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This stock could easily hit $50 when their merger deal is officially done. The current price is unbelievably low for the EV market for a company the size of Mullen.
More reporting on this move: Mullen Set to Rock 'n' Roll in Memphis
https://www.greencarstocks.com/newsarticle/?qmstory=6098641045318870
Also note that Mullen's latest form D filed with the SEC calls for them to raise an additional $50M in new capital. Previous one in December was $500M.
$NETE
This is huge: “Mullen raised equity of $3.5 million in 2020 and has received a commitment of more than $40 million in venture funding. To get the project to the next level. several key benchmarks are underway. Mullen is in the final stages of a merger with Net Element.”
Mullen raised equity of $3.5 million in 2020 and has received a commitment of more than $40 million in venture funding. To get the project to the next level. several key benchmarks are underway. Mullen is in the final stages of a merger with Net Element.
Huge news: Mullen Technologies: Memphis to become primary US manufacturing base for electric vehicles
https://wreg-com.cdn.ampproject.org/c/s/wreg.com/news/mullen-technologies-granted-40m-tax-incentive-to-build-electric-auto-assembly-plant-in-memphis/amp/
MEMPHIS, Tenn. — Mullen has announced Memphis will become its primary manufacturing base for electric vehicles in the United States.
The announcement was made early Thursday morning by the Memphis Chamber. The organization said Mullen plans to create up to 800 jobs and deliver approximately 100,000 electric vehicles in five years once they are set up and running.
WREG reported Wednesday those jobs will have an average pay of $53,000.
“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.”
Mullen said the plant will manufacture a fully electric version of the 2P6 SUV crossover (previously known as the MX-05). Those designs are being done in California now. Once complete, the Tunica facilty will begin building the prototype.
Meanwhile, Mullen will be making changes to the Memphis facility so they can hit the ground running to build the new vehicle once approved. The company said the first vehicle will be in the price range of $58,000 – $78,000.
Mullen plans to open their plant with the production of 5,000 vehicles in 2024 and expects to grow rapidly and produce 22,000 units with the sale of $2 billion by 2027.
The news comes just hours after the Economic Development Growth Engine for Memphis & Shelby County approved incentives to the California start-up company. On Wednesday, the EDGE board of directors approved a 15-year jobs PILOT tax incentive worth more than $40 million for Mullen Technologies.
“Our hiring methods will be no different from any other automaker,” said John Taylor, Vice President of Manufacturing. “You know all of the people that are on the Mullen team have over 25 years experience in automotive. We are not asking this skill set to be any different.”
Mullen said it had considered sites in California and Washington for the plant but said Memphis offered some advantages. These include the existing building in Memphis, the city’s central location in the U.S., and a nearby facility in Tunica, Mississippi that was vacated by GreenTech Automotive in 2017.
Last week, the company announced its purchase of the Tunica property and said it will immediately begin efforts to reestablish the facility to build and support Mullen’s platform of electric vehicles. Company officials said the jobs that will be available in Memphis are easily trained.
Mullen raised equity of $3.5 million in 2020 and has received a commitment of more than $40 million in venture funding. To get the project to the next level. several key benchmarks are underway. Mullen is in the final stages of a merger with Net Element.
EDGE said annual property taxes on the Winchester property for the city of Memphis and Shelby County will average about a million a year during the PILOT term and $2.6 million after that.
The Nike building has been vacant for about five years.
Hedge your bets with NETE. Late fees can sure add up.
News out!!
Net Element Releases Letter to Shareholders
Source: GlobeNewswire Inc.
via InvestorWire -- Net Element, Inc. (NASDAQ: NETE) (“Net Element” or the “Company”), today issues the following update on the pending merger with privately held Mullen Technologies, Inc. (“Mullen”), a Southern California-based electric vehicle (“EV”) company, in a stock-for-stock reverse merger in which, subject to the merger being consummated, Mullen’s stockholders will receive a majority of the outstanding stock in the post-merger Company.
Dear Fellow Shareholders,
Since announcing on Dec. 29, 2020, that the Company entered into the First Amendment (the “Amendment”) to Agreement and Plan of Merger dated as of Aug. 4, 2020 (the “Merger Agreement”), we have received a number of inquiries from shareholders requesting an update on the status of the Merger.
We would like to reassure our shareholders that we continue working diligently on the pending merger with Mullen as we combine financial results of both companies for the period ending Dec. 31, 2020.
