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].

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 ...

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]

Financial Performance and Liquidity - The company has incurred net losses of $505.8 million and $1,006.7 million for the years ended September 30, 2024 and 2023, respectively[126] - As of September 30, 2024, the company had an accumulated deficit of $2.3 billion[126] - The company used approximately $185.6 million of cash for operating activities during the twelve months ended September 30, 2024[131] - The company's principal source of liquidity consists of existing cash and restricted cash of approximately $10.7 million as of September 30, 2024[132] - The company's net working capital was negative and reached $120.0 million as of September 30, 2024[132] - The company had an aggregate amount of approximately $20.3 million of Senior Convertible Notes as of September 30, 2024[135] - The interest rate on the Convertible Notes increased from 15% to 20% due to cross-default[135] - Non-cash impairment charges in fiscal 2024 amounted to $119.2 million, compared to $84.6 million in fiscal 2023[144] - The company does not plan to pay cash dividends on its common stock in the foreseeable future[147] - The company's financial results may fluctuate significantly due to operating costs and product development timelines[146] - The company has a limited operating history, with vehicle deliveries starting only in December 2023, and faces substantial doubt about its ability to continue as a going concern[190] Internal Controls and Financial Reporting - The company has identified material weaknesses in its internal control over financial reporting as of September 30, 2024[139] - The company's management concluded that internal control over financial reporting was not effective due to material weaknesses[139] - The company is working to remediate material weaknesses by hiring additional qualified accounting and financial reporting personnel[139] - Non-compliance with Section 404 of the Sarbanes-Oxley Act could harm the company's ability to produce timely and accurate financial statements[289] - Significant additional professional fees, internal costs, and management efforts are anticipated for building accounting and financial functions and infrastructure[288] - Implementation of a new internal system to streamline financial, accounting, HR, and other functions may result in substantial costs and potential disruptions[288] Stock and Market Risks - The company implemented multiple reverse stock splits, including a 1-for-25 in May 2023, a 1-for-9 in August 2023, and two 1-for-100 splits in December 2023 and September 2024[149][150] - The company regained compliance with Nasdaq's Bid Price Rule after the September 2024 reverse stock split[150] - Nasdaq may delist the company's stock if it fails to meet the Bid Price Rule again, as it has already executed reverse splits with a cumulative ratio of 250 shares or more to one[152] - Delisting to OTC Markets could reduce liquidity and make it harder for investors to sell shares[153][154] - Reverse stock splits may decrease liquidity and increase the number of odd-lot shareholders, potentially raising selling costs[155] - The company's stock could be classified as "penny stock" if delisted from Nasdaq, imposing additional trading restrictions[159] - The company's stock price may decline due to substantial sales or issuances of shares, particularly by significant stockholders or if a large number of shares are available for sale[175] - The company's stock price has been volatile and may drop below the price paid by investors due to market fluctuations and external factors[182] - The company's common stock ranks below all debt claims and preferred stock in the event of liquidation, dissolution, or winding up, meaning common stockholders would not receive payment until all senior obligations are satisfied[184] Debt and Financing - The company issued $52.6 million of 5% Original Issue Discount Senior Secured Notes convertible into shares of common stock and five-year warrants exercisable for shares of common stock on May 14, 2024[165] - Investors have the right to purchase an additional $52.6 million of Notes and related Warrants by July 9, 2025, under the same terms as the Securities Purchase Agreement[165] - The company entered into an Additional Investment Rights Agreement on December 12, 2024, allowing investors to purchase additional Notes worth approximately $4.6 million and related Warrants until December 12, 2025[165] - The company issued 247,934 shares of common stock as commitment shares in August and September 2024, and 502,066 shares with proceeds of approximately $1.1 million on October 24, 2023, under the ELOC Purchase Agreement[172] - The company has the right to sell shares of common stock with a total maximum aggregate purchase price of $150 million under the ELOC Purchase Agreement until the 36-month anniversary of the commencement date or termination of the agreement[172] - As of January 21, 2025, the company had outstanding 61,595,743 shares of common stock[176] - The company's outstanding preferred stock, Notes, and Warrants contain weighted average anti-dilution provisions that could increase the number of shares issuable upon conversion if future common stock is issued at a lower price[177] Supply Chain and Production Risks - The company sources a significant portion of its vehicle components from China, and any disruption in supply could lead to production delays and adverse effects on its financial condition[203][204][205] - The company is heavily reliant on a limited number of OEMs, suppliers, and service providers, with one customer representing 100% of total revenue for the year ended September 30, 2023, and 64% for the year ended September 30, 2024[212] - The company faces significant risks if any of its suppliers or partners fail to meet agreed timelines, experience capacity constraints, or become unable to continue their commitments, which could disrupt