Mullen Automotive (MULN) CEO Issues Company Update

Mullen Automotive Inc. (NASDAQ: MULN) today shares an update from CEO and chairman David Michery, providing status on various matters and Company initiatives.

Dear Mullen Shareholders,

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.

• Our team of experienced automotive veterans has successfully navigated the complex regulatory landscape achieving all federal and state regulatory requirements and qualifying for multiple state level incentives that will help make our EVs more affordable, promoting additional sales. Mullen is actively manufacturing and selling both Class 1 and Class 3 commercial electric vehicles across the United States, demonstrating our commitment to bring clean transportation solutions to market. Additionally, our B4 Class 4 electric truck, offered through our Bollinger Motors subsidiary, has achieved EPA certification, a major step forward as manufacturing begins in the second half of 2024.

As of Aug. 6, 2024, we are proud to highlight the following accomplishments:

Securing Financial Resources for Growth

• As recently announced, we have secured $250 million in new financing commitments, providing us with the financial resources to accelerate our growth plan. Of the $250 million in financing, $50 million has been received, $50 million is a one-year additional investment right where the investors have the right, but not the obligation, to provide additional financing, and $150 million is pursuant to an equity line of credit as described in the Company’s Form 8-K, filed with the Securities and Exchange Commission on May 24, 2024.

Expanding Our Sales and Distribution Reach

• Mullen expanded its distribution network to six dealerships and has added five new commercial dealer partners during the quarter.
• Bollinger Motors, our electric truck subsidiary, has announced four commercial dealers throughout the U.S.
• The Company is actively engaged in adding more dealer partners and further expanding our retail distribution network across the U.S. and internationally.

Winning New Customers and Delivering Vehicles

• Bollinger Motors has reached agreements to sell over 200 B4 commercial Class 4 EV trucks to-date.
• The Company recently expanded its international distribution with orders received from our authorized dealer, GAMA, based in southeastern Europe, for commercial EVs, including the Mullen GO, a micro urban delivery vehicle, and Class 1 and 3 EV cargo vans and trucks.
• Mullen is actively engaged in negotiations with major telecoms, large fleet providers, delivery companies, universities, local municipalities, government agencies, and airport service providers to expand our customer base and market share.

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

• The Company is advancing its solid-state polymer pack program and is continuing to conduct battery and vehicle testing since Class 1 EV cargo van road testing began in February 2024.
• Recently, the Company has identified lead suppliers for development and components and issued initial purchase orders to support this pivotal program.
• The Company expects to have the solid-state polymer packs fully certified for production and sale in the second half of 2025.

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.

Thank you for your continued support.

Sincerely,

David Michery
CEO and chairman

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