Mullen Automotive Inc (MULN)

[double_m]

...and has sold up to an additional $50 million of senior secured convertible notes to family offices and high net worth investors.

https://ih.advfn.com/stock-market/NASDAQ/mullen-automotive-MULN/stock-news/93846098/mullen-announces-150-million-financing-commitment
That $50M note was sold to Ault back in Dec '23 with a 3 month maturation period that ended at the beginning of Apr '24! That's the dilution we saw last month and earlier this month. Recent filings from Mullen purposefully fail to mention Ault's (Esousa Holdings) name. It took me almost an hour on the SEC website to find who this note was sold to.

On December 18, 2023, Mullen Automotive, Inc. (the “Company”) agreed to issue a non-convertible secured promissory note (the “Note”) that does
not include any stock, warrants or other securities (the “Debt Agreement”). The Note, which does not include any conversion rights, will provide additional
capital for the Company’s manufacturing operations. Pursuant to the Debt Agreement, the Company will issue a Note that will have an aggregate principal
amount of $50,000,000, for a total purchase price of $32,000,000, or an original issue discount of $18,000,000. The issuance of the non-convertible Note
contemplated by the Debt Agreement will occur on the later of: (i) January 1, 2024 or (ii) the first day on which the Nasdaq Stock Market is open for trading on which all conditions to closing of both parties under the Debt Agreement have been satisfied. The Debt Agreement contains customary representations,
warranties and covenants.
The Note will bear interest at a rate of 10% per annum (which interest rate is increased to 18% per annum immediately after the occurrence and
continuance of an Event of Default (as defined in the Note) and it will have a maturity date set as the date that is three months from its date of issuance. The Company's repayment obligations under the Note may be accelerated, at the holder’s election, upon the occurrence of certain customary events of default. In the event of a default and acceleration of the Company's obligations, the Company would be required to pay the principal amount of the Note, plus all accrued and unpaid interest, plus all other amounts, costs, or expenses due under the Note.

https://www.otcmarkets.com/filing/conv_pdf?id=17140759&guid=fVQ-k6bwuhw-B3h