As outlined in the Dec. 29, 2020, Amendment, the parties to the transaction agreed to extend the Outside Date referenced in the Merger Agreement to March 31, 2021. In addition, pursuant to the Amendment, the Company and Mullen agreed that, if the registration statement on Form S-4 (with the merger proxy statement included as part of the prospectus) was not filed with the U.S. Securities and Exchange Commission (the “SEC”) on or prior to Jan. 15, 2021, then Mullen would pay the Company an agreed sum of $13,333 per day (the “Late Fee”) until such registration statement (with the merger proxy statement included as part of the prospectus) is filed with the SEC. To date, the Company has recorded an aggregate of $653,317 in Late Fee income due from Mullen.
According to Mullen, the company continues to make great strides in its development while working on the contemplated merger.
Additional details regarding the merger, including the complete Merger Agreement, can be found in Net Element’s report on Form 8-K, which was filed with the Securities and Exchange Commission (SEC) on Aug. 5, 2020, and may be obtained from the SEC website at https://sec.report/CIK/0001499961.
Sincerely,
Oleg Firer
Executive Chairman
About Net Element
Net Element, Inc. (NASDAQ: NETE) operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise ("SME") in the U.S. and selected emerging markets. In the U.S., the Company aims to grow transactional revenue by innovating SME productivity services using various technology solutions and Aptito, the Company’s cloud-based, restaurant and retail point-of-sale solution. Internationally, Net Element's strategy is to leverage its omnichannel 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 and 2018 Technology Fast 500™. In 2017, the Company was recognized by South Florida Business Journal as one of 2016's fastest-growing technology companies. Further information is available at www.NetElement.com.
About Mullen Technologies
Mullen Technologies is a Southern California-based licensed electric vehicle manufacturer with international distribution that operates in various verticals of businesses focusing on the automotive industry: Mullen Automotive, Mullen Energy, Mullen Auto Sales, Mullen Funding Corp. and CarHub. Each of these divisions provides Mullen with diversity of different products and services within the automotive industry. For more information, please visit: www.MullenUSA.com.
Forward-Looking Statements
Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential" and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Net Element and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to, whether shareholders of the Company will vote to approve the merger and other transactions contemplated in the merger agreement that require Net Element’s shareholders’ approval; whether regulatory approvals to the contemplated transaction will be received; and whether all other conditions precedent to the transaction referenced in the merger agreement will materialize and, if so, whether shareholders of the Company will realize any benefit from the merger. Additional examples of such risks and uncertainties include, but are not limited to: (i) Net Element's ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed, including as required in one of the closing conditions of the merger agreement, and the risk of dilution to Net Element’s shareholders as a result of the transactions (including obtaining additional financing) contemplated in the merger agreement; (ii) Net Element's ability to maintain existing, and secure additional, contracts with users of its payment processing services; (iii) Net Element's ability to successfully expand in existing markets and enter new markets; (iv) Net Element's ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Net Element's business; (viii) changes in government licensing and regulation that may adversely affect Net Element's business; (ix) the risk that changes in consumer behavior could adversely affect Net Element's business; (x) Net Element's ability to protect its intellectual property; (xi) local, industry and general business and economic conditions; and (xii) adverse effects of potentially deteriorating U.S.-Russia relations, including, without limitation, over a conflict related to Ukraine, including a risk of further U.S. government sanctions or other legal restrictions on U.S. businesses doing business in Russia. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Net Element with the Securities and Exchange Commission. Net Element anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Net Element assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.
Contact:
Net Element, Inc.
+1 (786) 923-0502
www.netelement.com
Media@NetElement.com
Haha .. less a day we got a better info about their reverse merger progress. And sounds like Mullen is a nice one to hold after merger for us, i mean NETE holders.
Couldn’t hold, Ofcourse. Mulllen news without the finalized merger can only do so much
Why could be holding it up so long? Wasn’t it originally supposed to close last year? Then Jan, then Feb 15th and now end of March?
This news is really huge for Mullen. This chops at least two years out of the timeline for them to get to full scale production. Mullen is positioning themselves nicely to be one of the lead players in the EV world.
$NETE
Mullen needs to put a ring on it.
Still dating. Oleg just flirted with the new Mullen/NETE battery news on Monday on his LinkedIn.
How come no news for long time ??? Are they still want to be together or no more dating ???
After a one-month long hiatus, Net Elements posted another Mullen news on LinkedIn. We are getting really close.
https://www.greencarstocks.com/greencarnewsbreaks/greencarnewsbreaks-net-element-inc-nasdaq-nete-mullen-technologies-enter-strategic-partnership-with-nextech-batteries/
Tesla been taking a huge hit and of course all other EV stocks follow suit
Has turned into a freakin joke at this point
Agreed. Oleg’s LinkedIn post a few weeks ago made it seem like it’s a done deal with his EV graphic that he shared, but I read one article that said the deal is expected to close by first half of 2021. That’s a pretty wide net for a deal that was supposed to be done by Q3 2020. For obvious reasons, would love to see them finally close this in the coming weeks, but we might still be months away. Hard to say at this point.
