Mullen Releases Update Letter to Shareholders (NETE)

September 27, 2021 9:12 AM EDT

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Mullen Automotive, Inc. (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, which previously announced a definitive stock-for-stock reverse merger agreement with Net Element, Inc. (NASDAQ: NETE), in which Mullen’s stockholders will receive a majority of the outstanding stock in the post-merger company, today releases the following letter to shareholders from Mullen’s Chief Executive Officer, David Michery.

Dear Fellow Shareholders,

As we begin the fourth quarter of 2021, I would like to take this opportunity to update everyone on the progress being made to complete the merger with Net Element.

I am pleased to say that the SEC has declared effective the S-4 registration statement of the shares of the merger. The shareholders and boards of both companies have approved the deal and the Company believes it can comply with the listing standards of the NASDAQ. The Company currently is awaiting a final response from NASDAQ.

I would also like to update you on the upcoming debut of Mullen FIVE EV crossover. Mullen will be debuting the FIVE this coming November 2021 at the Los Angeles International Auto Show. Please visit Mullen and the FIVE EV Crossover Nov. 17 – 28 in the South Hall (Booth S-101) of the Los Angeles Convention Center.

We will continue communicating our developments to the investment community, and encourage shareholders and potential investors to visit our website and follow our social media channels, such as Facebook and Twitter, to stay informed and fully aware of new developments as they occur.

I continue to be excited and encouraged about Mullen’s potential and its future as a publicly-listed company.

Sincerely,

David MicheryChief Executive OfficerChairman

About Mullen:

Mullen is a Southern California-based company that owns and partners with several synergistic businesses, all working towards the same goal of creating clean and scalable electric vehicles and energy solutions. Born out of our founder, David Michery’s vision, the mantra perpetually fueling all of our efforts is the ability to … Imagine What’s Possible™.



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