production and harm business prospects[210][219] - The company relies on complex machinery and software systems for production, which are subject to unexpected malfunctions, defects, and errors, potentially impacting operational efficiency and competitive position[213][215] - The company may face challenges in accurately estimating supply and demand for its vehicles, leading to inefficiencies, increased costs, or delays in production and revenue[224] - The company is exposed to risks related to the supply and pricing of raw materials, particularly lithium-ion battery cells, which are critical for its vehicle production[225][227] - The company's vehicles may contain design or manufacturing defects, leading to recalls, delays, or compensation claims, which could harm its brand and financial performance[228] - The company has minimal experience in servicing and repairing its vehicles, and the inability to establish a widespread service network could adversely affect customer satisfaction and business reputation[229][230] - The company may be negatively impacted by the early obsolescence of its manufacturing equipment or vehicles, leading to accelerated depreciation and potential harm to its competitive position[217][218] Market and Competitive Risks - The company operates in a highly competitive automotive market, with many competitors having greater financial and technical resources, which could lead to lower sales and downward price pressure[232] - The company's future growth depends on the adoption of electric vehicles by fleet managers and consumers, which is influenced by factors such as raw material prices, fuel costs, and government regulations[235][236] - Factors influencing EV adoption include perceptions of quality, safety, design, performance, cost, limited range, charging access, fuel price volatility, competition, and government regulations[237] - The company's EVs use lithium-ion battery cells, which pose risks of fire, bodily injury, or death, potentially leading to lawsuits, recalls, or redesign efforts[207] - Battery cell degradation in EVs may negatively influence potential customers' purchase decisions due to reduced vehicle range over time[208] Regulatory and Legal Risks - Changes in tax laws, including potential modifications to the Tax Cuts and Jobs Act, could impact the company's financial condition and operating results[238] - Reduction or elimination of government incentives for EVs, such as rebates and tax credits, could negatively affect the EV market and the company's business operations[239][240][241] - The company relies on government grants, loans, and tax incentives for alternative fuel and EV production, but there is no guarantee of future availability[242][243] - Compliance with laws and regulations could be costly and restrict business operations, potentially impacting revenues and profits[263] - Vehicles must comply with stringent motor vehicle safety standards, with non-compliance risking material adverse effects on business[273] - Evolving regulations in the electric vehicle industry could lead to increased compliance costs and operational challenges[274][275] - Product liability claims could harm financial condition, with potential for substantial monetary awards and negative publicity[278] - Legal proceedings, regulatory actions, and government investigations may result in material adverse effects on business and financial condition[280][282] - Environmental laws and regulations could impose substantial costs and delays in operating manufacturing facilities[291] - Liability for contamination under environmental laws could result in significant remediation costs and impact financial condition[292] - High percentage of Mullen parts sourced from China, making the company vulnerable to U.S.-China trade conflicts and tariffs[293] - Uyghur Forced Labor Prevention Act could disrupt supply chain and cause shortages, delays, or price increases[294] - Rising political tensions and tariffs could adversely affect global economic conditions and the company's business[296] - Limitations on the use of net operating loss (NOL) carryforwards due to ownership changes could increase future income tax liability[297] Cybersecurity and Intellectual Property Risks - Cybersecurity risks, including data breaches and compliance with privacy regulations like GDPR and CCPA, could harm the company's operations and reputation[259][260][262] - Significant resources required to address cybersecurity threats and privacy compliance, with potential customer trust loss and legal claims if breached[264] - Potential patent or trademark infringement claims could lead to substantial costs, redesigns, or licensing issues, harming competitive position[265][266] - Intellectual property protection challenges globally, with weaker enforcement outside the U.S., risking competitive advantage loss[268] - Future patent applications may not be granted, limiting protection against competitors with similar technologies[269][270] - Risk of trade secret misuse claims from employees' former employers, potentially leading to litigation costs and loss of key personnel[271] Operational Expansion and Growth - The company plans significant operational expansion, requiring improved financial systems, controls, and automation to manage growth effectively[245][246] - Insufficient warranty reserves to cover future claims could materially impact the company's financial condition and operating results[247] - The company's international expansion faces risks such as currency fluctuations, trade barriers, regulatory changes, and political instability[250] - The company is highly dependent on its CEO, David Michery, for strategic direction and execution[251] - Related party transactions, including those with DRIVEiT, could create conflicts of interest and impair investor confidence[253][254] Acquisitions and Strategic Moves - The company acquired Bollinger Motors, Inc. and assets from Electric Last Mile Solutions, Inc. in Q3 2022, and acquired battery production lines from Romeo Power in September 2023[196]

