Mullen Automotive (NASDAQ:MULN) CEO David Michery has cleared the air on the new Saudi deal partner Lawrence Hardge has been teasing about.
Hardge, who was recently given the position of Senior Vice President of Technology to Mullen Automotive’s subsidiary Mullen Advanced Energy Operations (MAEO), said that the Saudi Arabia deal will be split 50/50 between both companies just last week.
In early May, Lawrence teased about the deal stating the following on Facebook:
“This is not what somebody said or what you heard, this is reality.
$10 billion contract with Saudi Arabia.
And more to come … Mullen and Lawrence Hardge are here to assist them, they have countries like Yemen, Israel, all of them have joined in to take this technology, and they’re going to produce it in Saudi Arabia and they’re also paying for a manufacturing plant to come to Michigan.”
A second update emerged mid-May where the tech founder took it to Facebook once again and made the following statement:
“Time to shut these naysayers down.
Representatives from my team have been in Saudi since last week Friday working on binging the Saudi Deal to fruition.
I represent facts, this is my story behind it.”
Here’s what Mullen CEO David Michery has to say about the Saudi Arabia deal.
David Michery Speaks Out on Mullen Saudi Arabia Deal
In an exclusive interview with Financial Journey, David Michery speaks on the new Saudi Arabia rumors.
The CEO made the following statement when addressing the Mullen Saudi Arabia Deal:
“I’ve never reviewed any Saudi deals nor am I familiar with the deals, and to be clear if anyone were interested they could defer to the agreements that we executed that act as the definitive agreements until superseded by subsequent operating agreements and they are not cancelable unless we mutually agree to terminate the relationship which we’ve not done.
As it relates to the Saudi Deal, it’s carved out.
We gave him that, so I don’t understand why he would say that he provided us that deal to look at when he has that as a carve out in the agreements that we filed with the SEC.
He does have a carve out and we gave him that territory as an exclusion, so we don’t really have any rights to it, nor do we care.
So, you know, there’d be no reason for us to look at any agreements that he has between the Saudi’s, or the alleged Saudi’s.
We don’t care one way or the other. So, I want to be clear about that. I’ve never reviewed any documents.
He’s never provided any documents about any Saudi Arabian deal.
The only documents that I’ve ever reviewed were documents with the District of Columbia or the installation of the units into Chevy Bolts. Those are the only documents we’ve reviewed.”
Latest Mullen Automotive News
Well, there you have it.
Mullen Automotive’s CEO David Michery has cleared the air the Mullen Saudi Arabia Deal.
In other recent Mullen Automotive news, the company received a $20 million injection from Acuitas Capital on June 1st.
In return, Mullen will provide Acuitas with 19.43 million shares of common stock and pre-funded warrants and warrants exercisable for 59.07 million shares.
Mullen Automotive announced that it had entered into a letter of agreement (LOA) with Acuitas Capital in connection with an existing securities purchase agreement (SPA).
The LOA stated that Acuitas provided Mullen with $20 million of capital on June 1.
The remaining $45 million of the SPA will be paid out on June 12.
However, instead of issuing and providing Acuitas with 27.56 million shares of Series D preferred stock as originally agreed upon, Mullen will instead provide Acuitas with 19.43 million shares of issued common stock and pre-funded warrants exercisable for 8.07 million shares of common stock.
“These warrants have an exercised price of $0.001 and are immediately exercisable.
Mullen also provided to Acuitas warrants exercisable for 50.99 million shares of common stock.
These warrants have an exercise price of 72.55 cents per share,” per IP.
MULN stock is currently trading at $0.54 and is down more than -93% this year-to-date.
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