Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has announced its acquisition of a controlling interest in EV truck innovator Bollinger Motors Inc. This is Mullen’s first EV acquisition and propels the company into the medium and heavy-duty truck classes 3-6, along with the B1 and B2 sport utility vehicles. The purchase price of $148.2 million in cash and stock for a 60% controlling interest gives Mullen the majority ownership of Bollinger Motors and positions Bollinger to capture the electric sport utility and commercial vehicle markets. More details about the acquisition can be found on Mullen’s website and on the video created by Bollinger Motors.
In addition, Mullen Automotive and Bollinger Motors will host a live webinar (https://ibn.fm/oyPmH) at 2 p.m. EDT today to introduce the two companies. David Michery, CEO and chairman of Mullen Automotive, and Robert Bollinger, CEO and founder of Bollinger Motors, will be present on the call to discuss what the partnership represents for both companies and the overall EV market.
“Mullen is on a very exciting trajectory, and this acquisition is one of the largest to date in the EV industry,” said David Michery, CEO and chairman of Mullen Automotive. “This webinar will allow Robert and I to provide insight into the acquisition and the strategic direction this brings to both Mullen and Bollinger.”
About Mullen Automotive Inc.
Mullen is a Southern California-based automotive company building the next-generation of premium electric vehicles (“EVs”) that are affordable and built entirely in the United States. With an end-to-end ecosystem that supports owners from test driving to financing and servicing through a unique hybrid dealership model, customers are supported through every aspect of EV ownership. The Mullen FIVE, the company’s first electric crossover, is slated for delivery in 2024 and features an award-winning design and its patented PERSONA technology that utilizes facial recognition to personalize the driving experience for every individual. To learn more about the company, visit www.MullenUSA.com.
NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://ibn.fm/MULN
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