Mullen Automotive, Inc. announced that it has entered into security purchase agreement to issue non-convertible secured promissory note for an aggregate amount of $50,000,000 on December 18, 2023. The notes will bear interest at a rate of 10% per annum and will mature in April 1, 2024. The notes does not include any conversion rights.

The notes contains customary representations, warranties and covenants including among other things and subject to certain exceptions, covenants that restrict the company from incurring additional indebtedness other than certain Permitted Indebtedness.