Company Performance and Financials - The company finished FY2024 with growth in its national dealer network, increased vehicle sales, and reduced cash spend by $85.4M compared to FY2023 [1] - Net loss attributable to common shareholders was $471.0M, or $1,425.6 per share, for FY2024, compared to a net loss of $964.9M, or $157,405 per share, for FY2023 [13] - Revenue for FY2024 was $1.1M, up from $0.4M in FY2023, with 443 commercial vehicles invoiced at $21M compared to 35 vehicles invoiced at $1M in FY2023 [15][16] - The company had total cash of $10.7M as of Sept 30, 2024, down from $155.7M in FY2023, with negative working capital of $120.0M [23] - Total cash spent (operating and investing) was $201.7M in FY2024, down from $287.1M in FY2023 [25] Commercial EV Business - The company now has three EV production lines in the US supporting Mullen Class 1 and 3 and Bollinger Class 4 commercial vehicles [2] - Mullen successfully launched Bollinger Motors B4 production and sales, delivering 31 B4 trucks and recognizing $4.2M in revenue as of FY2025 [9][10] - The company expanded its dealer network from one to seven dealers, with 443 vehicles invoiced in FY2024 compared to 35 in FY2023 [11] - Recent orders include 10 Class 3 EV trucks from Associated Coffee and two Mullen THREE trucks from Westland Floral [10] - The Bollinger B4 Class 4 truck is eligible for up to $100,000 in incentives under New York State's Truck Voucher Incentive Program [10] Operational Efficiency and Cost Reduction - The company achieved an $85.4M reduction in cash spend in FY2024 compared to FY2023 [1] - Further cost-cutting measures are expected to drive a $13M annual reduction in cash spend effective Feb 1, 2025 [2] - The company has focused on eliminating non-critical operating expenses to minimize costs for 2025 [6] Battery Technology and Manufacturing - The company made progress in battery production with three new battery lines installed in Fullerton, California, including a solid-state polymer R&D line [10] - Mullen is seeking $55M in matching DOE funds to support US-based battery and pack production at its facilities in Mishawaka, Indiana, and Fullerton, California [10] - The company has invested $12M to date in battery and pack development and manufacturing, with plans to release its first production units in late 2025 [19] Industry Challenges and Market Position - The EV industry faced challenges in 2024, with slower-than-expected growth rates in the retail market, but Mullen focuses on the commercial market where adoption is still in early stages [3] - The company faces challenges such as high interest rates, supply chain issues, and regulatory hurdles, but has made significant progress in areas like vehicle certification and production [4] - Mullen believes its real estate assets, manufacturing capabilities, and intellectual property portfolio exceed its current market capitalization [5]

Compliance and Filing Status - The company received a notice from Nasdaq for non-compliance with Listing Rule 5250(c)(1) due to the delayed filing of its Annual Report on Form 10-K for the fiscal year ended Sept 30, 2024 [1] - The notice does not immediately affect the listing or trading of the company's common stock on the Nasdaq Capital Market [2] - The company has 60 days from the notice date to file the Form 10-K or submit a compliance plan to Nasdaq, with a potential extension of up to 180 days if the plan is accepted [3] - The company expects to file the Form 10-K on or before Jan 31, 2025, or as soon as practicable within the 60-day period [4] Company Overview and Operations - Mullen Automotive is an emerging electric vehicle (EV) manufacturer based in Southern California, with two US-based vehicle plants in Tunica, Mississippi (120,000 square feet) and Mishawaka, Indiana (650,000 square feet) [5] - The company began commercial vehicle production in Tunica in August 2023 and received IRS approval for federal EV tax credits of up to $7,500 per vehicle in September 2023 [5] - As of January 2024, the Mullen ONE (Class 1 EV cargo van) and Mullen THREE (Class 3 EV cab chassis truck) are CARB and EPA certified and available for sale in the US [5] - The Mullen THREE recently received HVIP approval, offering up to $45,000 cash voucher at the time of purchase [5] - The company has expanded its commercial dealer network to seven dealers, covering key markets in the West Coast, Midwest, Pacific Northwest, New England, and Mid-Atlantic regions [5] Forward-Looking Statements - The press release contains forward-looking statements regarding the company's ability to regain and maintain compliance with Nasdaq listing standards, the timing of the Form 10-K filing, and the impact on the company's performance and outlook [7] - These statements involve significant risks and uncertainties, including risks related to the timely and correct completion of the Form 10-K, potential delays in filing, and the possibility of Nasdaq delisting the company's securities [7] - Additional risks include the company's ability to implement and maintain effective internal control over financial reporting, which may affect the accuracy and timeliness of financial reporting [7]

