Net Element (NASDAQ: NETE) is a financial technology company in the process of transforming its business model to become a pure-play electric vehicle (“EV”) manufacturer through a pending merger with privately held Mullen Technologies Inc. Mullen recently executed a nonbinding Letter of Intent (“LOI”) with Unlimited Electrical Contractors Corp (“UEC”), a premiere electrical contractor based in Pompano Beach, Florida. The LOI outlines agreements for the purchase of up to 10,000 of Mullen’s MX-05 electric vehicles (“EVs”), with an initial purchase order of 1,500 MX-05s, valued at an estimated $75 million. The LOI states that UEC may order an additional 8,500 vehicles by 2025. UEC is working toward being the first electrical contractor with an all-electric service fleet. The agreement is for a modified variant of the MX-05, an electric crossover SUV based on a skateboard EV platform and a unibody frame available in either a single or dual electric motor configuration. “We’re very excited to work with UEC and are very fortunate that they see the value in Mullen and the MX-05 for their business,” said Mullen Technologies CEO and Chairman David Michery in the press release. “UEC’s order is the first of many commercial fleet relationships we are currently working on. The skateboard platform and low center of gravity of the MX-05 allows us to easily configure the vehicle for many different types of commercial trade use.”
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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. 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”). The 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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