Mullen Automotive (NASDAQ:MULN) has now received $100 million in additional capital.
The company announced on Tuesday that its Series D holders have now exercised their final $100 million investment option.
The expiring date for this contract is set for June 30, but has now provided Mullen Automotive with $100 million in additional funding, per the company’s report.
“The exercise of the option has resulted in additional funding to the Company of $100 million.
The Company now has more than $235 million in cash and cash equivalents on its balance sheet, recognizing that this amount is after the Company has expended $253 million-plus for two completed acquisitions that added valuable, unencumbered assets to the balance sheet for the majority ownership in Bollinger Motors and certain assets related to Electric Last Mile Solutions (“ELMS”).
With the exception of $7.3 million of outstanding debt, all Company-owned real estate and other assets are unencumbered.”
Mullen CEO David Michery says the company is in the best cash position it’s ever been in its history.
“We are in the best financial position in our Company’s history and remain fully committed and highly focused on producing, selling and delivering our vehicles to our customers prior to the end of 2023,” said David Michery, CEO and chairman of Mullen Automotive on Tuesday.
With over $235 million in cash and cash equivalents, it represents approximately 2 years of operating capital.
MULN stock fell more than 18% Tuesday morning and is currently trading below $0.15 at the time of this publication.
Recent Mullen Automotive News
Mullen Automotive announced last week that it has launched new AI tech across all EV lineups according to the company’s latest press release.
The new AI technology will be able to recognize faces and bridge the gap between driver and vehicle by personalizing the vehicle experience.
Mullen says the integration of AI-powered PERSONA vehicle technology will go into all of its commercial and consumer vehicle lineups.
PERSONA, originally developed for the Mullen FIVE, is an advanced interactive AI camera/sensor and video monitoring system that utilizes facial recognition technology to unlock/lock vehicles and completely personalize the overall vehicle experience for the driver.
In addition to unlocking the vehicle and customizing driver-specific vehicle settings, initial PERSONA functionality will also include Security Fence, Pet and Occupant Safe Mode, Advanced Vehicle Charging, and AI-Powered Emergency Response.
“PERSONA was first consumer tested on the Mullen FIVE EV Crossover during the 2022 “Strikingly Different” U.S. Tour.
Firsthand feedback received and survey data from the tour were extremely positive, with a majority of the participants indicating that PERSONA was a unique technology and concept they could see themselves using.”
This technology certainly makes Mullen Automotive stand out from other EV competitors.
The problem with Wall Street is that they want to see units on the road as well as sales volume to turn the company’s stock price around.
On Tuesday, MULN stock fell more than -15%.
Here are some statements from the company and users on Mullen’s new AI technology.
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