Mullen Automotive has sufficient capital for at least next 12 months

Mullen Automotive announces an investor financing moratorium for the balance of 2023 and that the Company has sufficient capital on hand for at least the next 12 months. Remaining investor option expires on June 30, 2023. Company assets are unencumbered with the exception of $7.3 million outstanding debt. The Company continues to trade at a steep discount to its current cash position of $135 million or $0.38 per share as of June 13, 2023. As of its most recently filed Form 10-Q on March 31, 2023, the Company’s book value was $2.08 per share. Since March 31, 2023, the Company’s stock has declined over 95% from $3.25 per share to $0.16 per share on June 20, 2023. Despite the decline in stock price, management believes the Company has already met or is positioned to meet the previously announced objectives.