On March 8, 2022, Mullen Automotive Inc. (the “Company”) filed a Certificate of Amendment to its Second Amended and Restated Certificate of Incorporation (the “Amended Charter”) in order to (i) amend the Certificate to terminate the right of the holders of the Company’s Series A Preferred Stock, par value $0.001 per share (“Series A Preferred”) to cast 1,000 votes for each share of Series A Preferred beneficially held by such holders on November 5, 2024, after which date the holders will be entitled to one vote for each share of Series A Preferred beneficially owned; (ii) modify the liquidation preference of the Series A Preferred resulting in an increase in the liquidation preference of the Series A Preferred from $0.10 per share to $1.29 per share; and (iii) to modify the liquidation preference of each of the Company’s Series B Preferred Stock, par value $0.001 per share, and Series C Preferred Stock, par value $0.001 per share, resulting in an increase in the Series B and Series C Original Issue Prices, as defined in the Certificate, from $0.6877 per share to $8.84 per share. The Amended Charter was previously approved by the written consent of the majority of the stockholders of Company.
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