Latest news with #DavidMichery
Yahoo
4 days ago
- Automotive
- Yahoo
Electric truck startup Bollinger exits court receivership after paying back founder who sued
Editor's note: An earlier version of this story incorrectly described the court status of Bollinger Motors. The company was in receivership in U.S. District Court. Electric truck startup Bollinger Motors has exited U.S. court receivership thanks to more financial aid from parent Mullen Automotive Inc., whose chief has ambitious plans for a rebound set in Michigan. California-based Mullen acquired an additional 21 percent of Bollinger, bringing its ownership stake in the suburban Detroit company to 95 percent, Mullen announced June 2 as it executed its second reverse stock split in as many months to stay compliant with Nasdaq rules on share prices. In tandem with Mullen's transaction, Bollinger was discharged from federal court receivership and case dismissed with prejudice, according to a filing in U.S. district court in Detroit. Mullen Automotive CEO David Michery said the company paid $11 million to Robert Bollinger. In March, Bollinger sued the company he founded, claiming it was broke and seeking to recover his loan. Sign up for the weekly Automotive News Mobility Report newsletter for the latest developments at the intersection of transportation and technology. Mullen, which has faced a host of financial issues beyond Bollinger, is all-in on the electric vehicle startup, Michery said June 4 in an interview with Automotive News and affiliate Crain's Detroit Business. Bollinger Motors — despite the spat with its namesake — will persevere as a brand that 'will outlast everyone,' Michery vowed at the startup's Oak Park, Mich., headquarters. 'You can't blame Bollinger for the current market, you can't blame Bollinger for tariffs, you can't blame Bollinger for the disruption that occurred with Robert filing this frivolous lawsuit,' Michery said. 'That hurt the company.' Now, Mullen is putting its chips on Bollinger Motors to weather the storm. Michery said production of Class 4 trucks would resume in eight to 10 weeks and that the company's staff of about 85 in metro Detroit would soon swell in line with a predicted increase in demand — though that remains in question with a stagnant market. Mullen will close its engineering base in Irvine, Calif., and consolidate it to the company's tech center near Detroit in Troy, Mich., where 40 to 50 employees will be added, Michery said. 'I want all engineering, all manufacturing, everything in the state of Michigan,' he said. While Michery serves as CEO of Bollinger Motors, the company's daily operations will be overseen by James Taylor. After departing in March, Taylor will return to the company as a consultant. One priority is cleaning up the company's supply chain. Bollinger Motors has been sued by several suppliers claiming they were being stiffed by the startup. Michery said he is in the process of paying debts, including to contract manufacturer Roush, which makes the Class 4 trucks for Bollinger. Mullen's earnings reports to the Securities and Exchange Commission seem to indicate big financial trouble. It lost $162 million on revenue of $7.9 million in the first quarter and the company posted a $115 million loss on revenue of $2.9 million in the prior quarter. In May, Mullen Automotive lost its 675,000-square-foot former AM General factory in Mishawaka, Ind., to settle a financial dispute with creditor GEM Yield Bahamas Ltd. However, Michery said Mullen has ample liquidity, including a $150 million equity line allowing the company to use its stock as currency — an instrument approved by the SEC and shareholders. 'Picture a credit card,' he said. 'Mullen has a $150 million credit card that it can use at will.' Mullen's 1-for-100 reverse stock split executed Monday was designed to bring its stock price above $1 per share to meet Nasdaq requirements. Financial adviser Alex Calderone said the move is window dressing and does not solve underlying business performance issues. 'I would not surmise that would impact company valuation at all or shareholder rights at all,' Calderone said. 'It just appears to be a cosmetic change to be able to adjust the share price. … It's like if I traded you a hundred dollar bill for a hundred singles.' On June 4, Mullen Automotive's stock shot up to above $16 per share, tripling its value over the course of a day, as Michery pointed out after pulling up the market summary on his phone. 'They knew we were coming out here to put Bollinger back in business,' he said. Have an opinion about this story? Tell us about it and we may publish it in print. Click here to submit a letter to the editor. Sign in to access your portfolio
Yahoo
4 days ago
- Automotive
- Yahoo
Electric truck startup Bollinger exits bankruptcy after paying back founder who sued
