Core Viewpoint - Rosen Law Firm has announced the filing of a class action lawsuit on behalf of purchasers of Mullen Automotive, Inc. securities between February 3, 2023, and March 13, 2024, due to alleged misleading statements and failures to disclose material information by the company and its executives [1][5]. Group 1: Lawsuit Details - The class action lawsuit claims that Mullen Automotive made false and misleading statements regarding its intent to implement a reverse stock split, overstated deals with business partners, and misrepresented its battery technology capabilities [5]. - Specific allegations include the failure to disclose the CEO's belief in the necessity of a reverse stock split, misleading information about financing agreements, and the prior convictions of a key individual associated with the company [5]. Group 2: Participation Information - Investors who purchased Mullen securities during the class period may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - To join the class action, interested parties can visit the provided link or contact the law firm directly for more information [3][6].

Revenue and Sales Performance - Revenue from vehicle sales for the three months ended December 31, 2024, was $2,920,485, an increase of $3.0 million compared to the same period in 2023, primarily due to the sale of 20 Bollinger B4 vehicles[289]. Financial Losses and Expenses - The net loss attributable to common stockholders for the three months ended December 31, 2024, was approximately $114.9 million, or $661.33 net loss per share, compared to a net loss of approximately $61.4 million, or $91,940.42 loss per share, for the same period in 2023[299]. - Research and development expenses decreased by $4.9 million, or 30%, from $16.2 million in the three months ended December 31, 2023, to $11.3 million in the same period in 2024[293]. - General and administrative expenses decreased by approximately $6.7 million, or 16%, from approximately $43.2 million in the three months ended December 31, 2023, to approximately $36.5 million in the same period in 2024[295]. - The company recognized other financing costs of $16.1 million during the three months ended December 31, 2024, due to additional notes with detached warrants issued during the period[296]. - Loss on revaluation of warrant obligations was $34.6 million during the three months ended December 31, 2024, compared to $6.7 million in the same period in 2023, reflecting a significantly higher volume of warrant liabilities[297]. - Interest expense increased by $18.4 million compared to the three months ended December 31, 2023, due to a significantly higher volume of debt outstanding[298]. - The company incurred a net loss of $118.8 million for the three months ended December 31, 2024, with an accumulated deficit of $2.4 billion[306]. Cash Flow and Liquidity - As of December 31, 2024, the company had approximately $2.7 million in cash and a net working capital deficit of approximately $186.2 million[306]. - During the same period, cash used in operating activities was $25.6 million, a 57% decrease from $59.9 million in the prior year[320]. - Cash used in investing activities was $2.2 million, representing a 68% decrease from $6.9 million in the same quarter of the previous year[321]. - The company received $19.8 million from financing activities for the three months ended December 31, 2024, compared to $0.0 million in the same period of 2023[322]. - The company has substantial doubt about its ability to continue as a going concern and has temporarily shut down key production facilities due to liquidity constraints[307]. - Management is pursuing strategies to address liquidity concerns, including equity or debt financing and operational restructuring[307]. - As of December 31, 2024, total debt outstanding was approximately $22.6 million, with significant portions converted into common stock[315]. Inventory and Asset Valuation - The company recorded a write-down to net realizable value of $0.8 million as of December 31, 2024, related to inventory adjustments[334]. - Future minimum lease payments total approximately $27.2 million, with scheduled payments due over the next several years[323]. - The net realizable value assessment for Mullen One, Mullen Three, and Bollinger B4 vehicles is based on current expected selling prices and market demand, indicating potential future write-downs if sales prices decline[335]. Market and Industry Trends - The EV industry is experiencing competitive pricing trends influenced by consumer demand, regulatory incentives, and competitor strategies, which may affect future revenue[337]. - Production costs are impacted by supply chain fluctuations and raw material prices, such as lithium and nickel, potentially exceeding expected selling prices[337]. - Technological advancements in battery and vehicle technology may necessitate discounting or write-downs of older inventory to maintain competitiveness[337]. - Changes in government incentives, infrastructure development, and interest rates could influence consumer adoption rates and inventory valuation[337]. Corporate Actions - The company acquired controlling interest in Bollinger Motors on September 7, 2022, expanding into medium-duty truck classes and electric vehicle segments[301]. - A reverse stock split at a ratio of 1-for-60 shares was implemented effective February 18, 2025, to comply with Nasdaq listing requirements[302].

