Mullen Has Received A $100M Financing Commitment From A Family Office; Sold Up To $50M Of Senior Secured Convertible Notes To Family Offices For A Total Of $150M To Allow Mullen And Bollinger To Operate And Expand Domestic And International Commercial Sales Efforts
Portfolio Pulse from Benzinga Newsdesk
Mullen Automotive, Inc. (MULN) has secured a $150 million financing package, comprising a $100 million commitment from a family office and $50 million in senior secured convertible notes sold to family offices and high net worth investors. This funding will support Mullen and Bollinger Motors' operations and expansion of domestic and international commercial sales efforts for the next 13 months, including the production of the Bollinger Motors B4 vehicle.
May 14, 2024 | 1:17 pm
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Mullen Automotive's $150 million financing deal ensures operational and expansion funding for the next 13 months, including for Bollinger Motors B4 production, signaling strong financial health and growth prospects.
The financing deal directly impacts Mullen Automotive by providing the necessary capital to meet its operational needs and fund its expansion plans, including the production of the Bollinger Motors B4 vehicle. This influx of capital is likely to be viewed positively by investors, as it alleviates short-term financial concerns and supports the company's growth initiatives in the electric vehicle market.
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