Mullen Automotive Inc (MULN)

[I-Glow]

This is the Mullen if you are so excited about GM post on that board.

But the news today is played as Michery has been pumping loans for years.

From Michery - "Results from a comprehensive 6-month EV market exploration study and conceptual benchmark test indicate that the Mullen FIVE is conceptually highly competitive with the Tesla Model Y and Ford Mach-E. Results will support Mullen’s U.S. Department of Energy’s ATVM Loan Application for $450M."

That didn't workout very well.

But there is more:

"In January 2024, Mullen Automotive, Inc. (MULN) requested a $50 million loan from the U.S. Department of Energy's Advanced Technology Vehicles Manufacturing (ATVM) loan program to support its expansion into domestic battery manufacturing. The company also submitted a concept paper to the Department of Energy for $50 million in grant funding for its battery initiatives. The grant would support capital investment for plant equipment and tooling."

So Mullen has applied to the DOE for loans totaling $550 Million and received nothing.

Tesla received $457 Million in loans from the DOE under the ATVM program.

Michery issued a press release about - "an additional $50 million of senior secured convertible notes" - and there isn't any details on the terms of the conversion.

IG