Mullen Automotive issues letter to shareholders

Mullen Automotive shares an update from CEO and chairman David Michery, providing status on various matters and Company initiatives. “Despite challenging economic headwinds where many enterprises are capital-constrained, our balance sheet remains strong, and we have achieved meaningful accomplishments since our last update to shareholders in June 2024. With Company total assets expected to be approximately $191.4 million as of June 30, 2024, and a cash position that surpasses our current market capitalization, we believe that Mullen has a strong financial foundation for future growth in our electric vehicle sales…. As of Aug. 6, 2024, we are proud to highlight the following accomplishments: Securing Financial Resources for Growth… Expanding Our Sales and Distribution Reach… Winning New Customers and Delivering Vehicles… Importantly, the Company’s Tunica, Mississippi, commercial vehicle center has manufactured hundreds of our Class 1 and Class 3 electric vehicles in 2024 and we’ve begun to fulfil our previously announced orders from our facilities proudly based in the United States… Developing Technologies for Future Growth… These achievements are a testament to the hard work and dedication of our team, and we are excited about the opportunities ahead. We remain focused on delivering value to our shareholders through innovation, operational excellence and strategic partnerships. “