Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has eliminated $17.5 million in company debt, resulting in a reduction of debt from more than $30 million last year to an estimated $11 million currently. The eliminated debt was related to a secured convertible promissory note with DBI Lease Buyback Servicing LLC, an affiliate of Drawbridge Investments LLC. The announcement noted that the company is committed to strengthening its overall financial balance sheet and currently is in the best financial health in its history. “We continue to make great progress on our overall company financial health,” said Mullen Automotive CEO and chair David Michery in the press release. “This recent elimination of debt makes us financially stronger now, allowing the company to maintain its focus on its various EV initiatives.”
To view the full press release, visit https://nnw.fm/iuCaI
About Mullen Automotive Inc.
Mullen is a southern California-based automotive company that owns and partners with several synergistic businesses working toward the unified goal of creating clean and scalable energy solutions. Mullen has evolved over the past decade in sync with consumers and technology trends. Today, the company is working diligently to provide exciting EV options built entirely in the United States and made to fit perfectly into the American consumer’s life. Mullen strives to make EVs more accessible than ever by building an end-to-end ecosystem that takes care of all aspects of EV ownership. To learn more about the company, visit www.MullenUSA.com.
NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://nnw.fm/MULN
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
To receive SMS text alerts from NetworkNewsWire, text “STOCKS” to 77948 (U.S. Mobile Phones Only)
For more information please visit https://www.NetworkNewsWire.com
NetworkNewsWire is part of the InvestorBrandNetwork