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Mullen Automotive Inc. (MULN) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

Mullen Automotive Inc.

CIK: 1499961 Ticker: MULN

Exhibit 99.1

 

Company expects to report in excess of $65M in cash and cash equivalents when it files Form 10Q for the second quarter ending March 31.

 

BREA, Calif., Mar. 28 2022– via InvestorWire – Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announces today that it expects to report in excess of $65 million in cash and cash equivalents when it files Form 10Q for the Company’s second-quarter ending March 31, 2022.

 

“We’ve made tremendous progress in key areas over the past three months,” said David Michery, CEO and chairman of Mullen Automotive. “With the financing we received, we now have more than enough capital to execute on our commitments for 2022, including the start of the Mullen FIVE EV Crossover program and continued development on the Mullen ONE EV Cargo Van program. The Company's balance sheet is the strongest it has ever been in our history.”

 

On Nov. 5, 2021, Mullen began trading on the Nasdaq Capital Markets LLC (“Nasdaq”) under the new stock ticker symbol “MULN.” Since Mullen’s first quarter as a public company starting in Q4 ‘21, the Company has debuted two versions of the Mullen FIVE show cars and announced the purchase of a vehicle manufacturing facility in Tunica, Mississippi. As Q2 ‘22 draws to a close, Mullen is expecting to report over $65 million in cash and cash equivalents on hand for continued momentum and programs development.

 

Mullen has recently announced a string of key partnerships with hofer powertrain, Comau, ARRK, Dürr, and DSA Systems for EV powertrain, engineering, manufacturing, vehicle production systems, and Over the Air (OTA) and vehicle system diagnostics, respectively. The Company expects these strategic developments to play a crucial role in bringing the EVs to market with the latest technology and in the least amount of time.

 

Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover, the Mullen ONE EV Fleet Vans, and the DragonFLY Sports Car. The FIVE is built on an EV crossover skateboard platform that offers multiple powertrain configurations and trim levels in a svelte design that is “Strikingly DifferentTM” and exciting to experience in person. The Mullen FIVE was also named “Top Zero Emission SUV” as part of the ZEVA® Awards at the Los Angeles International Auto Show in November 2021, where it made its debut. The Company has also recently filed over 120 patents in 24 countries related to the Mullen FIVE. The Mullen ONE, coming to market in Q2 2022, will be available in two classes of electric vans and will be designed, manufactured, and customized by Mullen at its Tunica, Mississippi, manufacturing facility. Learn more about Mullen’s EVs at MullenUSA.com.

 

About Mullen:

 

Mullen is a Southern California-based automotive company that owns and partners with several synergistic businesses working toward the unified goal of creating clean and scalable energy solutions. Mullen has evolved over the past decade in sync with consumers and technology trends. Today, the Company is working diligently to provide exciting EV options built entirely in the United States and made to fit perfectly into the American consumer’s life. Mullen strives to make EVs more accessible than ever by building an end-to-end ecosystem that takes care of all aspects of EV ownership. For more information, please visit www.MullenUSA.com.

 


The following information was filed by Mullen Automotive Inc. (MULN) on Thursday, March 31, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Mullen Automotive Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Stockholders Equity (Deficit)
Accrued Expenses And Other Current Liabilities
Accrued Expenses And Other Current Liabilities (Details)
Accrued Expenses And Other Current Liabilities (Tables)
Contingencies And Claims
Contingencies And Claims (Details)
Contingencies And Claims - Consulting Agreement (Details)
Contingencies And Claims - Federal And State Tax Liabilities (Details)
Contingencies And Claims - International Business Machines (Details)
Contingencies And Claims - Investment Banking Services Agreement (Details)
Contingencies And Claims - Linghang Boao Group, Ltd (Details)
Debt
Debt (Tables)
Debt - Convertible Notes (Details)
Debt - Drawbridge Relationship (Details)
Debt - Notes And Advances (Details)
Debt - Sba Loans (Details)
Debt - Scheduled Debt Maturities (Details)
Debt - Summary Of Our Indebtedness (Details)
Description Of Business And Basis Of Presentation
Fair Value Measurements And Fair Value Of Financial Instruments
Intangible Assets
Intangible Assets (Tables)
Intangible Assets - Schedule Of Distribution Of The Economic Value Of The Identifiable Intangible Assets (Details)
Intangible Assets - Schedule Of Total Future Amortization Expense For Finite-Lived Intellectual Property (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Lease Assets And Liabilities (Details)
Leases - Maturities Of Operating Lease Liabilities (Details)
Leases - Operating Lease Costs (Details)
Liability To Issue Stock
Liability To Issue Stock (Details)
Liquidity, Capital Resources, And Going Concern Consideration
Liquidity, Capital Resources, And Going Concern Consideration (Details)
Loss Per Share
Mai Share- Based Compensation
Mai Share- Based Compensation (Details)
Mai Share- Based Compensation (Tables)
Note Receivable
Note Receivable (Details)
Operating Expenses
Operating Expenses (Details)
Operating Expenses (Tables)
Operating Expenses - Research And Development (Details)
Other Assets
Other Assets (Details)
Other Assets (Tables)
Property, Equipment And Leasehold Improvements, Net
Property, Equipment And Leasehold Improvements, Net (Details)
Property, Equipment And Leasehold Improvements, Net (Tables)
Property, Equipment And Leasehold Improvements, Net - Mullen Investment Properties (Details)
Related Party Transactions
Related Party Transactions (Tables)
Related Party Transactions - Chief Executive Officer Loans To Mti (Details)
Related Party Transactions - Drawbridge Related Transactions (Details)
Related Party Transactions - Short-Term Financing (Details)
Related Party Transactions - William Miltner (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Additional Information (Details)
Stockholders' Equity - Equity Transactions (Details)
Stockholders' Equity - Schedule Of Assumptions Used For Warrants Issued And 0Utstanding (Details)
Stockholders' Equity - Summary Of Warrant Activity (Details)
Subsequent Events
Subsequent Events - (Tables)
Subsequent Events - Preferred Share Conversion (Details)
Subsequent Events - Subsequent Events (Details)
Subsequent Events - Warrant Exercises (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Details)
Summary Of Significant Accounting Policies - Property, Equipment And Leasehold Improvements, Net (Details)
Ticker: MULN
CIK: 1499961
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-22-008993
Submitted to the SEC: Mon May 16 2022 4:55:55 PM EST
Accepted by the SEC: Mon May 16 2022
Period: Thursday, March 31, 2022
Industry: Computer Processing And Data Preparation

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