"Recent Company Updates.
The following updates are provided on recent business and other activities, many of which were published earlier today:
MGT Lease Company (“MGT”), a national fleet sales and leasing provider, previously took delivery of Mullen EV Cargo Vans on March 30, 2023. The Company subsequently signed a vehicle purchase agreement, as announced on May 11, 2023, for 250 all-electric commercial Class 3 Cab Chassis EV Trucks. The contract is valued at $15.8 million and MGT expects to take possession of the vehicles between August and December of this year. All vehicle orders will be fulfilled through Randy Marion Automotive Group, a distributor of Mullen’s commercial EVs.
To-date, the Company has received $279 million in purchase orders for Mullen Class 1 and Class 3 EV Vans and Trucks from Randy Marion Automotive Group, a distributor of Mullen’s commercial EVs. Randy Marion Automotive Group is based in North Carolina and is one of the largest commercial vehicle dealer groups in the U.S.
On April 18th, 2023, the company announced formation of Mullen Advanced Energy Operations (“MAEO”), a collaboration with Global EV Technology, Inc. (“Global”) with initial development focused on improving energy management technology in electric vehicles for greater range and vehicle performance. Global EV Technology, Inc. provided test results from Element Materials Technology that were purchased by Hardge Global Technologies, LLC with a report date of May14, 2021. The results of this test on the Chevrolet Bolt electric vehicle, showed an average increased battery capacity of 38.2%. On January 20th, 2023, Energy Management Module (“EMM”) technology was also tested by Hardge and Mullen engineers on the Company’s EV Cargo Van at its Troy, Michigan facility with testing results showing an increased battery capacity of 44%.
Mullen Automotive had approximately $116.1 million of cash available for operations as of April 30, 2023.
Among the major milestones achieved during this quarter was the successful execution of Mullen's plan to deliver EV Cargo Vans to commercial customers before the end of March 2023. The first batch of EV Cargo Vans was fulfilled by Randy Marion Group to The University of North Carolina at Charlotte and MGT Lease Company in North Carolina, marking a significant step towards Mullen's goal of providing sustainable transportation solutions to businesses.
In April, we had the successful completion of a 60-day pilot program in collaboration with Loop Global and Menzies Aviation for deployment of electric vehicles and charging infrastructure at Los Angeles International Airport (LAX).
The Company effected a 1-for-25 reverse stock split of its common stock effective on May 4, 2023. Mullen’s Common Stock continues to trade on The Nasdaq Capital Market (“Nasdaq”) under the existing symbol “MULN” and began trading on a split-adjusted basis when the market opened on May 4, 2023.
The reverse stock split was primarily intended to bring the Company into compliance with the $1.00 minimum bid price requirement for maintaining its listing on Nasdaq. There is no guarantee the Company will meet the minimum bid price requirement going forward.
"We are pleased with the accomplishments and progress made during our fiscal second quarter of 2023," said CEO David Michery. "Mullen remains committed to delivering innovative and sustainable transportation solutions to our customers, and these achievements reflect our dedication to advancing the EV industry and driving meaningful growth for our company." Michery continued, “With a solid financial position, a robust product lineup, and strong strategic partnerships, Mullen is well-positioned to continue its trajectory and deliver cutting-edge EVs to the market.” "
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