Mullen Automotive provides shareholder update on Net Element merger

Sep. 27, 2021 9:33 AM ETMullen Automotive, Inc. (MULN)By: Preeti Singh, SA News Editor
  • EV manufacturer Mullen Automotive, which is in the process of merging with Net Element (NETE), has provided an update to the progress being made to complete the merger.
  • In a letter to the shareholder, Mullen’s Chief Executive Officer David Michery noted that SEC has declared effective the S-4 registration statement of the shares of the merger. The companies have agreed to a stock-for-stock reverse merger deal, in which Mullen’s stockholders will receive a majority of the outstanding stock in the post-merger company.
  • The shareholders and boards of both companies have approved the deal. Furthermore, Mullen hopes to comply with the listing standards of the NASDAQ and is awaiting a final response from the exchange.
  • Mullen also announced that it will debut its Mullen FIVE EV crossover in November 2021 at the Los Angeles International Auto Show, scheduled to take place from November 17 – 28 at the Los Angeles Convention Center.

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