Electric truck startup Bollinger Motors has exited U.S. bankruptcy court thanks to more financial aid from parent Mullen Automotive Inc., whose chief has ambitious plans for a rebound set in Michigan. California-based Mullen acquired an additional 21 percent of Bollinger, bringing its ownership stake in the suburban Detroit company to 95 percent, Mullen announced June 2 as it executed its second reverse stock split in as many months to stay compliant with Nasdaq rules on share prices. In tandem with Mullen's transaction, Bollinger was discharged from bankruptcy court, its receiver removed and case dismissed with prejudice, according to a filing in U.S. District Court in Detroit. Mullen Automotive CEO David Michery said the company paid $11 million to Robert Bollinger, who in March sued the company he founded, claiming it was broke and seeking to recover his loan. Sign up for the weekly Automotive News Mobility Report newsletter for the latest developments at the intersection of transportation and technology. Mullen, which has faced a host of financial issues beyond Bollinger, is all-in on the EV startup, Michery said June 4 during an interview with Automotive News and affiliate Crain's Detroit Business. Bollinger Motors — despite the spat with its namesake — will persevere as a brand that 'will outlast everyone,' Michery vowed at the startup's Oak Park, Mich., headquarters. 'You can't blame Bollinger for the current market, you can't blame Bollinger for tariffs, you can't blame Bollinger for the disruption that occurred with Robert filing this frivolous lawsuit,' Michery said. 'That hurt the company.' Now, Mullen is putting its chips on Bollinger Motors to weather the storm. Michery said production of Class 4 trucks would resume in 8 to10 weeks and that its staff of about 85 in metro Detroit would soon swell in line with a predicted increase in demand — though that remains in question with a stagnant market. Mullen will close its engineering base in Irvine, Calif., and consolidate it to the company's tech center near Detroit in Troy, Mich., where 40-50 employees will be added, Michery said. 'I want all engineering, all manufacturing, everything in the state of Michigan,' he said. While Michery serves as CEO of Bollinger Motors, the company's daily operations will be overseen by James Taylor, who will return to the company as a consultant after departing in March. Another priority is cleaning up the company's supply chain. Bollinger Motors has been sued by several suppliers claiming they were being stiffed by the startup. Michery said he is in the process of paying debts, including to contract manufacturer Roush, which makes the class 4 trucks for Bollinger. Mullen's earnings reports to the SEC seem to indicate big financial trouble. It lost $162 million on revenue of $7.9 million in the first quarter; it posted a $115 million loss on revenue of $2.9 million in the prior quarter. The company lost its 675,000-square-foot former AM General factory in Mishawaka, Ind., last month to settle a financial dispute with creditor GEM Yield Bahamas Ltd. However, Michery said the company has ample liquidity, including a $150 million equity line allowing the company to use its stock as currency — an instrument approved by the SEC and shareholders. 'Picture a credit card,' he said. 'Mullen has a $150 million credit card that it can use at will.' Mullen's 1-for-100 reverse stock split executed Monday was designed to bring its stock price above $1 per share to meet Nasdaq requirements. Financial adviser Alex Calderone said the move is window dressing and does not solve underlying business performance issues. 'I would not surmise that would impact company valuation at all or shareholder rights at all,' Calderone said. 'It just appears to be a cosmetic change to be able to adjust the share price. … It's like if I traded you a hundred dollar bill for a hundred singles.' On Wednesday, Mullen's stock shot up to above $16 per share, tripling its value over the course of a day, as Michery pointed out after pulling up the market summary on his phone. He said: 'They knew we were coming out here to put Bollinger back in business.' Have an opinion about this story? Tell us about it and we may publish it in print. Click here to submit a letter to the editor. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Upturn
4 days ago
- Automotive
- Business Upturn
Mullen Added to ComEd State Rebate Program, Offering Business Customers Significant EV Incentives in Illinois
