Net Element (NASDAQ: NETE) is in the process of transforming its business model to become a pure-play electric vehicle (“EV”) manufacturer through a pending stock-for-stock reverse merger with privately-held Mullen Technologies Inc. Mullen today announced its intent to execute a long-term lease on an 820,000-square-foot facility located in Memphis, Tennessee. According to the update, Mullen, with the help of local and state incentives from the city of Memphis and the state of Tennessee, plans to create up to 800 jobs and deliver 100,000 vehicles over a five-year period, commencing in Q4 of 2023. Mullen’s 2P 6 SUV crossover (formerly MX-05) will be the first in its line of fully electric vehicles that will be manufactured at the facility. “Memphis moved the world when an alternative new sound known as rock ’n’ roll came from a recording studio on Union Avenue, and we continue to move the world by positioning Memphis to be considered as the new home to an alternative electric vehicle manufacturer in Mullen Technologies,” said Ted Townsend, chief economic development officer for the Greater Memphis Chamber. “This is only the beginning of fulfilling our promise to attract new businesses in innovative industry sectors that will bring good-paying jobs — 800 of them to be exact in this case — to the community. We will continue to aggressively seek this type of growth in advanced automotive manufacturing for Memphis and Shelby County, while at the same time continuing to pursue other industries that create good-paying, sustainable jobs.”
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About Net Element Inc.
Net Element operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise (“SME”) in the U.S. and selected emerging markets. On Aug. 5, 2020, Net Element announced the execution of a definitive agreement to merge with privately-held Mullen Technologies Inc., a Southern California-based electric vehicle company in a stock-for-stock reverse merger in which Mullen’s stockholders will receive a majority of the outstanding stock in the post-merger company (the “contemplated merger”). That contemplated merger is subject to customary closing conditions, regulatory approvals and shareholder approval for both companies. For additional information, visit www.NetElement.com.
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