Mullen Automotive Enters Into Settlement Agreement with GEM Group

Core Viewpoint - Mullen Automotive has reached a settlement agreement with GEM Yield Bahamas Limited and GEM Global Yield LLC, marking a significant step towards resolving ongoing litigation and allowing the company to focus on future growth [1][2][5]. Company Overview - Mullen Automotive is an electric vehicle manufacturer based in Southern California, operating two vehicle plants in the U.S. 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, with its Mullen ONE and Mullen THREE models certified by the California Air Resource Board and EPA as of January 2024 [2]. - Mullen's commercial dealer network includes seven dealers, providing sales and service coverage across key markets in the U.S. [2]. Recent Developments - The settlement agreement with GEM includes a 55-day due diligence period for GEM to evaluate the transfer of Mishawaka assets, during which all collection activities have been suspended [5]. - Mullen continues to expand its manufacturing capabilities in Tunica to meet both near and long-term demands for its product lines [5]. Strategic Acquisitions - In September 2022, Mullen acquired a majority stake in Bollinger Motors, which has achieved significant milestones, including the launch of its B4 Class 4 electric truck production on September 16, 2024, and the establishment of a dealer and service network with over 50 locations across the U.S. [3].