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I bet They all end up getting forgiven if the merger ever actually happens
Now all we need are the Mullen payments to hit revenue.
On May 9, 2021, the Company received a notification from the Lender that the SBA approved the Company’s PPP Loan forgiveness application for the entire PPP Loan balance of $491,492 and that the remaining PPP Loan balance is zero.
Another $65k in NETE’s pocket this week
I disagree. No way they go this long and then blow it up.
I imagine we see proxy’s in the next week or two.
Agreed. I don't know any more than you do but I expect this is the last extension. And I bet they don't use it all.
$NETE
They must be close, otherwise, they wouldn’t keep doing this month-by-month extension.
Certainly possible but I think they will eventually get it done. Why? Because they have not dumped it already. JMO
$NETE
What a surprise....
8k out. Agreement extended to May 31
If you read the 8k for the first extension it says there may be more. That gets them off the hook to put out more 8ks for subsequent extensions.
$NETE
Well the annual was due on 3/31. So that makes sense. They would be waiting two weeks to notify shareholders. I don’t think they can get away with that. But who knows. It’s obvious Mullen legal and accounting are dragging their feet.
They announced the extension from 3/31 to 4/30 in the annual report without an 8K. Maybe they will do the same thing again.
It should be 8k’d because it was a material event not met.
They will announce another extension in 10Q due 5/15.
One of the strangest mergers I’ve followed, not that I follow too many. Deadline extension after extension after extension.
NETE piling up those daily late fees.
Most likely. There is no reason to announce the deal so close to the deadline. If it was done, I think it would have been out.
$1 million question coming. Are we going to see another merger close extension?
April 30th is a week away
Per the 8k that was filed at the end of December Mullen has to pay up on the 5th of each month, so NETE has collected more than $1 mil in cash.
$NETE
Hmmm. wonder if they collected any of that or if it's just a paper shuffle at the commencing of the merger?
Reason being that big T-trade at RXMD last week clearing up debt... Not saying Oleg did that but it literally wouldn't have been any expense to him to clear that debt with this payment. Anything is possible although that's asking alot.
The daily fine clock ($13,333) has been ticking on this since January 15th. Back of the envelope math we're just shy of 1.3 mil in fines...
2022, here we come!
Mullen/NETE ever going to complete this merger?
But its just a *rumor right?
Lol
Think about it. Oleg at NETE wants to sell the payment processing business to Oleg at RXMD, so Oleg at Star Capital Funds invests in RXMD (on his terms) which allows Oleg at RXMD to pay Oleg at NETE. I don't know if anyone else wins but Oleg wins three times. Almost makes me wish my name was Oleg.
$NETE
Goodness will take that! LOL
Some time back I had heard the rumor that Star Capital Funds was ready to invest $50M in $RXMD. Oleg is on their BOD. Per their website they have $1.1T to invest.
$RXMD
Thats why they make the big bucks TRUTH
It will be mostly shares not cash
Shit will never end...
I’m hopeful... also hopeful it won’t take a stupid amount of money to acquire it if that is what happens
It never made money because they are a stand alone payments company
Stick it in a company that can use it to lower expenses and develop long term business from existing clients like Hospitals etc
You see why
I was reading through their 10-K and it looks like the deadline was pushed to April 30th now
I atill Don’t get why we would want a payment business that has never made money...
No news is good news. If there’s no change to today’s deadline, then there’s really no need for them to release any news today.
Guess we’ll find out tomorrow?
https://www.benzinga.com/m-a/21/03/20345856/correction-net-element-recently-amended-to-extend-outside-date-for-merger-with-mullen-technologies-t
So can they get the deal done by 3/31?
However, Mullen racked up more than $653,317 in late fees payable to Net Element because of its delay in filing a registration statement with the U.S. Securities and Exchange Commission, according to a letter to Net Element shareholders.
