Mullen Automotive, Inc. announced that it has entered into a security purchase agreement to issue promissory notes for the aggregate gross proceeds of $20 million on April 4, 2023. The Promissory notes bear interest at a rate of 15% per annum, which increases to 20% per annum if payments under the Promissory notes are not paid when due. The principal and interest under the Promissory Notes is due and payable on April 17, 2023.