Randy Marion Automotive Now Listing Mullen Vehicles
Randy Marion Automotive is now listing Mullen (NASDAQ:MULN) vehicles on their new website.
In March, Mullen confirmed the delivery of its $200 million purchase order, which includes 6,000 EVs, would begin taking place by the end of March.
Several Class 1 EV cargo vans were spotted at a Randy Marion Automotive Group dealership during this time which confirmed a fleet of Mullen vehicles were now on the ground.
Soon after, Randy Marion Automotive Group (RMA) and Mullen Automotive announced they had delivered Class 1 EV cargo vans to MGT Lease Company in an official statement.
MGT Lease Company is based in High Point, North Carolina.
The vehicle order was fulfilled through Randy Marion Automotive, a distributor of Mullen’s commercial EVs.
The initial order is for four vehicles, with subsequent future deliveries expected.
Randy Marion Automotive Group is one of the largest car dealerships in the Carolinas and is now listing Mullen EVs on its website.
Amongst Mullen EVs, Randy Marion Automotive Group also sells Buick, Cadillac, Chevrolet, Chrysler, Dodge, Ford, GMC, Honda, Isuzu, Kia, Lincoln, Jeep, Ram and Subaru.
Recent MULN Stock News
Mullen Automotive is set to receive $110 million in funding this year.
The company expects to operate business over the next 12 months upon the receipts of this funding.
Mullen has agreed to issue Series D preferred stock and warrants to Esousa Holdings, Acuitas Capital, Davis-Rice Pty Limited and Ault Lending.
The warrants will “equal 110% of the shares of Series D Preferred Stock purchased,” while the Series D preferred stock can be converted into common stock.
In exchange, Mullen will receive the remaining commitment amount of $90 million, which will be paid out in two equal tranches on April 17 and May 15.
The company’s Form 8-K also revealed that Mullen has entered into three promissory notes worth $20 million on April 3.
The notes have an annual interest rate of 15% and will increase to 20% if the interest is not paid on time.
When the company announced it would be delivering EVs to Randy Marion Automotive, it also disclosed that it had cash, restricted cash and cash equivalents of $87.4 million as of Feb. 28.
With the cash balance and expected funding, Mullen believes that it will be able to operate its business plan over the next 12 months.
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