Mullen Technologies Executes LOI for $135 Million in Funding to Acquire an Existing Electric Vehicle Manufacturing Plant in the US

Extends exclusivity period for pending merger with Net Element until August 10, 2020

BREA, CA / ACCESSWIRE / July 13, 2020 / Mullen Technologies Inc. (“Mullen Technologies” or the “Company”), a Southern California based licensed electric vehicle manufacturer with international distribution that operates in various verticals of businesses focusing in the automotive industry; Mullen Automotive, Mullen Energy, Mullen Auto Sales, Mullen Funding Corp., and Carhub, today announces it has executed an LOI with Axiom Financial for $135 million in funding to acquire and build out an electric vehicle manufacturing plant.

Mullen is also announcing it has extended the exclusivity period for the pending merger with Net Element (NASDAQ:NETE). The Parties amended the originally announced Letter of Intent (LOI) to reflect an extended exclusivity period of 30 days, until August 10th, 2020. According to Mullen, the pending merger is on schedule and both parties are working diligently to move forward as planned.

At this time, the Company is PRE-APPROVED for funding via non-recourse, asset-backed Line of Credit (“LOC”) totaling $135 million with Axiom Financial to be used for the purchase of the plant to manufacture Mullen Electric vehicles.

The Company expects to begin production by 2022 and enter the electric Sport Utility Vehicle (SUV) market with the launch of the MX-05, a mid-size luxury SUV that will be featured as a battery electric vehicle. Mullen has created a different business model to enter the EV market with core tenants that include: fast-to-market, highly efficient, ready and proven initial platform leveraging an existing vehicle and designed for global market needs (development reduced from 4 years to 24 months), and complemented with a portfolio of competitively priced vehicles in the fast-growing Electric SUV segment.

According to ResearchAndMarket.com, the global EV market in 2019 was $162.3 billion and is on pace to reach $716.8 billion by 2027, driven by favorable government policies and subsidies, calls to reduce vehicle emissions, consumer demand and other factors.

As we move forward with our acquisition of Net Element, the immediate need to develop a facility to manufacture and assemble our vehicles becomes a high priority”, stated Mullen CEO, David Michery. “Modifying an existing, functional plant to create our vehicles will immediately catapult Mullen into very rare territory: an electric car manufacturer producing vehicles and distributing them throughout our internal network of dealers”. Michery further stated, “Mullen has the ability to rise above the competition and be a true Tesla competitor, especially in the SUV market. Once the facilities are fully operational, Mullen will be able to integrate its’ proprietary solid state battery technology into our vehicles and other consumer products.”

About Mullen Technologies:

Based in Southern California, Mullen Technologies is a licensed vehicle manufacturer focused on providing exciting electric vehicles that fit perfectly into the American consumer’s life by working independently as well as through strategic OEM partnerships. Mullen Technologies owns a number of synergistic businesses including: Mullen Auto Sales, a fast-growing series of pre-owned auto dealerships through California, CarHub, a new and unique digital platform that leverages AI to offer an interactive solution for buying, selling and owning a car, Mullen Energy, a division solely focused on advancing battery technology and emergency point-of-care solutions, and Mullen Finance Corp., a captive finance arm for consumer vehicle leases and loans.

Image courtesy of Mullen, MullenUSA.com

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