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$MULN Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announces today that it has eliminated $17.5 million in company debt and reduced its overall indebtedness from more than $30 million last year to an estimated $11 million currently.
Mullen continues to strengthen its overall financial balance sheet with this recent elimination of $17.5 million dollars in company debt, which was associated with a secured convertible promissory note (the “Note”) executed on July 23, 2020, with DBI Lease Buyback Servicing LLC, an affiliate of Drawbridge Investments LLC ("Drawbridge"). This elimination of debt leaves Mullen in its best financial health in the Company’s history, with now less than an estimated $11 million left of outstanding indebtedness. This elimination of and reduction in debt is significant, considering the overall debt balance at the end of 2021 was over $30 million.

“We continue to make great progress on our overall company financial health,” said David Michery, CEO and chairman of Mullen Automotive. “This recent elimination of debt makes us financially stronger now, allowing the Company to maintain its focus on its various EV initiatives.”