Mullen Automotive Enters Into Settlement Agreement with GEM Group
On May 9, 2025, Company executed a settlement agreement with GEM Group.
Under terms of the settlement agreement, GEM has a 55-day due diligence period, subject to extension by GEM, to evaluate the transfer to GEM of the Mishawaka assets in complete satisfaction of the judgement.
All collection activities have been suspended for the duration of the due diligence period.
Mullen continues to build its business and expand its existing Tunica, Mississippi, manufacturing capabilities to meet near and long-term demands for its multiple product lines.
BREA, Calif. / NEW YORK, May 13, 2025 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) ('Mullen' or the 'Company'), an electric vehicle ('EV') manufacturer, announces today that it has executed a settlement agreement with GEM Yield Bahamas Limited and GEM Global Yield LLC SCS (together, 'GEM').
On May 9, 2025, Company executed a settlement agreement with GEM Group.
Under terms of the settlement agreement, GEM has a 55-day due diligence period, subject to extension by GEM, to evaluate the transfer to GEM of the Mishawaka assets in complete satisfaction of the judgement.
All collection activities have been suspended for the duration of the due diligence period.
Mullen continues to build its business and expand its existing Tunica, Mississippi, manufacturing capabilities to meet near and long-term demands for its multiple product lines.
'After four years of litigation we have executed a settlement agreement which provides a path forward to a full resolution with GEM and puts this matter behind us,' said David Michery, CEO and chairman of Mullen Automotive. 'I look forward to a great rest of 2025 and continued growth thereafter.'
About MullenMullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of commercial electric vehicles ('EVs') with two United States-based vehicle plants located in Tunica, Mississippi, (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, are California Air Resource Board ('CARB') and EPA certified and available for sale in the U.S. The Company's commercial dealer network consists of seven dealers, which includes Papé Kenworth, Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, Eco Auto, and Randy Marion Auto Group, providing sales and service coverage in key West Coast, Midwest, Pacific Northwest, New England, and Mid-Atlantic markets.
In September 2022, Bollinger Motors, of Oak Park, Michigan, became a majority-owned EV truck company of Mullen Automotive. Bollinger Motors has passed numerous milestones including its B4, Class 4 electric truck production launch on Sept. 16, 2024, and the development of a world-class dealer and service network with over 50 locations across the United States.
To learn more about the Company, visit www.MullenUSA.com.
Forward-Looking StatementsCertain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential" and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to, the outcome of GEM's due diligence and whether the proposed settlement will be implemented. Additional examples of such risks and uncertainties include but are not limited to: (i) Mullen's ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen's ability to successfully expand in existing markets and enter new markets; (iv) Mullen's ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Mullen's business; (viii) changes in government licensing and regulation that may adversely affect Mullen's business; (ix) the risk that changes in consumer behavior could adversely affect Mullen's business; (x) Mullen's ability to protect its intellectual property; and (xi) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen's plans and expectations as of any subsequent date.
Contact:Mullen Automotive, Inc.+1 (714) 613-1900www.MullenUSA.com
Corporate CommunicationsIBNAustin, Texaswww.InvestorBrandNetwork.com512.354.7000 OfficeEditor@InvestorBrandNetwork.com
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
24 minutes ago
- Yahoo
2 Growth Stocks to Stash and 1 to Question
Growth is a hallmark of all great companies, but the laws of gravity eventually take hold. Those who rode the COVID boom and ensuing tech selloff in 2022 will surely remember that the market's punishment can be swift and severe when trajectories fall. Deciphering which businesses can sustain their high growth rates is a challenge for even the most seasoned professionals, which is why we started StockStory. On that note, here are two growth stocks expanding their competitive advantages and one climbing an uphill battle. One-Year Revenue Growth: +25.3% Founded in 2009 by enterprise software veteran Tom Seibel, (NYSE:AI) provides software that makes it easy for organizations to add artificial intelligence technology to their applications. Why Does AI Fall Short? 15.5% annual revenue growth over the last three years was slower than its software peers Extended payback periods on sales investments suggest the company's platform isn't resonating enough to drive efficient sales conversions Historical operating margin losses point to an inefficient cost structure stock price of $25.72 implies a valuation ratio of 7.4x forward price-to-sales. Dive into our free research report to see why there are better opportunities than AI. One-Year Revenue Growth: +32.3% Founded in 2014 and named after the dreaded first day of the work week, (NASDAQ:MNDY) is a software-as-a-service platform that helps organizations plan and track work efficiently. Why Is MNDY a Good Business? ARR trends over the last year show it's maintaining a steady flow of long-term contracts that contribute positively to its revenue predictability Software is difficult to replicate at scale and results in a best-in-class gross margin of 89.5% Strong free cash flow margin of 30.4% enables it to reinvest or return capital consistently is trading at $305 per share, or 12.7x forward price-to-sales. Is now a good time to buy? Find out in our full research report, it's free. One-Year Revenue Growth: +20% Founded in 2010 and named for a combination of 'docs' and 'proximity', Doximity (NYSE: DOCS) is the leading social network for U.S. medical professionals. Why Should DOCS Be on Your Watchlist? Billings have averaged 23.5% growth over the last year, showing it's securing new contracts that could potentially increase in value over time Well-designed software integrates seamlessly with other workflows, enabling swift payback periods on marketing expenses and customer growth at scale DOCS is a free cash flow machine with the flexibility to invest in growth initiatives or return capital to shareholders At $58.44 per share, Doximity trades at 19x forward price-to-sales. Is now the right time to buy? See for yourself in our comprehensive research report, it's free. Market indices reached historic highs following Donald Trump's presidential victory in November 2024, but the outlook for 2025 is clouded by new trade policies that could impact business confidence and growth. While this has caused many investors to adopt a "fearful" wait-and-see approach, we're leaning into our best ideas that can grow regardless of the political or macroeconomic climate. Take advantage of Mr. Market by checking out our Top 5 Growth Stocks for this month. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025). Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+782% five-year return). Find your next big winner with StockStory today for free.
