( NASDAQ: MULN ) is an evolving Electric Vehicle (EV) producer. On October 19th, 2022 they announced the US Bankruptcy Court’s approval of its purchase of ELMS’s (Electric Last Mile Solutions) possessions in an all-cash acquisition. The transaction includes acquiring ELMS’s manufacturing plant, all inventory, and intellectual property.
Purchase benefits comprise of:
- Providing ( NASDAQ: MULN ) the ability to yield 50k cars per year
- Permitting faster path to manufacture and advertisement of retail vehicles by 12 months
- Launching of their Class 1 and Class 3 Commercial Delivery vehicles by 2023
- Resulting in a noteworthy decrease of the Company’s previous overall spending
The Company’s purchase used to produce General Motor’s Hummer H2 SUV and SUT. Also, it manufactured the Mercedes-Benz R-Class automobile. This brands it the appropriate fit for production for ( NASDAQ: MULN ). The asset purchase, and the fresh attainment of the common ownership of Bollinger Motors, gives Mullen the capability to fit in the Bollinger’s vehicle platforms into a previously standing and proficient high-volume industrial facility. As an effect, this will quicken the introduction of the retail vehicles by 12 months.
With the added Manufacturing size, full production capacities are likely to surpass Mullen’s prior business plan forecasts. The commercial portfolio is anticipated to surge over 50% with the accumulation of the ELMS resources.
David Michery, CEO and chairman of Mullen Automotive, stated that their purchase of Bollinger was one of the biggest dealings of its type in the EV sector. Upon concluding the ELMS deal, the Company will be in a place to tactically influence all its attained assets to cut its manufacturing path and aggressively grow further into the commercial and consumer EV market.
- all Intellectual Property
- all inventory including vehicles whether complete and incomplete, goods, parts, raw materials, tools,
- property combined with all buildings, developments and fixtures
- all equipment, machinery, furniture, supplies, computer hardware, data networks, servers, communication equipment, software, discs, etc.