Mullen Automotive announces that on June 23, 2023, its Series D investors exercised their final option, expiring June 30, for $100 million. The exercise of the option has resulted in additional funding to the Company of $100 million. The Company now has more than $235 million in cash and cash equivalents on its balance sheet, recognizing that this amount is after the Company has expended $253 million-plus for two completed acquisitions that added valuable, unencumbered assets to the balance sheet for the majority ownership in Bollinger Motors and certain assets related to Electric Last Mile Solutions. With the exception of $7.3 million of outstanding debt, all Company-owned real estate and other assets are unencumbered.
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