Mullen Automotive (MULN) Officially Closes on Acquisition of ELMS Assets, Takes Possession of Plant in Mishawaka, Ind., All Intellectual Property and Related Inventory

Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, closed on the acquisition of Electric Last Mile Solutions' (“ELMS”) assets on Nov. 30, 2022, in an all cash purchase valued at $105 million.

The ELMS asset acquisition of all IP and inventory will allow Mullen to launch into the commercial market much earlier than previously planned. Upon the completion of final certification, it is anticipated that Mullen will be delivering Class 1 product in Q1 2023, followed by its Class 3 vehicles in Q2.

The ELMS Mishawaka, Indiana, factory, which previously produced General Motors’ Hummer H2 and the Mercedes-Benz R-Class vehicle, is a perfect fit for production of the Mullen FIVE SUV and the Bollinger B1 and B2 platforms. Taking possession of this plant in its current condition will allow both vehicles to be launched with significantly less capital than previously anticipated and bring forward their respective launch dates.

“I have been working on this plan for many years, putting in place the strategic and critical enablers to be a dominant competitor in the EV market,” said David Michery, CEO and chairman of Mullen. “Successfully completing this asset acquisition moves Mullen into an all-new position with IP, plants and product platforms that no other competitor can offer to both retail and commercial customers. We have everything we need to launch the Mullen and Bollinger EVs product lineup.”

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