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Thursday, October 6, 2022

Mullen Automotive, Inc. (NASDAQ: MULN) On the Move as CEO Says “Major, Major Fortune 500 Company” Coming in Q2, Cash Position Exceeding $65M

Mullen Automotive, Inc. (NASDAQ: MULN) is moving northbound with power after CEO David Michery said in during an appearance on a Benzinga YouTube show that an announcement is coming in Q2 on a “major, major Fortune 500 company” purchasing cargo vans. This comes days after Mullen reported it expects to report a cash position of more than $65M when it files its SEC form for the company’s fiscal second quarter ending March 31. Shares of MULN have been highly volatile since the Company went public in November 2021 via a stock-for-stock reverse merger with SPAC Net Element. The stock traded as high as $15.90 per share before months of decline fueled by an overzealous short selling campaign decimated the share price to lows of 0.52 creating one of the best and most exciting opportunities in small caps. 

Mullen has the potential to completely disrupt the EV battery space predicted to be worth $175.11 Billion by 2028. The Company partnered with NexTech to produce the much cheaper lithium-sulfur (Li-S) battery pouches that will power the company’s estimated production volume of 100,000 electric cars over the next five years. Apart from being a lot less expensive than comparable lithium-ion cells due to the relative ubiquity of elemental sulfur, these battery packs are also 60 percent lighter, boosting the overall range efficiency of Mullen Automotive’s EVs. The real breakthrough came recently when Mullen reported that recent testing of its a 300Ah solid-state battery cell offered results comparable to an EV range of over 600 miles on a 150-kWh battery pack and over 300 miles of range delivered in 18 minutes with DC fast charging. This represents a quantum leap over current lithium-ion battery systems and could on its own propel MULN to fantastic new highs. 

The Company’s CEO David Michery stated Mullen has conducted successful testing and will begin pack level development next. The test data collected shows an impressive outcome and future for solid-state batteries. To sum up, we tested our 300 Ah (ampere hour) cell which yielded 343 Ah at 4.3 volts, and the results surpassed all expectations. We can say with almost certainty that this technology, once implemented on the Mullen FIVE, will deliver over 600 miles of range on a full charge. The future is bright for Mullen Automotive.  

In the press release from March 28 Mullens recent history was highlighted: “On Nov. 5, 2021, Mullen began trading on the Nasdaq Capital Markets LLC (“Nasdaq”) under the new stock ticker symbol “MULN.” Since Mullen’s first quarter as a public company starting in Q4 ‘21, the Company has debuted two versions of the Mullen FIVE show cars and announced the purchase of a vehicle manufacturing facility in Tunica, Mississippi. As Q2 ‘22 draws to a close, Mullen is expecting to report over $65 million in cash and cash equivalents on hand for continued momentum and programs development. 

Mullen has recently announced a string of key partnerships with hofer powertrain, Comau, ARRK, Dürr and DSA Systems for EV powertrain, engineering, manufacturing, vehicle production systems and Over the Air (OTA) and vehicle system diagnostics, respectively. The Company expects these strategic developments to play a crucial role in bringing the EVs to market with the latest technology and in the least amount of time. 

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Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover, the Mullen ONE EV Fleet Vans and the DragonFLY Sports Car. The FIVE is built on an EV crossover skateboard platform that offers multiple powertrain configurations and trim levels in a svelte design that is “Strikingly DifferentTM” and exciting to experience in person. The Mullen FIVE was also named “Top Zero Emission SUV” as part of the ZEVA® Awards at the Los Angeles International Auto Show in November 2021, where it made its debut. The Company has also recently filed over 120 patents in 24 countries related to the Mullen FIVE. The Mullen ONE, coming to market in Q2 2022, will be available in two classes of electric vans and will be designed, manufactured and customized by Mullen at its Tunica, Mississippi, manufacturing facility. Learn more about Mullen’s EVs at MullenUSA.com. 

CEO David Michery stated: “We’ve made tremendous progress in key areas over the past three months. With the financing we received, we now have more than enough capital to execute on our commitments for 2022, including the start of the Mullen FIVE EV Crossover program and continued development on the Mullen ONE EV Cargo Van program. The Company’s balance sheet is the strongest it has ever been in our history.” 

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Microcapdialy first reported on MULN on April 13 when the stock was $1.35 per share stating at the time: “Mullen Automotive Inc (NASDAQ: MULN) is probably the most exciting story in small caps and the most explosive as the stock is sitting at just over $1 on massive volume and interest from Investors. MULN went public via a reverse merger with a blank check Company in November 2021 in a successful IPO which saw the stock rocket to highs of $16 shortly after going public. Since then, the stock has been subject to a massive short selling campaign that has decimated the share price of MULN to lows of 0.52 in February just before the Company reported that testing on its solid-state polymer cells reveals the potential for a 150-kilowatt-hour battery pack that delivers over 600-plus miles of range, a significant advancement over today’s current lithium-Ion batteries. The shorts may not have anticipated that many of the same traders involved in the Gamestop and AMC massive short squeezes would find MULN at $1 but they have and its game on now. The volume is incredible with MULN regularly trading between $100 million and $500 million in dollar volume and the Company has a total market valuation of just $47 million with at least 3.7 million shares MULN sold short already. We will be updating on MULN when more details emerge so make sure you are subscribed to Microcapdaily. 

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Disclosure: we hold no position in MULN either long or short and we have not been compensated for this article.

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