Mullen Automotive, Inc (MULN) Reports Preliminary Q2 Financial Results
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Mullen Automotive Inc. (NASDAQ: MULN) announces today preliminary financial results (subject to change) for its period ending March 31, 2022.
As of March 31, 2022, Mullen’s cash and cash equivalents amounted to $65.2 million primarily due to $43.9 million from the issuance of 4,974,214 Series C Preferred Stock and 14,922,667 in associated warrants to the selling stockholders that were listed within the S-3 Registration Statement, declared effective on April 15, 2022. Additionally, the Company received $29.6 million in net proceeds under the $30 million Esousa Equity Line, dated Sept. 1, 2021.
Total debt of $22.1 million continues its downward trend. Debt has decreased significantly from Sept. 30, 2021, due to principal paydowns, debt payoffs and conversion of convertible debt to equity. Tax liabilities decreased to $2.8 million from $4.2 million, which is comprised of IRS and other tax jurisdictions related to payroll taxes and sales and use taxes. On April 14, 2022, the Company signed an IRS installment agreement to pay the remaining balance for federal payroll-related liabilities via monthly payments of $45,000.
In May 2022, Mullen signed a proposal with Thurner Design for the vehicle development of the Mullen FIVE RS, a high-performance EV sport crossover vehicle featuring close to 1,100 HP, 0-60 mph in just 1.95 seconds, and 200 mph top speed. The proposal includes two phases: 1) design, surfacing and design support, and 2) visualization and high imaging. The Thurner Design team is responsible for shaping and directing designs and brands like Rolls-Royce Motorcars, Bentley Motors, Bugatti, Porsche, Lamborghini, Aston Martin and Mullen Automotive. The Mullen FIVE RS was previously announced to join Mullen’s “Strikingly Different” Test Drive Tour in the Spring of 2023.
Mullen FIVE reservations increased substantially in the March 31 ending quarter and more than doubled the volume attained in the last quarter of 2021, which included the world debut of the Mullen FIVE at the Los Angeles International Auto Show in November 2021. Reservation progress continues to build and shows strong consumer interest.
"We have made significant progress during the second quarter and have demonstrated significant finance progress for moving forward,” said David Michery, CEO and chairman of Mullen Automotive. “Our balance sheet continues to improve and our EV programs are all moving forward, including the start of the Mullen FIVE RS program.”
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