Mullen Eliminates $17.5 Million in Company Debt; The Company has reduced its indebtedness from more than $30 million last year to an estimated $11 million.

BREA, Calif - Mullen Automotive, Inc. (NASDAQ: MULN) ('Mullen' or the 'Company'), an emerging electric vehicle ('EV') manufacturer, announces today that it has eliminated $17.5 million in company debt and reduced its overall indebtedness from more than $30 million last year to an estimated $11 million currently.

Mullen continues to strengthen its overall financial balance sheet with this recent elimination of $17.5 million dollars in company debt, which was associated with a secured convertible promissory note (the 'Note') executed on July 23, 2020, with DBI Lease Buyback Servicing LLC, an affiliate of Drawbridge Investments LLC ('Drawbridge'). This elimination of debt leaves Mullen in its best financial health in the Company's history, with now less than an estimated $11 million left of outstanding indebtedness. This elimination of and reduction in debt is significant, considering the overall debt balance at the end of 2021 was over $30 million.

'We continue to make great progress on our overall company financial health,' said David Michery, CEO and chairman of Mullen Automotive. 'This recent elimination of debt makes us financially stronger now, allowing the Company to maintain its focus on its various EV initiatives.'

Mullen recently announced the 'Strikingly Different' U.S. Test Drive Tour for the Mullen FIVE EV Crossover, covering 19 cities across the U.S. The tour will begin this fall in Southern California and work its way throughout the U.S. Further details can be found here, or place your Mullen FIVE reservation here.

About Mullen:

Mullen is a Southern California-based automotive company that owns and partners with several synergistic businesses working toward the unified goal of creating clean and scalable energy solutions. Mullen has evolved over the past decade in sync with consumers and technology trends. Today, the Company is working diligently to provide exciting EV options built entirely in the United States and made to fit perfectly into the American consumer's life. Mullen strives to make EVs more accessible than ever by building an end-to-end ecosystem that takes care of all aspects of EV ownership. For more information, please visit www.MullenUSA.com.

Forward-Looking Statements

This press release contains 'forward-looking statements.' Words such as 'may,' 'should,' 'could,' 'would,' 'predicts,' 'potential,' 'continue,' 'expects,' 'anticipates,' 'future,' 'intends,' 'plans,' 'believes,' 'estimates' and similar expressions, as well as statements in the future tense, often signify forward-looking statements. These forward-looking statements include, without limitation, statements relating to the reverse merger, the Nasdaq approval process, and the proposed debut date of the Mullen FIVE (formerly MX-05) midsize crossover. These forward-looking statements are, by their nature, subject to significant risks and uncertainties.

Forward-looking statements should not be read as a guarantee of future performance or results and may not be accurate indications of when such performance or results will be achieved. Forward-looking statements are based on information that the Company has when those statements are made or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements, including factors beyond the Company's control. As a result of these and other risks, uncertainties, and assumptions, forward-looking events and circumstances discussed herein might not occur in the way the Company expects or at all. Accordingly, readers should not place reliance on any forward-looking information or statements. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events, or otherwise. All forward-looking statements herein are qualified by reference to the cautionary statements set forth in this section.

Contact:

Mullen Automotive, Inc.

[phone]

www.MullenUSA.com

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