Nobody here even realizes that news came out 15 min ago.
Unfortunately it wasn't much of an update outside of the fact that David hints that the Fortune 500 company is a telecommunication carrier in the southeast.
Mullen Automotive Issues Update to Shareholders
06/23/22 8:30 AM
BREA, Calif., June 23, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announces an update for Mullen shareholders, including recent highlights and accomplishments for the Company, the Mullen FIVE and the Mullen EV Van programs.
“2022 has been an exceptional year for us so far; I am very proud of the immense effort by the Mullen team. Mullen has made significant progress in a number of key areas,” stated David Michery, CEO and chairman of Mullen Automotive.
Recent Highlights and Accomplishments
Mullen’s solid-state polymer battery cell was successfully tested for the second time at Battery Innovation Center (BIC) in Indiana. This follow-up testing from an accredited facility shows promise for solid-state polymer cell technology when scaled to the vehicle pack level and used in EVs.
Mullen delivered its first EV van under a pilot program to a telecommunications provider in the Southeastern part of the U.S. on May 12, 2022. The Company has requested certain van modifications in support of their anticipated use. The van has been picked up and is currently being modified to fit the specs required by the customer in anticipation of a vehicle purchase order, including an upgrade to an 80-kWh battery pack.
Mullen expects to join the Russell 2000® and 3000® Indexes on June 27, 2022, after the market opens, according to a preliminary list of additions posted by FTSE Russell on June 3, 2022. The Company’s stock will also be automatically added to the appropriate growth and value indexes.
Mullen reached an agreement, subject to approval by Company shareholders, to secure $275 million in additional funding for the Company. If shareholder approval is obtained, it is anticipated that a portion of the funding will be used for the EV Cargo Van Class 1-4 program, the FIVE EV Crossover and the FIVE RS high-performance vehicle program development.
Mullen’s partnership with LGG (Linghang Guochuang Group) is on track, with both parties jointly scaling solid-state polymer battery cell technology with the objective of moving from the individual cell level to the vehicle pack level. Solid-state polymer batteries are envisioned for the second generation of the Mullen FIVE EV Crossover.
Mullen began retrofitting the existing high-voltage facility in Monrovia, California, for the production of EV battery pack development to support the Mullen EV programs.
National “Strikingly Different” test drive tour event has been announced for fall 2022, and Mullen will visit over 15 cities across the U.S.
Development of the Mullen FIVE RS, a high-performance version of the Mullen FIVE EV Crossover, has commenced and will be joining the Mullen FIVE test-drive tour in early 2023.
