Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, releases a statement today from its CEO David Michery addressing recent investor inquires.

The Company addresses certain investor inquires as follows:

Product Delivery
Mullen anticipates making Class 1 EV deliveries to various commercial customers before the end of March 2023 in connection with the customer orders referenced below.

Customer Orders
On Dec. 14, 2022, Mullen announced a purchase order from Randy Marion Isuzu, LLC, a member of the Randy Marion Automotive Group, for 6,000 Class 1 EV Cargo Vans. This transaction is valued at approximately $200 million.

Capital Position
As of Feb. 28, 2023, Mullen has $87,400,009 of cash and cash equivalents, including restricted cash, and Mullen expects to receive an additional $110 million from firm commitments by June 1, 2023.

The Company believes the combination of cash on hand and expected firm cash commitments provides it enough capital to execute on its business plan over the next 12 months.

“I believe we have all the pieces in place between our product, factories and strategic expertise to execute on our plans to deliver our Class 1 and Class 3 vehicles this year,” said David Michery, CEO and chairman of Mullen Automotive. “Furthermore, we continue to invest and move at a fast clip with the Mullen FIVE program, which will soon be approaching vehicle engineering freeze, allowing us to move into the next phase of the crossover program.”