Introduction

In a period defined by environmental consciousness and endurable mobility, Mullen Automotive, Inc. (NASDAQ: MULN) emerged as a pioneering squad in the electric vehicle (EV) industry. With invention at its core and an unwavering obligation to deliver on promises, Mullen is shaping the landscape of EV manufacturing and transportation. As of November 2, 2023, Mullen CEO David Michery stakes a compelling update on the company's excellent achievements and visionary initiatives, redefining the road ahead for shareholders and lovers alike.

A Glimpse into Mullen's Accomplishments

Mullen Automotive's journey is a testament to its relentless goal of excellence and sustainability in the world of EVs. With a commitment to both shareholders and the environment, Mullen has attained incredible milestones since its last update on September 27, 2023.

Pioneering Exposition Excellence

Accelerating Up the Assembly Line- On November 1, 2023, Mullen took an important step forward by initiating the production of Class 1 cargo vans at the Tunica Assembly plant. This momentous achievement signifies Mullen's obligation to deliver high-quality EVs. What's more, the Environmental Protection Agency ("EPA") has given the green light, hinting at an imminent Credential of Conformity expected by November 3, 2023. With this milestone, Mullen is well on its way to achieving its ambitious marks, which include delivering 300 cargo vans in 2023 and an astounding 6,000 cargo vans in 2024.

Nasdaq's Vote of Confidence

Securing Our Nasdaq Listing - On October 26, 2023, Mullen Automotive received a resounding vote of confidence from the Nasdaq Hearings Panel, ensuring the company's continued listing on The Nasdaq Capital Market. This monumental approval comes with specific conditions, including retaining a closing bid price of $1 per share for 20 consecutive trading days by January 22, 2024. Mullen remains steadfast in its dedication to meet these requirements and is prepared to consider a reverse stock split only if necessary to retain its prestigious Nasdaq listing.

 Mullen's Vision

Mullen Automotive's vision expands beyond milestones and achievements. It is a commitment to driving the future of vehicle sustainably. The company is further bolstered by the recent appointment of Marianne McInerney as Chief Strategy Officer, who brings two decades of industry expertise to the team, paving the way for strategic growth and innovation in both commercial and consumer vehicles.

The company's journey is significant because of the attainment of federal recognition, with EPA certification for the Class 3 vehicle and IRS approval as a "qualified manufacturer," making Mullen's EVs eligible for up to $7,500 in federal EV tax credits. Mullen's devotion to transparency and shareholder rights is evident in its legal battle against alleged stock manipulation, striving to protect the rights of Mullen and its shareholders.

Mullen Automotive's commitment to its shareholders is not just in words but actions, as demonstrated through the share buyback program and strategies for a six-month extension. The delivery of Class 3 EV Cab Chassis Trucks to Randy Marion Automotive Group reinforces Mullen's position as a leader in the EV sector, with a promising future ahead.

Start of Manufacturing and EPA Certificate

One of the standout achievements is the commencement of manufacturing at the Tunica Assembly works on November 1, 2023, for Class 1 cargo vans. Mullen has received positive news from the Environmental Protection Agency ("EPA"), with expectations of their Certificate of Conformity arriving by November 3, 2023. This paves the way for Mullen to deliver 300 cargo vans in 2023 and a remarkable 6,000 cargo vans in 2024, aligning with their ambitious targets.

Nasdaq Listing Approval

Key Appointment

Federal Certification

Mullen achieved significant federal recognition with EPA certification for the Class 3 vehicle on September 22, 2023, and IRS approval as a "qualified manufacturer" on September 14, 2023. These approvals make Mullen's Class 3 vehicles eligible for up to $7,500 in federal EV tax credits, adding an extra incentive for potential customers.

Lawsuit Update

On, Mullen provided an update on a lawsuit filed in late August against TD Ameritrade, Charles Schwab, National Finance Services, and others. The lawsuit addresses alleged stock manipulation and unlawful stock trading practices, with Mullen's legal representatives expressing optimism about protecting the rights of Mullen and its shareholders. The company is committed to pursuing all available remedies to safeguard its interests.

Proxy Statement for Stockholders' Meeting

In a move to maintain a share price of at least $1, Mullen Automotive filed a preliminary proxy statement on October 19, 2023, with the SEC for a special stockholders' meeting on December 15, 2023. This meeting will authorize a potential reverse stock split of its common stock (1-for-2 to 1-for-100). The final split ratio will be determined by the board after stockholder approval, with the option to abandon or delay the reverse stock split if it's no longer in the company's or stockholders' best interests.

Share Buyback Program

Mullen's commitment to shareholders is evident through its buyback program. As of October 31, 2023, the company has repurchased 5.7 million shares of its common stock as part of a $25 million buyback program authorized through December 31, 2023. Mullen plans to extend this agenda for an additional six months, further demonstrating its dedication to its investors.

Strategic Partnerships and Future Goals

In conclusion

Mullen Automotive's latest developments and accomplishments are a testament to its determination and commitment to delivering on promises and pushing the boundaries in the electric vehicle enterprise. Shareholders can look forward to a luminous future as the company continues to break new ground and drive innovation in the EV market. Your support remains invaluable on this exciting journey with Mullen.