Mullen Automotive Inc (NASDAQ:MULN) shares are trading higher by 56.4% to $0.34 during Wednesday’s session after the company announced U.S. Bankruptcy Court approval of its acquisition of ELMS assets. The company will acquire ELMS’s manufacturing plant, inventory and intellectual property.
What Happened?
Mullen Automotive says acquisition benefits include:
- The factory in Mishawaka, IN providing Mullen with the capability to produce up to 50,000 vehicles per year
- Allows acceleration of the path to production and market for Mullen FIVE and Bollinger B1, B2 retail vehicles by 12 plus months
- Commercial Product Platforms to be assembled at Mullen’s Tunica MS. Facility, for Launch of Mullen Class 1 and Class 3 Commercial Delivery vehicles into Market in 2023.
- The platform and plant acquisition results in a significant reduction of the Company’s previously forecast overall spend
Why It Matters
“Mullen’s acquisition of Bollinger was one of the largest transactions of its kind in the EV market. Upon closing the ELMS transaction, the Company will be in a position to strategically leverage all its acquired assets to shorten its production path and aggressively expand into the commercial and consumer EV market,” said David Michery, CEO and chairman of Mullen Automotive.”
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According to data from Benzinga Pro, Mullen has a 52-week high of $15.90 and a 52-week low of $0.21.
