Official: Mullen Automotive (NASDAQ:MULN) has confirmed the delivery of 6,000 Class 1 EV cargo vans valued at $200 million for the end of March 2023.
Mullen Automotive CEO David Michery released the official statement on the company’s website — a positive development shareholders have been waiting for since December of 2022.
As of Feb. 28, 2023, Mullen has $87,400,009 of cash and cash equivalents, including restricted cash, and Mullen expects to receive an additional $110 million from firm commitments by June 1, 2023.
The Company believes the combination of cash on hand and expected firm cash commitments provides it with enough capital to execute on its business plan over the next 12 months.
Here’s a statement from David Michery, Mullen CEO:
“I believe we have all the pieces in place between our product, factories, and strategic expertise to execute on our plans to deliver our Class 1 and Class 3 vehicles this year,” said David Michery, CEO and chairman of Mullen Automotive.
“Furthermore, we continue to invest and move at a fast clip with the Mullen FIVE program, which will soon be approaching vehicle engineering freeze, allowing us to move into the next phase of the crossover program.”
About the $200 Million Purchase Order
In December, Mullen Automotive received a $200 million purchase order for 6,000 of its Class 1 EV cargo vans.
Randy Marion Automotive Group has taken on a fleet of Mullen EV’s to kick off the first quarter of the new year just right.
RMA is one of the largest and most respected commercial vehicle dealer groups in the U.S. Randy Marion Isuzu, LLC, a division of RMA, has committed to the purchase of 6,000 Class 1 EV cargo vans from Mullen Automotive.
Mullen recently announced RMA as its first commercial dealer partner to offer sales, service and parts for Mullen Automotive’s commercial vehicle lineup.
“We see a tremendous opportunity with the Mullen commercial portfolio, and the launch of the commercial van could not come at a better time,” said Randy Marion, CEO and founder of RMA. “There’s significant pent-up customer demand for Mullen to fulfill. I have many customers looking at me to find product for their companies.”
“This is a real vote of confidence in our company. We appreciate Randy’s vision and aggressiveness to partner with us,” said John Schwegman, chief commercial officer for Mullen Automotive. “He clearly sees the future in commercial EVs.”
“The Randy Marion Automotive team is fully aligned with our Class 1 EV plan and is well positioned to help us capitalize on our first mover advantage in the commercial EV segments,” said David Michery, chairman and CEO of Mullen Automotive.
Other Recent MULN Stock News
Mullen Automotive (NASDAQ:MULN) just avoided getting delisted after it failed to meet its $1 per share requirement on March 6, 2023.
Nasdaq approved a 180-day extension for Mullen Automotive to meet the minimum $1 bid price per share.
On Sept. 7, 2022, Nasdaq provided notice to the Company that, based on the previous 30 consecutive business days, the Company’s listed common stock no longer met the minimum $1 bid price per share requirement as set forth in Nasdaq Listing Rule.
The Company was provided 180 calendar days, or until March 6, 2023, to regain compliance.
If Mullen stock fails to trade above $1 for a minimum of 10 consecutive business days prior to Sept. 5, 2023, the Company will implement a reverse stock split to cure the Deficiency prior to the expiration of the additional 180-day compliance period.
“Consistent with my message to our shareholders, we will use our best efforts to regain compliance to meet Nasdaq’s requirement for a $1 minimum bid price,” said David Michery, CEO and chairman of Mullen Automotive.
MULN stock is currently trading just under $0.15.
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So they are going to produce 5964 (6000-36 rebranded ELMS vans “ready for delivery”) additional vans in a week?
Great work! Please keep it up!
Thanks, Craig 🤝
Leave your thoughts below!