Company Overview - Mullen Automotive is a Southern California-based automotive company specializing in commercial electric vehicles (EVs) with two US-based vehicle plants located in Tunica, Mississippi (120,000 square feet) and Mishawaka, Indiana (650,000 square feet) [2] - The company began commercial vehicle production in Tunica in August 2023 and received IRS approval for federal EV tax credits in September 2023, offering eligible customers up to $7,500 per vehicle [2] - Mullen's commercial EV lineup includes the Mullen ONE (Class 1 EV cargo van) and Mullen THREE (Class 3 EV cab chassis truck), both CARB and EPA certified and available for sale in the US as of January 2024 [2] - The company has expanded its commercial dealer network to seven dealers, providing sales and service coverage in key markets across the US [2] Product Details - The Mullen THREE, a Class 3 EV cab chassis truck, features a tight turning diameter of 38 feet and excellent visibility for superior maneuverability on narrow city streets [3] - The versatile chassis of the Mullen THREE provides a clean top-of-rail for easy upfitting with bodies up to 14 feet long and over 5,800 pounds of payload [3] - Both the Mullen ONE and Mullen THREE are purpose-built to meet the demands of urban last-mile delivery and are in full compliance with US Federal Motor Vehicle Safety Standards, EPA, and CARB certifications [2] Incentives and Rebates - The Mullen THREE qualifies for a $15,000 incentive through the State of Massachusetts MOR-EV program and a $45,000 cash rebate voucher through the California HVIP program [2] - The Mullen ONE is eligible for a $3,500 MOR-EV incentive in Massachusetts [2] - When combined with the $7,500 Federal Tax Incentive, both vehicles offer substantial savings for commercial fleet customers [2] Recent Developments - Westland Floral, based in Carpinteria, CA, has placed an order for two Mullen THREE Class 3 EV trucks with vehicle upfits performed by Phenix Truck Bodies & Van Equipment [1][3] - The vehicle order was fulfilled by Pritchard and includes California HVIP incentives approval for the Class 3 EVs purchased by Westland [3] - The Mullen THREE recently received HVIP approval from CARB, providing up to $45,000 cash voucher at the time of vehicle purchase [2] Industry Impact - The adoption of the Mullen THREE by Westland Floral demonstrates the growing recognition of EVs as a cost-effective and sustainable solution for commercial fleets [3] - The utilization of California's HVIP incentives by Westland Floral highlights the role of government programs in promoting EV adoption and reducing operational costs for businesses [3]

Mullen Automotive's Battery Production Strategy - Mullen Automotive has submitted a modified plan to the DOE for US-based battery and pack production, incorporating facilities in Mishawaka, Indiana, and Fullerton, California [1] - The company is transitioning to manufacturing and assembly of high-voltage and low-voltage battery systems in the United States [1] - Mullen has invested $12 million to date in battery and pack development and manufacturing, with plans to invest an additional $43 million [2] - The company is seeking $55 million in matching DOE funds to support US manufacturing capabilities and expand production in response to global demand [2] Strategic Investments and Production Plans - Mullen has made strategic acquisitions, including assets from Romeo Power and Nikola for battery pack production, and key infrastructure investments to increase speed to market [3] - The first production units are planned for delivery in mid-2025, with two additional production lines scheduled to launch in each of the next two years [3] - The Mishawaka facility will be the base for multiple battery production lines, with a capacity of 108,000 battery systems or 1 gigawatt-hour per year [5] - The Fullerton facility will focus on research and development as well as low-volume, solid-state prototype production [4] Government Support and Industry Context - The DOE program, established on Nov 13, 2023, provides up to $3.5 billion from the Bipartisan Infrastructure Law to boost domestic production of advanced batteries and battery materials [6] - Mullen's CEO emphasized the company's focus on bringing battery and pack production to the USA [7] Company Overview and Commercial EV Production - Mullen Automotive is a Southern California-based automotive company building the next generation of commercial electric vehicles [8] - The company has two US-based vehicle plants in Tunica, Mississippi (120,000 square feet) and Mishawaka, Indiana (650,000 square feet) [8] - Commercial vehicle production began in Tunica in August 2023, and the company received IRS approval for federal EV tax credits in September 2023 [8] - The Mullen ONE (Class 1 EV cargo van) and Mullen THREE (Class 3 EV cab chassis truck) are CARB and EPA certified and available for sale in the US [9] - The company has expanded its commercial dealer network to seven dealers, providing sales and service coverage in key US markets [9]

