Mullen is now in position to fund and close on ELMS assets and complete engineering, preparation and launch of EVs.
“We are excited to announce today that we have the funding in place to close on the ELMS asset acquisition,” said David Michery, CEO and chairman of
ELMS assets include:
- The factory in
Mishawaka, Indiana , providing Mullen with the capability to produce up to 50,000 vehicles per year - All Intellectual Property, including all manufacturing data that is required for the assembly of the Class 1 van and Class 3 Cab Chassis
- All inventory including finished and unfinished vehicles, part modules, component parts, raw materials, tooling
- All property including equipment, machinery, supplies, computer hardware, software, communication equipment, data networks and all other data storage
“The completion of this acquisition brings together the critical enablers for our business strategy. With our Mullen, Bollinger and ELMS assets, as well as our plants, we are now in a unique position to be a leader in the new EV auto market,” said Michery.
About Mullen
Forward-Looking Statements
Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential" and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include but are not limited to when the ELMS closing will occur, whether the closing will result in accelerating the Company’s programs and production, whether the funding terms and the closing on ELMS assets will result in positive outcomes for shareholders. Further examples of such risks and uncertainties include but are not limited to: (i) Mullen’s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen’s ability to successfully expand in existing markets and enter new markets; (iv) Mullen’s ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Mullen’s business; (viii) changes in government licensing and regulation that may adversely affect Mullen’s business; (ix) the risk that changes in consumer behavior could adversely affect Mullen’s business; (x) Mullen’s ability to protect its intellectual property; and (xi) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the
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Attachment
- Mishawaka Indiana Plant is part of Mullen’s acquisition of ELMS assets
Mishawaka Indiana Plant is part of Mullen’s acquisition of ELMS assets
Mishawaka Plant will produce the Mullen FIVE and Bollinger B1 and B2.
2022 GlobeNewswire, Inc., source