Mullen Automotive sees $99M in cash equivalents, reduced debt by 77%

Aug. 09, 2022 9:04 AM ETMullen Automotive, Inc. (MULN)By: Khyathi Dalal, SA News Editor9 Comments

Arrow On An Old Map


  • Mullen Automotive (NASDAQ:MULN) boasts of a strong financial position, with ~$99M in cash and equivalents on hand as of Aug. 8, 2022.
  • It sees asset growth of 391%, positive working capital $27.66M and $318M in financial commitments.
  • The company could reduce debt by 77% minimizing debt overhang problem.
  • Mullen expanded an increase of 281% in R&D spending which mainly relates to engineering costs for the Mullen FIVE and Mullen EV cargo van programs.
  • Mullen is expanding its presence into the Midwest with the addition of the Detroit EV Technology team, focusing on development of EV technologies for Mullen’s portfolio of commercial vans.
  • Shares trading 4% higher premarket.

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