The ComEd Business & Public Sector EV Rebate Program joins the growing list of state-level incentives already available for Mullen Commercial EVs, including California's Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project and Massachusetts Offers Rebates for Electric Vehicles program The Mullen ONE Class 1 EV cargo van qualifies for an incentive of up to $7,500 through the ComEd program. When combined with the Federal Tax Credit, customers could potentially save up to $15,000 on each vehicle. BREA, Calif., June 05, 2025 (GLOBE NEWSWIRE) — via IBN — Mullen Automotive, Inc. (NASDAQ: MULN) ('Mullen' or the 'Company'), an electric vehicle ('EV') manufacturer, announces today that Mullen Commercial EVs are now eligible for substantial incentives through the ComEd Business & Public Sector EV Rebate Program ('ComEd') in Illinois. Mullen vehicles purchased through authorized dealers, Pritchard EV and Range Truck Group, qualify for ComEd's incentives. The ComEd program joins the growing list of state-level incentives already available for Mullen Commercial EVs, including California's Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project ('HVIP') and Massachusetts Offers Rebates for Electric Vehicles ('MOR-EV') program. ComEd's Business & Public Sector EV Program provides commercial customers with a simple and cost-effective path to fleet electrification. The Program will run through 2025 with the goal of distributing more than $70 million in rebates for light, medium and heavy-duty electric cars, trucks and buses. The Mullen ONE Class 1 EV cargo van qualifies for an incentive of up to $7,500 through the ComEd program. When combined with the Federal Tax Credit, customers could potentially save up to $15,000 on each vehicle. ComEd also offers up to $30,000 in incentives on Medium-Duty EVs (Class 3-6), but due to a significant increase in applications, the ComEd EV Rebate Program has temporarily placed new Medium Duty point-of-sale voucher applications on a waitlist. The EV rebate is available to all ComEd business and public sector customers seeking to transition to electric commercial vehicles. The program offers significant cost savings for businesses and public sector organizations looking to electrify their fleets. 'We are thrilled that Mullen Commercial EVs are now eligible in Illinois for the ComEd Business & Public Sector EV Rebate Program,' said David Michery, CEO and chairman of Mullen Automotive. 'By leveraging these incentives, organizations can significantly reduce their upfront costs in electrifying their fleets.' Mullen's authorized dealers, Pritchard EV and Range Truck Group are offering the ComEd rebates in Illinois and are fully equipped to assist customers in navigating the incentive process and can process the ComEd rebate directly at the point of sale. Mullen's commercial EV lineup includes the Mullen ONE, Class 1 EV cargo van, and the Mullen THREE, Class 3 EV cab chassis truck, purpose-built to meet the demands of urban last-mile delivery. Both vehicles are available for sale and in full compliance with U.S. Federal Motor Vehicle Safety Standards, the Environmental Protection Agency, and the California Air Resources Board ('CARB') certifications denoting strict adherence to clean air emissions standards. Illinois businesses and public sector organizations interested in learning more about Mullen Commercial EVs and the ComEd Business & Public Sector EV Rebate Program are encouraged to contact Pritchard EV or Range Truck Group. About ComEd Business & Public Sector EV Rebate Program ComEd's Business & Public Sector EV Program provides commercial customers with a simple and cost-effective path to fleet electrification. No matter where you are on your fleet electrification journey, our experts can help you reach your goals. The ComEd Business & Public Sector EV Rebate Program will run through 2025 with the goal of distributing more than $70 million in rebates for light-, medium- and heavy-duty electric cars, trucks and buses. To learn more, visit About Mullen Mullen 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 network with over 50 locations across the United States for sales and service support. To learn more about the Company, visit Forward-Looking Statements Certain 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, how long the ComEd and other government incentives will be available; the net pricing impact of these programs on the Mullen ONE EV cargo van and the estimated mileage range of the Mullen ONE. 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) 613-1900
Yahoo
7 days ago
- Automotive
- Yahoo
Mullen Reaches Definitive Agreement to Acquire Additional 21% of Bollinger Motors, Bringing Its Total Ownership to 95% and Eliminates Significant Debt
