On August 4, 2020, the Net Element, Inc. entered into an Agreement and Plan of Merger with Mullen Technologies, Inc., and Mullen Acquisition, Inc., a wholly owned subsidiary of the Company. The Parties to the Merger Agreement intend that, at the Merger effective time, (i) all current directors of the Company will resign, and the individuals nominated by Mullen will become the directors of the Company from and after the Merger effective time; and (ii) all current officers of the Company will resign and the individuals nominated by Mullen will become the officers of the Company from and after the Merger effective time.