https://www.spokesman.com/stories/2021/mar/22/mullen-technologies-future-in-spokane-uncertain-as/
Official News Release out on Tennessee
Mullen Set to Rock 'n' Roll in Memphis Memphis, Tennessee, to Become US Manufacturing Hub for Mullen's EVs BREA, Calif., March 19, 2021 (GLOBE NEWSWIRE) -- via InvestorWire -- Mullen Technologies Inc. ("Mullen" or the "Company"), an emerging electric vehicle ("EV") manufacturer, which previously announced a definitive agreement to merge with Net Element, Inc. (NASDAQ: NETE) 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, announces its intent to execute a long-term lease on an 820,000-square-foot facility in Memphis, Tennessee. With the help of local and state incentives from the city of Memphis and the state of Tennessee, respectively, Mullen plans to create up to 800 jobs and deliver 100,000 vehicles over a five-year period, commencing in Q4 of 2023. The 2P(6) SUV crossover (formerly MX-05) will be the first in Mullen's line of fully electric vehicles that will be manufactured at this facility. Mullen is currently working on midstage design efforts for the 2P(6) in Southern California. Once completed, Mullen will begin building prototype vehicles in its newly acquired facility in Tunica, Mississippi, for initial engineering development and certification. Simultaneously, Mullen will spend the next 33 months creating the necessary infrastructure and installing the required machinery and equipment for the Memphis facility to support large-scale EV production. "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." "Tennessee Valley Authority (TVA) and Memphis Light, Gas & Water (MLGW) congratulate Mullen Technologies on the decision to locate its new electric vehicle operations in Memphis. Attracting quality jobs and investment from innovative companies like Mullen is central to TVA's mission to serve the people of the Valley. We are proud to partner with EDGE, City of Memphis, Shelby County and the Memphis Chamber to help further that mission and support economic growth in the region," said John Bradley, TVA senior vice president of economic development. "Memphis' location makes it a primary logistical hub for distribution throughout the U.S. and will provide Mullen with key strategic advantages. The local and state-level administrations are both fully supportive of our manufacturing plan and are showcasing their commitment with significant financial incentives that will help us grow along with the city and state over the next decade," said John Taylor, VP of Manufacturing for Mullen. "Shelby County is the home of hard work and innovation, and we are open for business. We are excited about the substantial announcement that Mullen Technologies is considering Memphis as the location for their electric vehicle manufacturing operation. We would be honored to welcome Mullen Technologies and hundreds of quality jobs to our community," said Lee Harris, mayor of Shelby County. "Having a project of this magnitude and in the electric vehicle industry is extremely exciting for Memphis," said Mayor Jim Strickland. "I'm looking forward to working with the Mullen Technologies team to make this project happen and bring more good-paying jobs to our city." "Our Tunica and Memphis facility arrives at a very important time for Mullen," said David Michery, CEO and chairman of Mullen Technologies. "Our pilot facility in Monrovia, California, has now been moved to Tunica, Mississippi. Tunica is more cost-effective and efficient, with close proximity to Memphis. Ultimately, this will produce significant savings in time and money." "The Memphis factory provides us with the necessary manufacturing footprint to take Mullen to the next level while also helping us create an economic powerhouse in the region. This is a critical point for us and will be very mutually beneficial for Mullen, Memphis and the state of Tennessee," Michery added. On March 11, 2021, Mullen announced the purchase of a facility located 50 miles away from Memphis, Tennessee, in Tunica, Mississippi, which will provide advanced engineering and manufacturing capabilities. Both facilities will support Mullen's manufacturing requirements for the next 10-plus years.
About Mullen Technologies: Mullen Technologies is a Southern California-based licensed vehicle manufacturer that operates in various verticals, focusing on the automotive industry: Mullen Automotive, Mullen Energy, Mullen Auto Sales, Mullen Funding Corp. and CarHub. Each of these divisions provides Mullen with a diversity of products and services within the automotive industry. For more information, please visit: www.MullenUSA.com. Forward-Looking Statements: This press release contains "forward-looking statements." Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar expressions, as well as statements in future tense, often signify forward-looking statements. These forward-looking statements include, without limitation, statements relating to the proposed production date of the MX-05 midsize and perceived advantages and future deployment of the solid-state polymer battery technology. These forward-looking statements are, by their nature, subject to significant risks and uncertainties. Forward-looking statements should not be read as a guarantee of future performance or results and may not be accurate indications of when such performance or results will be achieved. Forward-looking statements are based on information that the Company has when those statements are made or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements, including any changes in the laws, rules and regulations relating to any aspects of the Company's business operations; general economic, market and business conditions, including capital market developments; the actions and developments of the Company's competitors and the effects of competition in the EV industry on the demand for, and price of, the Company's current and proposed products and services; various business opportunities that the Company; and factors beyond the Company's control. As a result of these and other risks, uncertainties and assumptions, forward-looking events and circumstances discussed herein might not occur in the way the Company expects, or at all. Accordingly, you should not place reliance on any forward-looking information or statements. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise. All forward-looking statements herein are qualified by reference to the cautionary statements set forth in this section. Corporate Communications: InvestorBrandNetwork (IBN) Los Angeles, California www.InvestorBrandNetwork.com 310.299.1717 Office Editor@InvestorBrandNetwork.com Attachment -- Memphis, Tennessee (END) Dow Jones Newswires March 19, 2021 12:16 ET (16:16 GMT) Story ID: 20210319SN008925 Keywords: COMPANY NEWS, DOW JONES CONTENT SET SN, PRESS RELEASE WIRES, GRAND CENTRAL ASSET CLASS EQUITIES, NEW PRODUCTS & SERVICES, GLOBENEWSWIRE, INTERNET, SIGNIFICANT STORY, TECHNOLOGY Symbols: NETE
Ok thank you. I will check that out.
Go to the streamer button, click on , then search NETE. When it opens click on trades, there you will see each trade and time.
Ok. I’ve been following the company for a few weeks but don’t usually follow the daily trading closely. I did open a small position today so fine by me.
There is aftermarket trading up to 5:00 pm.
Hmmm I wonder what that’s all about?
Correction $13.15
TD now shows a closing price of 13.00. Is that after hours action? Have many shares were traded?
Yeah I’m laughing because we think rx is a steal. But this is a home run too. Gotta love it SF. We are long over due for some fun.
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