Transaction increases shareholder equity by approximately $3.5M As part of agreement, Mullen extinguishes significant debt, gains additional 21% ownership and regains full control of Bollinger Motors Bollinger to continue operating as a majority owned Mullen subsidiary; Mullen will continue to provide full financial backing on sales, service, and warranty of vehicles Bollinger to ramp up sales activity immediately while consolidating and streamlining operations BREA, Calif., June 02, 2025 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive Inc. (NASDAQ: MULN) ('Mullen' or the 'Company'), an electric vehicle ('EV') manufacturer, announces today that the Company has successfully acquired an additional 21% of Bollinger Motors, Inc. ('Bollinger') bringing its total ownership to 95%. This strategic transaction increases shareholder equity by approximately $3.5 million and reinforces Mullen's long-term vision for Bollinger and its dedication to current and future customers. Mullen resolved recent claims and debt that had led to a court-ordered receivership for Bollinger. The court in that action has entered an order discharging and removing the receiver, as well as dismissing the case with prejudice, ensuring Bollinger's continued operations under Mullen's complete ownership and strategic direction. Bollinger will continue to operate as an independent majority subsidiary, maintaining its own brand identity and focus. All existing and future Bollinger customers can expect business as usual, with full backing and comprehensive coverage on sales, service, and warranty for their Bollinger vehicles. 'This is an important moment for both Mullen Automotive and Bollinger Motors,' said David Michery, CEO and chairman of Mullen Automotive and Bollinger Motors. 'Our investment in acquiring the vast majority of remaining shares and resolving certain significant outstanding debt demonstrates our belief in and continued commitment to Bollinger's vehicle lineup and future.' The Bollinger B4 Chassis Cab is an all-new, all-electric Class 4 commercial truck designed from the ground up with extensive fleet and upfitter input. Bollinger's unique Quad-Bend chassis design protects the 158-kWh battery pack and components to offer unparalleled capability, maneuverability, and safety in the commercial market. The vehicle has a 185-mile range, 46-foot turning radius and a payload of 7,325 pounds, making it ideal for a variety of urban operations. Bollinger will continue to focus on the development and production of the B4 platform, leveraging Mullen's resources and expertise to accelerate its progress. The integration of Bollinger's capabilities into Mullen's broader EV ecosystem is expected to create significant synergies, driving innovation and market expansion. About Bollinger MotorsFounded in 2015, Bollinger Motors, Inc. is a U.S.-based company headquartered in Oak Park, Michigan. Bollinger is producing and selling its all-electric commercial Class 4 chassis cab truck. In September of 2022, Bollinger became a majority-owned company of Mullen Automotive, Inc. (NASDAQ: MULN). Learn more at About MullenMullen Automotive Inc. (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, Inc. became a majority-owned EV truck company of Mullen. Bollinger 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 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 sales initiatives, whether the Bollinger B4 will prove successful; how long state and federal electric vehicle incentive programs will continue to apply; the ability of Bollinger Motors' B4 Class trucks to qualify for such incentive programs; and the impact of incentive programs on the resultant price of the Bollinger B4 Class trucks. 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) Corporate Communications:IBNAustin, OfficeEditor@ Sign in to access your portfolio
Yahoo
20-05-2025
- Automotive
- Yahoo
Mullen Automotive (MULN) Reports Record Quarterly Results for Fiscal Q2 2025
On May 20, Mullen Automotive, Inc. (NASDAQ:MULN) reported results for fiscal Q2 2025, highlighting record revenue, outperforming all previous quarters. The company achieved $5 million in revenue for Q2 2025, reflecting an increase of $33,000 year-over-year. CEO and Chairman David Michery noted this to be the company's best quarterly performance to date, reflecting a growth of over 143 times from Q2 2024. A luxury electric vehicle driving in the city, its battery technology powering its progress. Additionally, Mullen Automotive, Inc. (NASDAQ:MULN) also slashed its net loss by more than 64%, from $132.4 million net loss in Q4 2024 to $47.1 million in the recent quarter. Management also successfully reduced its cash expenditure from $120.9 million to $52.4 million over the six months ending March 31, 2025. David Michery highlighted significant progress in its Class 1 and 3 commercial electric vehicle segment. This includes Cashflow on Wheels, ordering and receiving 20 Class 3 EVs valued at approximately $1.4 million, Global Expert Shipping purchasing Class 1 cargo vans, and the local government of Orange County acquiring Mullen ONE Class 1 EV cargo vans. Mullen Automotive, Inc. (NASDAQ:MULN) is a United States-based commercial electric vehicle company that operates two vehicle production plants located in Mississippi and Indiana. While we acknowledge the potential of MULN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than MULN and that has 100x upside potential, check out our report about the . READ NEXT: and . Disclosure: None Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