Financial Performance - The company has significantly reduced its monthly burn rate from $16 8M in August 2024 to $11 8M in September 2024 and further to $5 3M in October and November 2024 [1] - Since September 30 2024 the company has sold and delivered 57 Class 3 and 43 Class 1 EV cargo vans and trucks totaling 100 vehicles and generating $5 5 million in sales [1][2] Sales and Market Expansion - The company has sold a total of 100 all-electric vehicles including 57 Class 3 and 43 Class 1 EV cargo vans and trucks since September 30 2024 [1][2] - The company is actively engaging with government agencies universities and large fleets to expand the adoption of EV vehicles across America and internationally [1][2][3] - The company's commercial EV lineup includes the Mullen ONE Class 1 EV cargo van and the Mullen THREE Class 3 EV cab chassis truck both fully compliant with U S Federal Motor Vehicle Safety Standards EPA and CARB certifications [3] Incentives and Certifications - The Mullen THREE qualifies for a $15 000 incentive through the Massachusetts MOR-EV program and a $45 000 cash rebate voucher through the California HVIP program [4] - The Mullen ONE is eligible for a $3 500 MOR-EV incentive in Massachusetts and both vehicles qualify for a $7 500 federal tax incentive [4] - The Mullen THREE has received HVIP approval from CARB providing up to $45 000 cash voucher at the time of purchase [5] Production and Infrastructure - The company operates two U S-based vehicle plants in Tunica Mississippi (120 000 square feet) and Mishawaka Indiana (650 000 square feet) [5] - Commercial vehicle production began in Tunica in August 2023 and the company received IRS approval for federal EV tax credits in September 2023 [5] - The company has expanded its commercial dealer network to seven dealers providing sales and service coverage in key markets across the U S [5] Strategic Focus - The company is focused on expanding its efforts both domestically and internationally while managing market conditions and product placement in various use case scenarios [3] - The company is building positive traction for both Mullen and Bollinger Motors with growing sales and continued discussions with key stakeholders [3]

Company Performance and Milestones - Bollinger Motors has delivered 25 B4 trucks since production began in September 2024, with a retail sales value of approximately $4.1 million [1] - The company attributes its strong sales start to the vehicle's design, functionality, and nationwide dealer network [1] - The 2025 Bollinger B4 chassis cab is an all-electric Class 4 commercial truck with a 158-kWh battery pack, a payload exceeding 7,300 pounds, and an average driving range of 185 miles [1] - Bollinger Motors began serial production of the B4 on September 16, 2024, in partnership with Roush Industries in Livonia, Michigan [1] - The company has achieved several milestones, including FMVSS compliance, EPA and CARB certifications, and the creation of a world-class dealer and service network [1] Dealer Network and Partnerships - Bollinger Motors has established agreements with top commercial vehicle dealers, including Anderson Motors, TEC Equipment, and Bergey’s Truck Centers [1] - The company plans to continue expanding its dealer network in key markets in 2025 [1] - Bollinger Motors has partnered with Our Next Energy for battery packs and Syncron for warranty administration, with Amerit Fleet Solutions as its mobile service provider [1] About Bollinger Motors - Bollinger Motors, founded in 2015, is headquartered in Oak Park, Michigan, and specializes in all-electric commercial chassis cab trucks for Classes 4-6 [2] - The company became a majority-owned subsidiary of Mullen Automotive in September 2022 [2] About Mullen Automotive - Mullen Automotive is a Southern California-based company with two U.S. vehicle plants in Tunica, Mississippi, and Mishawaka, Indiana [3] - The company began commercial vehicle production in Tunica in August 2023 and received IRS approval for federal EV tax credits in September 2023 [3] - Mullen's commercial vehicles, including the Mullen ONE and Mullen THREE, are CARB and EPA certified and available for sale in the U.S. [3] - The company has expanded its commercial dealer network to seven dealers, covering key markets across the U.S. [3]