Mullen Series D Holders Exercise Final $100M Investment Option Prior To June 30, 2023, Expiration
Portfolio Pulse from Happy Mohamed
Mullen Automotive (NASDAQ:MULN) announced that its Series D investors exercised their final option for $100 million, bringing the company's cash and cash equivalents to over $235 million. This comes after Mullen spent $253 million on acquisitions, including majority ownership in Bollinger Motors and assets related to Electric Last Mile Solutions (ELMS).
June 27, 2023 | 12:16 pm
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POSITIVE IMPACT
Mullen Automotive's cash position has been strengthened by $100 million from Series D investors, totaling over $235 million after recent acquisitions.
The exercise of the final option by Series D investors has provided Mullen Automotive with an additional $100 million in funding, putting the company in a strong financial position. This is likely to have a positive impact on the stock price in the short term as it demonstrates investor confidence and provides the company with ample resources to continue its operations and growth.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100