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MULN Stock Tumbles on New Energy Advancement

Mullen stock news today
Market News Daily – MULN Stock Tumbles on New Energy Advancement.

Mullen Automotive (NASDAQ:MULN) stock has tumbled below $0.10 on its latest energy advancement news.

The stock is down more than -73% this year-to-date despite analysts predicting MULN stock to soar more than +7,000% in 2023.

Mullen announced today test results of its recently acquired joint venture technology, greatly improving current EV performance by increasing EV vehicle range.

Here are some key points from the company’s official press release:

  • Element Materials Technology test results indicate that the Energy Management Module (“EMM”) technology substantially increases the driving range and efficiency of any current EV battery.
  • Specific vehicle testing of a high-volume OEM electric vehicle by Element resulted in a calculated increase in range from 269 to 431 miles, which is a 60% increase in efficiency.
  • EMM technology was also tested by Mullen Automotive engineers on the Company’s Class 1 EV Cargo Van at its Troy, Michigan, facility. Results showed more than a 75% increase in range for the 42-kWh lithium-ion battery pack, which would be a calculated EPA estimated range of 186 miles at a very low added cost and mass.
  • EMM technology is being integrated into final stages of product development and is planned to be introduced in all Mullen commercial and consumer vehicle programs.
  • U.S. provisional patent application has been filed covering the technology.
  • Mullen Automotive owns 51% of MAEO, LLC and will consolidate the results of its operations in Mullen Automotive, Inc.

“We have tested EMM technology in various vehicle applications and have repeatedly seen significant improvements in range.

I am extremely pleased to partner with Mullen for the commercialization and global availability of the EMM technology,” said Lawrence Hardge, CEO of Global EVT.

“Seeing the previous EMM test results conducted by Element, along with Global EVT testing, and correlating that with testing by our engineers, we believe this technology is a perfect fit for Mullen’s EV product lineup as well as the advancement in EV technology for the overall automotive industry,” said David Michery, CEO and chairman of Mullen Automotive.

“Mullen Advanced Energy Operations plans on licensing this technology to anyone who uses an electric vehicle.”

Latest MULN Stock News

muln stock news today
Market News Daily – MULN Stock Tumbles on New Energy Advancement.

Aside from its new energy advancement, Randy Marion Automotive is now listing Mullen vehicles for sale on their new website.

Several Class 1 EV cargo vans were spotted at a Randy Marion Automotive Group dealership in March 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.

Amongst Mullen EVs, Randy Marion Automotive Group also sells Buick, Cadillac, Chevrolet, Chrysler, Dodge, Ford, GMC, Honda, Isuzu, Kia, Lincoln, Jeep, Ram and Subaru.

The company is also set to receive $110 million in funding this year.

Mullen Automotive 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 HoldingsAcuitas CapitalDavis-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.

[stock_market_widget type=”chart” template=”basic” color=”#5679FF” assets=”MULN” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” display_currency_symbol=”true” api=”yf”]

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Randy Marion Automotive Now Listing Mullen Vehicles

Market News Daily - Randy Marion Automotive Now Listing Mullen Vehicles.
Market News Daily – 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.

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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 HoldingsAcuitas CapitalDavis-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.

[stock_market_widget type=”chart” template=”basic” color=”#5679FF” assets=”MULN” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” display_currency_symbol=”true” api=”yf”]

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Market News Today - Randy Marion Automotive Now Listing Mullen Vehicles.
Market News Today – Randy Marion Automotive Now Listing Mullen Vehicles.

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Mullen Receives Big $110M Funding for This Year

Market News Daily - Mullen Receives Big $110M Funding for This Year.
Market News Daily – Mullen Receives Big $110M Funding for This Year.

Mullen Automotive (NASDAQ:MULN) 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.

MULN stock rose more than 5% on Monday.

The bullish news has investors excited to see shares rise again from this year’s low.

Mullen has agreed to issue Series D preferred stock and warrants to Esousa HoldingsAcuitas CapitalDavis-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. 

Mullen Automotive has also agreed to not enact a reverse stock split during the five days prior to each date.

Mullen to Receive an Additional $20 Million

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.

In addition, the notes “enumerate events of default, which include, but are not limited to, failure to pay principal and interest, breach of a covenant included in the Securities Purchase Agreement, bankruptcy and delisting of the Company’s common stock.”