Financial Performance - Mullen reduced cash spend by $85.4M in FY2024 compared to FY2023[2] - Mullen's net loss for FY2024 was $471.0M, compared to $964.9M in FY2023[16] - Total cash and cash equivalents decreased to $10.7 million as of Sept. 30, 2024, from $155.7 million as of Sept. 30, 2023, indicating a significant liquidity challenge[26] - Net loss for the year ended Sept. 30, 2024, was $505.8 million, compared to $1.0 billion in the previous year, showing a reduction in losses[36] - Cost of revenues for 2024 was $16.9 million, including $1.3 million for vehicle sales and $15.6 million in non-cash inventory adjustments[25] - Shareholders' equity/(deficit) was ($16.6) million as of Sept. 30, 2024, compared to $272.8 million as of Sept. 30, 2023, reflecting significant impairment charges and net losses[30] - Impairment charges for goodwill and intangible assets totaled $103.5 million in 2024, compared to $69.9 million in 2023[36] - The company's working capital was negative $120.0 million as of Sept. 30, 2024, compared to positive $58.5 million as of Sept. 30, 2023[26] - Net loss for the year ended September 30, 2024, decreased to $(505.8 million) from $(1.006 billion) in 2023, representing a 49.7% improvement[38] - Net cash used in operating activities for 2024 was $(185.6 million), slightly higher than $(179.2 million) in 2023[38] - Stock-based compensation decreased to $40.4 million in 2024 from $85.4 million in 2023[38] - Impairment of intangible assets increased significantly to $73.4 million in 2024 from $5.9 million in 2023[38] - Net cash provided by financing activities decreased to $56.8 million in 2024 from $358.4 million in 2023[38] - Cash and restricted cash at the end of the period decreased to $10.7 million in 2024 from $155.7 million in 2023[38] Revenue and Sales Growth - Bollinger Motors delivered 31 B4 trucks, generating $4.2M in revenue by FY2025[10] - Mullen invoiced 443 vehicles valued at $21M in FY2024, up from 35 vehicles valued at $1M in FY2023[13][18] - Revenue from vehicle sales increased to $1.1 million in 2024, up from $366,000 in 2023, reflecting growth in this segment[36] Production and Manufacturing - Mullen added three battery production lines in Fullerton, California, including a solid-state polymer R&D line[10] - Mullen Automotive expanded its commercial dealer network to seven dealers, covering key markets in the West Coast, Midwest, Pacific Northwest, New England, and Mid-Atlantic regions[40] - The company began commercial vehicle production in Tunica, Mississippi, in August 2023, with both Mullen ONE and Mullen THREE vehicles now CARB and EPA certified and available for sale in the U.S.[40] - Mullen Automotive has two U.S.-based vehicle plants: Tunica, Mississippi (120,000 sq ft) and Mishawaka, Indiana (650,000 sq ft)[40] - The company applied for $55 million in matching DOE funds to support its U.S. manufacturing capabilities[42] Incentives and Rebates - Bollinger B4 Class 4 electric trucks qualify for up to $60,000 HVIP rebate and $40,000 federal tax credit[14] - Mullen's Class 3 EV truck received a $45,000 HVIP cash voucher per vehicle sold in California[13] - Mullen's Class 1 EV cargo van received a $3,500 MOR-EV rebate in Massachusetts, reducing net cost to $23,500[13] Inventory and Working Capital - Inventory increased to $37.5 million as of Sept. 30, 2024, from $16.8 million as of Sept. 30, 2023, indicating higher stock levels[33] - Total cash spent (operating and investing cash flows) for the year ended Sept. 30, 2024, was $201.7 million, down from $287.1 million in 2023[28] Funding and Financing - Mullen seeks $55M in DOE matching funds for U.S.-based battery and pack production[11] - The company issued new senior secured convertible notes totaling $61.7 million during the year ended Sept. 30, 2024[27]

Core Insights - Mullen Automotive Inc. reported its strongest quarter to date, invoicing $4.4 million and receiving $6 million for vehicles delivered, surpassing revenue from the previous two fiscal years [1][2] - The company has implemented cost-cutting measures, reducing annual cash spend by approximately $13 million through headcount and personnel cost reductions [1][2] Financial Performance - For the three months ended December 31, 2024, Mullen recorded a net loss of $114.9 million, or $661.33 per share, compared to a net loss of $61.4 million, or $91,940.42 per share, for the same period in 2023 [5][22] - Non-cash expenses accounted for $91 million, or 79% of the total loss for the quarter, compared to $23.3 million, or 38% of the loss in the same quarter of the previous year [6][22] - Revenue from vehicle sales was $2.9 million, with 58 vehicles invoiced during the quarter [8][22] Sales and Orders - Recent sales include the Mullen ONE EV cargo van purchased by Mr. Appliance and Mullen THREE Class 3 EV trucks sold to Westland Floral and Associated Coffee [4] - Two California universities placed orders for Class 1 EV cargo vans, indicating growing adoption of Mullen's commercial EVs [4] Operational Developments - Mullen has made progress in U.S. battery production, with three battery lines installed in Fullerton, California, and is seeking $55 million in matching funds from the U.S. Department of Energy [11] - Bollinger Motors, a subsidiary, delivered 20 B4 trucks, generating additional revenues of $2.8 million and expanding its sales and service network to over 50 locations [4][9] Liquidity and Financing - As of December 31, 2024, Mullen had total cash of $2.7 million, down from $10.7 million on September 30, 2024, with negative working capital of $186.2 million [13][22] - The company raised $8.8 million through senior secured convertible notes and warrants during the quarter, and Bollinger Motors received a $10 million long-term loan [14][15]

Company achieves strongest quarter results to date with $4.4M invoiced and $6M received on vehicles delivered Company has produced more revenue in this quarter than previous two fiscal years On Feb. 1, 2025, Mullen implemented further cost cutting measures with headcount and personnel cost reductions of approximately $13M in annual cash spend BREA, Calif., Feb. 19, 2025 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, ...