I would Think so, but in the meantime the price is cratering! I just Don’t get why they wouldn’t put out some sort of PR that at-least gives shareholders some comfort... most shareholders prob aren’t holding for their payment business if the Mullen deal falls through. Im def not.
It’s gotta be pretty soon at this point, no?
I find It pretty baffling that we have heard nothing from this company at all in so long.... makes no sense
They already had an 8k saying it would be collected. They don't need another one to say they did.
I wonder if they had to 8K the collection of the money since it is now in affect? Its a material event related to the merger. I would think they should have to update shareholders in that regard that they did in fact receive the money. If not was it because the transaction is closing and it was waived?
I guess it will be counted as a source of income on their balance sheet. It won’t have any direct influence on shareholders. JMO
SF, do you have any inkling the S4 deadline filing "fine" imposed on Mullen after Jan 15, 2021? More specifically, will that money be staying with current net element shareholders to give us a slightly larger piece of the EV company or will that money be going with Mr Firer and the payment processing business after divestiture?
Wonder if Zonin left them anything good in the 'fridge.
$NETE
Saw that on sunbiz the other day too. WHEELS churning.
FWIW, last month, Net Element and all of its subsidiaries, TOT, Aptito etc. changed their business address from Suite 705 to 606 at 3363 NE 163rd Street in North Miami Beach. The Suite 606 used to be Zonin USA, a global Italian wine company’s headquarters. Then they moved out of this building and relocated to Aventura in Dec. Last year.
The issue is at Mullen. My guess is accounting irregularities. After all, they are basically a car dealer. Having been one, I can tell you from experience that honesty is not a required trait. Reason I got out.
$NETE
I’ve been trying to read back through posts, but what’s the hold up at this point then if you think this a done deal? They were originally supposed to close this thing back in Q3 of 2020
No reason for Mullen to file a form D with the SEC as a private company unless this deal was done as far as I'm concerned.
Mullen just put out a new form D. They are selling $50M worth of securities.
$NETE
Very interesting comment from Oleg Firer on this Mullen merger:
While Net Element’s segue into the electric vehicles space demonstrates remarkable foresight given the growth prospects attributed to the sector, it does not come without its own inherent challenges – ensuring corporate management ‘buy-in’ may be just as critical as a sector’s long-term potential, according to CEO Oleg Firer.
“Being a chief executive in business is very similar to being a diplomat,” Firer noted. “Managing a business in today’s environment requires constant negotiations at the executive levels and diplomatic approach to mid-management. One of my favorite diplomatic approaches to management is an ability to promote and seed an idea or a solution within, where your colleagues begin to believe in it as much as they begin present and solicit this idea or solutions rest of the group.”
https://www.greencarstocks.com/net-element-inc-nasdaq-nete-prepares-for-life-in-the-fast-lane-as-it-prepares-to-shift-into-electric-vehicle-space/
The value for Mullen is that it is cheaper, easier, and takes much less time to get listed on NASDAQ by doing a reverse merger with a company that has already done it than to start at the beginning.
$NETE
They dont need the name and business of NETE then why they merger it ? The merger i think is good because current EV industry is very hot and should benefit both shareholders. Holding shares after merger will become double is great and most important is that its EV potential.
After the merger you will have one public company trading on NASDAQ called Mullen Technologies. By that time the Net Element payment processing business will have been sold to someone else. They will probably change the ticker to something other than NETE.
Also note that your NETE shares will be traded in for shares in the new company. The exact amount will be determined by a formula based on share price at the time of closing the merger. Very roughly you will get two shares of Mullen stock for each share of NETE stock that you owned.
$NETE
So after merger their new identity will be NETE ? if so we will have both companies by holding NETE shares, sounds good !
I thought some thing are good for them to sell EVs.
Why would they need Nete if they were already a public company??
Mullen was private, before announcement of R/M into NETE. Mullen's USA HQ in Brea, California ... Northern Orange County.
Is Mullen a private company ? thought it was OTC company.
Out again for the Nth time, this has been a ride of a lifetime over the past few years. If it falls back to the $12 range then back in, maybe, but I dont like when things get topsy, could this go back to $20 and beyond of course it could but simply not worth the risk based on the pattern, everything is risk / reward
Former Tesla Lead for Advanced Manufacturing Group Joins Mullen Automotive as VP of EV Manufacturing
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