In March, the company noted that it expected to receive $110 million in funding by June 1.

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.

Positive MULN Stock News

Mullen Automotive is testing new battery technology by Q4 of 2023.

“Solid-state battery technology will offer customers the longest range commercial EVs available today.

Mullen will begin testing solid-state polymer battery technology in test vehicles on US roads in Q4 2023,” the company said in an official press release.

Class 1 commercial EV cargo vans are going to be outfitted with Mullen’s solid-state polymer battery technology, increasing current range from 110 miles to more than 200 miles on a single charge.

We can expect to see other changes, or modifications requested at the end of the Menzies Aviation 60-day pilot program by Q4 2023 as well.

Some of which include increased seating capacity and additional windows for enhanced driver visibility.

Upon completion of these enhancements and finalization of contract terms, it is anticipated that these updated vehicles will be used by Menzies to expand its fleet globally.

Currently, the Mullen Class 1 EV cargo van features a 46-killowatt lithium-ion battery pack with a 110-mile range.

It is expected that the solid-state polymer technology will deliver more than 200 miles of range on a full charge for the Mullen Class 1 EV cargo van.

[stock_market_widget type=”chart” template=”basic” color=”#5679FF” assets=”MULN” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” display_currency_symbol=”true” api=”yf”]

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Market News Today - Mullen Receives Big $110M Funding for This Year.
Market News Today – Mullen Receives Big $110M Funding for This Year.

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Mullen Automotive to Test New Battery Tech This Year

Market News Daily - Mullen Automotive to Test New Battery Tech This Year.
Market News Daily – Mullen Automotive to Test New Battery Tech This Year.

Mullen Automotive (NASDAQ:MULN) is testing new battery technology by Q4 of 2023.

“Solid-state battery technology will offer customers the longest range commercial EVs available today.

Mullen will begin testing solid-state polymer battery technology in test vehicles on US roads in Q4 2023,” the company said in an official press release.

Class 1 commercial EV cargo vans are going to be outfitted with Mullen’s solid-state polymer battery technology, increasing current range from 110 miles to more than 200 miles on a single charge.

We can expect to see other changes, or modifications requested at the end of the Menzies Aviation 60-day pilot program by Q4 2023 as well.

Some of which include increased seating capacity and additional windows for enhanced driver visibility.

Upon completion of these enhancements and finalization of contract terms, it is anticipated that these updated vehicles will be used by Menzies to expand its fleet globally.

Currently, the Mullen Class 1 EV cargo van features a 46-killowatt lithium-ion battery pack with a 110-mile range.

It is expected that the solid-state polymer technology will deliver more than 200 miles of range on a full charge for the Mullen Class 1 EV cargo van.

In general, solid-state batteries offer higher energy density, faster charging time, smaller size, and better safety compared to traditional lithium-ion cells.

Statements from Mullen Automotive on New Battery Technology

Mullen Automotive new battery technology

“Electric vehicles for fleet applications are proven to reduce maintenance and operating costs,” said John Schwegman, chief commercial officer of Mullen Automotive.

“Offering a higher-range battery option at a similar cost structure would significantly increase the number of use cases and routes in which commercial customers could deploy EVs.”

“The Linghang Guochuang Holding Group Co., Ltd. partnership with Mullen brings next-generation LH solid-state battery technology to the forefront of vehicle production.

Our partnership accelerates the world’s use of solid-state polymer battery technology, not only on the vehicle level, but at all levels.

We are pleased to be the first company in the U.S. to implement LH solid-state polymer battery technology in a commercial vehicle in conjunction with Mullen Automotive,” said Yao Wang, general manager, new energy power business department, Linghang Guochuang Holding Group Co., Ltd.

“The continued development of solid-state polymer batteries into our portfolio of vehicles, starting with the Class 1 EV cargo van, demonstrates our continued commitment to improving battery efficiency and overall vehicle performance,” said David Michery, CEO and chairman of Mullen Automotive.

MULN stock fell more than -4% on Tuesday despite the positive development.

[stock_market_widget type=”chart” template=”basic” color=”#5679FF” assets=”MULN” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” display_currency_symbol=”true” api=”yf”]

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Market News Today - Mullen Automotive to Test New Battery Tech This Year.
Market News Today – Mullen Automotive to Test New Battery Tech This Year.

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