Yahoo
43 minutes ago
- Yahoo
Uncrustables Are on a Seemingly Unstoppable Run to $1 Billion in Sales
Sales of the Uncrustables sandwich continued to grow, despite soft peanut butter and jam sales in the most recent quarter, The J.M. Smucker Co. said. The company is poised to achieve its goal of hitting more than $1 billion in Uncrustables sales in the current fiscal year, executives said. J.M. Smucker aims to keep the momentum going with limited editions of a product known to be eaten by musicians and athletes such as Travis haven't lost their edge. Despite the fact that making making peanut butter and jelly sandwiches isn't particularly hard, Americans continue to opt for the shortcut offered by The J.M. Smucker Co. (SJM). Sales of Jif peanut butter and Smucker's jam fell year-over-year in the last quarter, while sales of the Uncrustables sandwich rose, CEO Mark Smucker said on a conference call Tuesday. Uncrustables sales leaped 15% year-over-year in fiscal year 2025, hitting $920 million, according to company executives. The sandwich now accounts for more than a tenth of annual sales at J.M. Smucker, which also sells pet food along with Folgers and Café Bustelo coffee. Hitting $1 billion in annual sales of the sandwich has been part of the company's agenda since at least 2021, when Uncrustables sales were about half that amount. Now, the mark is within striking distance. The company wants to continue building momentum with new riffs on the PB&J, robust marketing and broader distribution, Mark Smucker said at a conference in March. 'We definitely think there's growth beyond … $1 billion,' said Smucker, according to a transcript made available by AlphaSense. 'And we've talked about how long it took us to figure out how to make these things in a profitable and mass-produced high-quality way. And now that we're doing that, we can really fire on all cylinders and drive the growth.' Demand for Uncrustables has been so strong that J.M. Smucker opened a $1.1 billion plant in Alabama last year to ramp up production. And appetite for the sandwiches is expected to withstand price increases, executives said: J.M. Smucker recently raised its list price for Uncrustables for the first time in three years, Smucker said on the earnings call. (The company's 2026 forecast is based on a low-single-digit percent price bump, CFO Tucker Marshall said.) The product has long benefited from high-profile fans—from musicians like Drake to sports icons, such as Travis Kelce, according to news reports. Athletes say the snack has enough calories and protein to fuel their performance. Affinity for the sandwich has spread beyond sports fields and school cafeterias to corporate break rooms, according to a 2023 Wall Street Journal article. The Ohio-based company hopes to generate still more hype with Uncrustables fillings that are available for a limited time, Mark Smucker said on the earnings call. We have 'begun launching a regular cadence of limited edition flavors starting this summer with a new peanut butter and mixer berry spread variety,' he said. J.M. Smucker shares fell nearly 16% Tuesday after it missed fourth-quarter sales estimates and released an outlook that was more cautious than analysts expected. Read the original article on Investopedia Sign in to access your portfolio
Yahoo
44 minutes ago
- Yahoo
India's granaries overflow as rice stocks hit record, wheat surges
By Rajendra Jadhav MUMBAI (Reuters) -India's rice stocks in government warehouses rose 18% from a year ago to a record high for the start of June, while wheat stocks have hit their highest level in four years on higher procurement from farmers, official data showed on Wednesday. Record rice stocks will help the world's biggest exporter increase shipments, while an improvement in wheat inventories will help the federal government tame any price spikes later this year by increasing open market sales. State reserves of rice, including unmilled paddy, totalled a record 59.5 million metric tons as of June 1, far exceeding the government's target of 13.5 million tons for July 1. Wheat stocks stood at 36.9 million tons on June 1, well above the government's target of 27.6 million tons, the data showed. "Rice stocks have piled up way too much. The government really needs to bring them down before the next buying season kicks off in October," said a New Delhi-based dealer at a global trading firm. India, which accounts for around 40% of global rice exports, removed the last of its export curbs on the grain in March 2025, with the initial restrictions having been imposed in 2022. Wheat stocks have risen to a comfortable position mainly because of higher procurement, which will help New Delhi sell more wheat to bulk consumers during the lean supply season, said a Mumbai-based dealer. The government has so far brought 30 million tons of wheat from farmers, the most in four years, according to data compiled by Food Corporation of India (FCI). Disappointing harvests in the past three years and lower purchases by the FCI had pushed up prices of the staple grain and raised expectations that India may be forced to import wheat for the first time in seven years. But the buildup in stocks this year means the country should be able to meet domestic demand without imports.
