Mullen Automotive Inc (MULN)

[dukeb]

It’s a terrible loan. Shareholders should hope he finds a way to avoid it.

Do the two statements below indicate that the loan is due 90 days after origination? Forgetting about the stated interest rate, the lender is getting paid back $ 50 million only 90 days after loaning the company $ 32 million ???

On December 18, 2023, Mullen entered into a Debt Agreement to issue a non-convertible secured promissory note (the “Note”) with a principal amount of $50 million, purchased for $32 million, reflecting an $18 million original issue discount.

It matures three months post-issuance.