Mullen Automotive (NASDAQ:MULN) has terminated its partnership with Lawrence Hardge and Global EV Technology according to a new filing with the Securities and Exchange Commission.
“On July 10, 2023, Mullen Automotive Inc. issued a termination notice to Lawrence Hardge and the following entities Global EV Technology, Inc. and EV Technology, LLC terminating the Agreement dated April 17, 2023 between the Company and EVT.
Pursuant to the Agreement, the parties agreed to jointly form and organize Mullen Advanced Energy Operations (“MAEO”) to develop, manufacture, market, sell, lease, distribute and service all products resulting from a device that is designed to extend the effective battery life and EVT would agree to license to MAEO the Technology and all intellectual property rights relating to the Technology.
The termination notice, which was sent after numerous attempts by the Company to obtain adherence by EVT to the terms of the Agreement, references several breaches by EVT including (1) failing to execute documents evidencing an irrevocable, royalty free, worldwide exclusive license to the Technology and IP, in perpetuity, to MAEO, (2) refusing to conduct any tests of the Technology at a Mullen approved facility after the LOA, (3) repeatedly refusing to honor the terms of the Mutual Non-Disclosure Agreement signed April 14, 2023, and (4) failing to disclose all claims or threatened legal actions by any third parties related to the Technology.”
In May, MAEO named Lawrence Hardge to the position of Senior Vice President of Technology.
MAEO, which is split-owned by both Mullen Automotive and Global EV will no longer be doing business together.
Lawrence Hardge gained much attention after starting rumors of a $10 billion contract deal with Saudi Arabia.
However, Mullen CEO David Michery has cleared the air stating the following.
Mullen CEO Clears the Air on New Saudi Deal
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
“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.”
Also Read: Mullen Provides New Update on Illegal Shorting Investigation
What are your thoughts on Mullen terminating their partnership with Lawrence Hardge? Leave your thoughts in the comment section down below.
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