BREA, Calif., Feb. 13, 2025 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announced today that it will effect a 1-for-60 reverse stock split (“Reverse Stock Split”) of its common stock, par value $0.001 per share (“Common Stock”), that will become effective on Feb. 18, 2025, at 12:01 a.m. Eastern Time. The Common Stock will continue to trade on The Nasdaq Capital Market (“Nasdaq”) under the existing symbol MULN and ...

Core Viewpoint - A class action lawsuit has been filed against Mullen Automotive Inc. for allegedly making materially false and misleading statements, violating federal securities laws, which has led to a significant drop in its share prices [1]. Group 1: Lawsuit Details - The lawsuit was filed in the U.S. District Court for the Central District of California on February 12, 2025, against Mullen and certain officers [1]. - The Complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 during the Class Period from February 3, 2023, to March 13, 2025 [1]. - The lawsuit seeks to recover damages for all Mullen investors who purchased securities during the Class Period [2]. Group 2: Impact on Share Prices - Following the disclosures revealing the truth about Mullen's operations, the company's share prices experienced a significant decline [1]. Group 3: Legal Representation - Federman & Sherwood, a law firm with extensive experience in securities class actions, is representing the plaintiffs [3]. - The Managing Partner, William B. Federman, has a history of serving as counsel for shareholders and has handled over sixty class action suits [3].

Core Viewpoint - Mullen Automotive is enhancing its U.S. battery production capabilities by acquiring new equipment from Nikola Corporation, aiming to produce American-made battery components and reduce reliance on foreign imports [2][3][5]. Group 1: Battery Production Capabilities - The Fullerton facility will feature high-volume standard battery chemistry production lines and advanced testing capabilities, with production expected to start in the second half of 2025 [1][3]. - Recently purchased assets from Nikola include a high-volume standard battery chemistry production line and an electro-dynamic shaker system for in-house testing [3][8]. Group 2: Strategic Goals - Mullen is focused on increasing U.S. manufacturing capabilities in response to the growing demand for American-made battery components and systems [3][4]. - The company plans to produce its own commercial vehicle battery packs and explore other industry applications and commercial sales opportunities [3]. Group 3: Financial and Operational Developments - In September 2023, Mullen acquired battery production assets from Romeo Power for approximately $3.5 million, which included equipment, inventory, and intellectual property [5]. - Mullen is seeking $55 million in matching funds from the U.S. Department of Energy to support its U.S.-based battery and pack production initiatives [5]. Group 4: Company Overview - Mullen Automotive is based in Southern California and operates two vehicle plants in the U.S., with commercial vehicle production having begun in Tunica, Mississippi [6]. - The Mullen ONE and Mullen THREE models are certified by the California Air Resource Board and EPA, and are available for sale in the U.S. [6].

Core Viewpoint - Mullen Automotive is enhancing its U.S. battery production capabilities by acquiring new equipment from Nikola Corporation, aiming to produce next-generation, American-made battery packs and modules to support its commitment to zero emissions and reduce reliance on foreign battery components [2][3][5]. Group 1: Battery Production Capabilities - The Fullerton facility will feature multiple battery production lines and testing capabilities, including two high-volume standard battery chemistry lines and a full battery testing laboratory [3][8]. - Mullen plans to start production in the second half of 2025, focusing on manufacturing its own commercial vehicle battery packs and exploring other industry applications [1][3]. Group 2: Recent Acquisitions and Investments - Mullen's recent purchase from Nikola includes a high-volume standard battery chemistry production line and an electro-dynamic shaker system for in-house testing [3][5]. - The company previously acquired battery production assets from Romeo Power for approximately $3.5 million, which included equipment, inventory, and intellectual property for high-volume EV battery production [5]. Group 3: Strategic Goals and Funding - Mullen is seeking $55 million in matching funds from the U.S. Department of Energy to support its U.S.-based battery and pack production initiatives [5]. - The company emphasizes its commitment to transitioning to American-made battery components, with operations based in Southern California [4]. Group 4: Company Overview - Mullen Automotive is based in Southern California and operates two vehicle plants in the U.S., with a focus on building the next generation of commercial electric vehicles [6]. - The company has begun commercial vehicle production and has expanded its dealer network to seven dealers across key U.S. markets [6].

This is the second Commercial EV order from two leading California public universities Vehicle orders include the Mullen ONE, Class 1 EV cargo van. Two leading California universities in Los Angeles and the San Francisco Bay Area have placed additional orders for Mullen’s commercial electric vehicles Additional orders include five Mullen ONE, Class 1 EV cargo vans BREA, Calif., Jan. 28, 2025 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric ve ...