Mullen Receives Expected Nasdaq Notice Regarding Delayed Form 10-K

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]