Mullen Automotive has received a $100 million financing commitment from a family office and has sold up to an additional $50 million of senior secured convertible notes to family offices and high net worth investors. These commitments satisfy the Company’s capital needs over the next 13 months. The Company sold such investors $12.5 million in notes on May 14, 2024. With the $150 million funding commitment, the Company has enough cash and cash equivalents to fund operations over the next 13 months for both Mullen and Bollinger Motors, which includes Bollinger Motors B4 vehicle production.
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