FAQ: Mullen Automotive's Increased Ownership in Bollinger Motors and Resolution of Receivership
Summary
What is the significance of Mullen Automotive increasing its ownership in Bollinger Motors to 95%?
This move signifies Mullen Automotive’s strengthened commitment to Bollinger Motors, enhancing shareholder equity by approximately $3.5 million and resolving the court-ordered receivership, which allows Bollinger to continue operating independently with full support for its commercial EV lineup.
How does Mullen Automotive plan to support Bollinger Motors’ commercial EV lineup?
Mullen Automotive plans to leverage synergies to accelerate the development of Bollinger’s commercial EV lineup, including the all-electric B4 Chassis Cab, and provide full support for sales, service, and warranty.
What are the implications of the resolved receivership for Bollinger Motors?
The dismissal of the receivership with prejudice means Bollinger Motors can now operate without the legal and financial constraints previously imposed, allowing it to focus on growth and development under Mullen’s ownership.
Where are Mullen Automotive’s vehicle plants located?
Mullen Automotive’s vehicle plants are located in Tunica, Mississippi (120,000 square feet) and Mishawaka, Indiana (650,000 square feet).
What commercial vehicles does Mullen Automotive currently offer?
As of January 2024, Mullen Automotive offers the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, both CARB and EPA certified and available for sale in the U.S.
How can customers benefit from the CARB-issued HVIP approval on the Mullen THREE?
The HVIP approval provides eligible customers with up to a $45,000 cash voucher at the time of purchasing the Mullen THREE, Class 3 EV truck.
What is the significance of Mullen Automotive’s Foreign Trade Zone status approval?
The FTZ status approval for Mullen’s Tunica, Mississippi, plant offers benefits such as deferment of duties owed and elimination of duties on exported vehicles, enhancing the company’s operational efficiency and cost-effectiveness.
Where can investors find the latest news and updates about Mullen Automotive?
Investors can find the latest news and updates relating to MULN in the company’s newsroom at https://ibn.fm/MULN.
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