FAQ on Mullen Automotive Inc.'s 1-for-100 Reverse Stock Split and Company Overview

What is the purpose of Mullen Automotive’s reverse stock split?

The reverse stock split aims to help Mullen Automotive regain compliance with Nasdaq’s $1.00 minimum bid price requirement by reducing the number of outstanding shares from approximately 80 million to about 800,000.

When will the reverse stock split take effect?

The reverse stock split is scheduled to take effect on June 2, 2025, with trading on a split-adjusted basis beginning under the same ticker symbol.

How will the reverse stock split affect shareholders?

Shareholders will see their shares consolidated in a 1-for-100 ratio, with no fractional shares issued, and all existing equity instruments and convertible securities proportionally adjusted, except for the 2022 Equity Incentive Plan which remains unchanged.

What are Mullen Automotive’s key products and achievements?

Mullen Automotive produces the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, both CARB and EPA certified. The company has also received IRS approval for federal EV tax credits and expanded its commercial dealer network.

Where are Mullen Automotive’s vehicle plants located?

Mullen Automotive has two U.S.-based vehicle plants located in Tunica, Mississippi (120,000 square feet) and Mishawaka, Indiana (650,000 square feet).

What benefits does the CARB-issued HVIP approval provide for the Mullen THREE?

The CARB-issued HVIP approval on the Mullen THREE, Class 3 EV truck, provides up to a $45,000 cash voucher at the time of vehicle purchase.

How can I find more information about Mullen Automotive?

For more information about Mullen Automotive, visit their website at www.MullenUSA.com or check the latest news and updates in the company’s newsroom at https://ibn.fm/MULN.

What is the significance of Mullen Automotive’s Foreign Trade Zone status?

The Foreign Trade Zone (FTZ) status approval for Mullen Automotive’s Tunica, Mississippi, manufacturing center provides benefits such as deferment of duties owed and elimination of duties on exported vehicles.