Mullen Automotive, Inc. completed the acquisition of Certain Assets of Electric Last Mile Solutions, Inc. and Electric Last Mile, Inc.
November 29, 2022
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Mullen Automotive, Inc. (NasdaqCM:MULN) agreed to acquire Certain Assets of Electric Last Mile Solutions, Inc. and Electric Last Mile, Inc. on September 16, 2022. The transaction is valued at $105 million. Mullen Automotive is paying $55.0 million for certain assets of the Debtors, including a plant in Mishawaka, Indiana and assumption of the related land contract, all inventory and tangible personal property, customer and supplier information, and certain intellectual property rights plus the assumption of monetary liabilities related to assumed contracts, including the land contract, which are estimated to be approximately $37 million. The acquisition will be completed as an all-cash purchase, MullenÃs cash on hand and funding commitment of up to $240 million provides them with access of up to $275 million to close acquisition and fund vehicle. Mullen Automotive Inc. has secured $150 million in funding which will be used in part to close on its acquisition of Electric Last Mile Solutions in Michigan. The transaction is subject to approval by bankruptcy court. On October 13, 2022, the United States Bankruptcy Court for the District of Delaware issued an order approving the sale (Sale Order). The closing will take place within 30 days after entry of the Sale Order. Alan M. Root and James G. Smith of Archer & Greiner, P.C. acted as legal advisor to David W. Carickhoff. SSG Capital Advisors, LLC acted as financial advisor to David W. Carickhoff of Electric Last Mile Solutions, Inc. and its subsidiary, Electric Last Mile, Inc. Alfred T. Giuliano and Robert L. Edwards of Giuliano, Miller & Company, LLC, financial advisors to the Chapter 7 Trustee. Carl L. Grumer and Katherine J. Blair of Manatt of Phelps & Phillips, LLC acted as legal advisor to Mullen Automotive, Inc. Jeffrey C. Wisler of Connolly Gallagher LLP acted as legal advisor to to Mullen Automotive, Inc. Alison R. Weinberg-Fahey of Greenberg Traurig, LLP acted as legal advisor to Mullen Automotive, Inc.
Mullen Automotive, Inc. (NasdaqCM:MULN) completed the acquisition of Certain Assets of Electric Last Mile Solutions, Inc. and Electric Last Mile, Inc. on November 30, 2022.
Mullen Automotive Inc. is an automotive company building electric vehicles (EVs). The Company is building and delivering commercial trucks. It also has a portfolio of passenger vehicles in various stages of product development. The Companyâs segments include Bollinger and Mullen/ELMS. The Bollinger segment includes medium duty truck classes 4-6, along with the sport utility and pickup trucks EVs. The Mullen/ELMS segment builds Class one and Class three electric vehicles. Its EV development portfolio includes the Mullen FIVE EV Crossover, Mullen-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs and Bollinger Motors, which features both the B1 and B2 electric sport utility vehicle (SUV) trucks and Class 4-6 commercial offerings. The Mullen ONE van features specifications offering a fit for a variety of applications, including package delivery. The Mullen THREE is a Class three commercial electric vehicle targeting over 5,684 pounds of max payload.