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LOS ANGELES, CA - (NewMediaWire) - September 26, 2024 - Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today shared a video update to shareholders provided by CEO and Chairman David Michery. In the video, Michery provides a detailed overview of the company’s recent progress, including sales and distribution expansion and financial performance. According to the update, the company’s sales activities with existing and new companies have resulted in new sales opportunities and vehicle orders received and or completed. Additionally, Mullen has secured financing to support sales growth through a $100 million preferred instrument and a $150 million fully available equity line. The update also highlighted Bollinger Motors’ progress, including regulatory and sales approvals, its partnership with Roush Industries, and the commencement of production on the first customer-ready B4 electric trucks.

“Our group of companies, including Bollinger Motors and Mullen Advanced Energy Operations, continue to work towards meeting milestones and growing sales and I remain optimistic that the company success will continue despite the challenges associated with our stock price,” commented Michery.

To view the video update, visit https://ibn.fm/3ywdM

To view the full press release, visit https://ibn.fm/FWE2S

About Mullen Automotive Inc.

Mullen Automotive is a Southern California-based automotive company building the next generation of commercial electric vehicles (“EVs”) with two United States-based vehicle plants located in Tunica, Mississippi, (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. In September 2023, Mullen received IRS approval for federal EV tax credits on its commercial vehicles with a Qualified Manufacturer designation that offers eligible customers up to $7,500 per vehicle. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, are California Air Resource Board (“CARB”) and EPA certified and available for sale in the U.S. The CARB-issued HVIP approval on the Mullen THREE, Class 3 EV truck, provides up to a $45,000 cash voucher at time of vehicle purchase. The company has also recently expanded its commercial dealer network to seven dealers with the addition of Papé Kenworth. Other previously announced dealers include Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, Eco Auto, and Randy Marion Auto Group, providing sales and service coverage in key Midwest, West Coast, Pacific Northwest, New England and Mid-Atlantic markets. The company has also announced Foreign Trade Zone (“FTZ”) status approval for its Tunica, Mississippi, commercial vehicle manufacturing center. FTZ approval provides a number of benefits, including deferment of duties owed and elimination of duties on exported vehicles. For more information about the company, visit www.MullenUSA.com.

Forward-Looking Statements

Certain statements in this article are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management’s control, including the risks set forth under the heading “Risk Factors” discussed under the caption “Item 1A. Risk Factors” in Part I of the Company’s most recent Annual Report on Form 10-K or any updates discussed under the caption “Item 1A. Risk Factors” in Part II of the Company’s Quarterly Reports on Form 10-Q and in the Company’s other filings with the SEC. Undue reliance should not be placed on the forward-looking statements in this article in making an investment decision, which are based on information available to us on the date hereof. All parties undertake no duty to update this information unless required by law.

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