As soon as the street values the two latest Acquistions based on book value alone ..........we will return to 1.00 a share ihmo
"Recent Business Deals
In July, Mullen Automotive announced that it had signed a binding agreement with DelPack Logistics LLC, an Amazon Delivery Service Partner company, to purchase up to 600 “Class 2 Mullen One” electric cargo vans over the next 18 months. (Source: “Mullen Automotive Signs Binding Agreement With DelPack Logistics, LLC, an Amazon Delivery Services Partner, for Class 1 & 2 EV Cargo Vans,” Mullen Automotive Inc, July 11, 2022.)
Mullen Automotive could deliver the first 300 vans to DelPack Logistics by November 30.
In early September, Mullen Automotive announced that it took a 60% controlling interest in EV truck maker Bollinger Motors Inc. for $148.2 million. (Source: “Mullen Automotive Acquires Controlling Interest in EV Truck Innovator Bollinger Motors, Inc.” Mullen Automotive Inc, September 8, 2022.)
This is Mullen Automotive’s first acquisition of another EV company. The deal immediately puts class 3 to 6 medium-duty trucks plus “B1” and “B2” sports utility trucks into Mullen’s product line.ks.
The acquisition brings in nearly 50,000 reservations for B1 and B2 trucks
say hello to deferred revenue!!!!!!!!!!!
David Michery, Mullen Automotive Inc’s CEO and chairman, noted, “Combining Bollinger’s vehicles with our existing class 1 and class 2 EV cargo van programs gives us the chance to dominate the entire class 1-6 commercial light and medium duty truck segments.” (Source: Ibid.)
He continued, “In addition, Bollinger will be able to leverage Mullen’s solid-state battery technology, making their current vehicles even more competitive as our technology launches across the total portfolio of EVs from both Mullen and Bollinger.”
It didn’t take long for Mullen Automotive Inc’s acquisition of Bollinger Motors Inc to bear fruit.
On September 21, Bollinger Motors announced it had teamed up with Wabash National Corporation (NYSE:WNC), a leading truck body and trailer manufacturer, to develop a stronger, lighter, refrigerated truck body on an electric chassis. (Source: “Bollinger Motors and Wabash Announce Joint Development to Produce Last-Mile Refrigerated Delivery Electric Truck,” Mullen Automotive Inc, September 21, 2022.)
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