Core Viewpoint - Rosen Law Firm has announced a class action lawsuit on behalf of purchasers of Mullen Automotive, Inc. securities during the specified Class Period, indicating potential legal issues surrounding the company's disclosures and business practices [1][5]. Group 1: Class Action Details - The class action lawsuit is filed for securities purchased between February 3, 2023, and March 13, 2024, and interested parties must act by April 14, 2025, to serve as lead plaintiff [1][3]. - 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]. Group 2: Allegations Against Mullen Automotive - The lawsuit alleges that Mullen 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 failure to disclose material information about financing agreements and the CEO's knowledge of prior convictions related to financial crimes [5]. Group 3: Rosen Law Firm's Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved significant settlements, including over $438 million for investors in 2019 [4]. - The firm has been recognized for its success in securities class action settlements, ranking No. 1 in 2017 and consistently in the top 4 since 2013 [4].

LOS ANGELES, Feb. 21, 2025 /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Mullen Automotive, Inc. ("Mullen" or "the Company") (NASDAQ: MULN) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.Investors who purchased the Company's securities between February 3, 2023, and March 13, 2024, inclusive (the "Class Perio ...

Core Insights - Mullen Automotive has formed a strategic partnership with EO Charging to provide electrification solutions for Bollinger Motors' commercial fleet customers [1][2] - The partnership aims to enhance the transition to electric vehicles (EVs) by offering comprehensive charging infrastructure and support [3][4] Company Overview - Mullen Automotive, Inc. is an electric vehicle manufacturer based in Southern California, with production facilities in Tunica, Mississippi, and Mishawaka, Indiana [6] - Bollinger Motors, founded in 2015, specializes in all-electric commercial vehicles and became a majority-owned subsidiary of Mullen Automotive in September 2022 [5][7] Partnership Details - EO Charging will provide a full charge assurance solution, including charger installation, a complete tech stack, and 24/7 support, ensuring over 99% uptime [2][3] - The partnership will facilitate the deployment of the Bollinger B4 Chassis Cab, an all-electric Class 4 truck designed for commercial use [4][10] Product Information - The Bollinger B4 features a 158-kWh battery pack and is designed with input from fleet operators to ensure safety and capability [4][11] - Production of the Bollinger B4 began on September 16, 2024, with deliveries to customers starting in October 2024 [10][11] Market Position - EO Charging has successfully completed over 50 million charging sessions and has deployed over 100,000 charging units globally [2] - The partnership is expected to support the electrification of commercial fleets, enhancing sustainability and operational efficiency for businesses [4]

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].

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 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].