Net Element (NASDAQ: NETE), a financial technology company in the process of becoming a pure-play electric vehicle (“EV”) manufacturer through a pending definitive agreement with privately held Mullen Automotive Inc., has shared key updates with shareholders. Earlier this year, the company purchased more than 100 acres along with a 120,000-square-foot facility, which will become the company’s Advanced Engineering and Manufacturing Center and Proving Grounds (“AMEC”); the property is located in Tunica, Mississippi. The company intends to construct a 700,000-square-foot body shop, paint shop, warehouse and test track to complete an automotive campus with more than 820,000 square feet of building space and the capacity to produce an estimated 100,000 vehicles annually. The company has also hired key personnel, including Trey Agner as director of operations and Jerry Baker as production manager; the two will oversee work on the AMEC campus. The company also noted that Mullen has been fine-tuning the design, material selections and vehicle build for its FIVE Crossover EV, which will be unveiled later this year. In addition, NETE has been notified that the registration statement on Form S-4 (File No. 333-256166) was declared effective by the U.S. Securities and Exchange Commission (“SEC”). The statement is concerning NETE’s proposed merger with Mullen, a privately held EV company based in Southern California. The next step forward for the planned merger will be the Special Meeting of Net Element stockholders, scheduled for Aug. 26, 2021, at 11 a.m. ET. “I’m very grateful for all the hard work the Mullen team has put into filing the recently cleared S4, which represents a significant milestone in merging with Net Element,” said Mullen CEO and chair David Michery in the press release. “I look forward to a successful transition with NETE and congratulate their team for making this happen. Our focus continues on our EV efforts, and we are looking forward to debuting our first EV crossover, the Mullen FIVE.”
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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 United States and selected emerging markets. In the United States, the company aims to grow transactional revenue by innovating SME productivity services using blockchain technology solutions and Aptito, its cloud-based, restaurant and retail point-of-sale solution. Internationally, Net Element’s strategy is to leverage its omni-channel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions. Net Element was ranked as one of the fastest-growing companies in North America on Deloitte’s 2017 Technology Fast 500(TM) and by “South Florida Business Journal” as one of 2016’s fastest-growing technology companies. For additional information about the company, visit www.NetElement.com.
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