Mullen to report strongest balance sheet in company’s history, says CEO David Michery

Jun. 30, 2022 8:50 AM ETMullen Automotive, Inc. (MULN)By: Niloofer Shaikh, SA News Editor6 Comments
  • Mullen Automotive (NASDAQ:MULN) expects to report in excess of $61M in cash and cash equivalents after having significantly strengthened its balance sheet over the quarter ending June 30, 2022.
  • The company was added as a member of the U.S. small-cap Russell 2000 Index, effective after the U.S. market opened on June 27, as part of the 2022 Russell indexes reconstitution.
  • The stock also was automatically added to the appropriate growth and value indexes.
  • “We’ve made solid progress over the past quarter,” said David Michery, CEO and chairman of Mullen Automotive. “The Company's balance sheet is the strongest it has ever been in our history.”
  • As stated last week, the company reached an agreement to secure $275M in additional funding. If shareholder approval is obtained, it is anticipated that a portion of the funding will be used for the EV Cargo Van Class 1-4 program, the FIVE EV Crossover and the FIVE RS high-performance vehicle program development.
  • MULN shares up 4.4% PM.

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