the Company recorded its first revenues on the sale of Campus EV Cargo Vans. In July 2023, Mullen announced that Bollinger Motors, in which the Company holds a majority ownership, has received final approval for a $3 million grant from the state of Michigan. In addition, investment in working capital (changes in operating assets and liabilities) was $6.6 million for the three months ended June 30, 2023.