Latest news with #Mullen
Yahoo
24-07-2025
- Automotive
- Yahoo
Mullen Automotive Rebrands To Bollinger Innovations
Mullen Automotive (NASDAQ:MULN) stock dropped on Thursday as it announced it would officially change its name to Bollinger Innovations, effective July 28, 2025. On the same day, the company's common stock will begin trading on the Nasdaq Capital Market under the new ticker symbol BINI. The CUSIP number for the stock will remain unchanged. The company confirmed that this name and ticker update will not affect its legal structure or business operations, and shareholders do not need to and Chairman David Michery said the move represents more than a rebranding. 'We are bringing our products and brands together under one strong and unified identity, ready to service the commercial vehicle industry.' Last week, Mullen announced restructuring plans by merging its operations with subsidiary Bollinger Motors, rebranding as Bollinger Innovations, and updating its Nasdaq ticker symbol before August 15, 2025. The company shared plans to centralize commercial vehicle operations in Oak Park, Michigan, and consolidate all sales, marketing, and service under the Bollinger brand to streamline operations and boost financial efficiency. Since early 2025, Mullen has cut 155 jobs and expects to save at least $35 million annually. Executives said the move will eliminate redundant roles and focus resources on its core Class 1, 3, and 4 electric commercial vehicle offerings, including the Mullen ONE, Mullen THREE, and Bollinger B4. Mullen stock has plunged 100% year-to-date as it grappled with financial losses and a lack of consistent growth in the competitive EV market. In 2025, it completed three reverse stock splits—on February 18, April 11, and June 2—to meet Nasdaq's $1 minimum bid price requirement. Each split reduced the number of outstanding shares. Additional headwinds could come from the U.S. regulatory landscape. The U.S. House of Representatives passed President Donald Trump's 'Big Beautiful Bill,' eliminating the $7,500 tax credit for new U.S.-made EVs. The tax credit will expire on September 30, leading some automakers to start raising electric vehicle prices in anticipation. However, the company also has its share of promises. On June 3, Mullen announced plans to relaunch its FIVE RS EV Crossover in Germany this December, after completing 800-volt battery testing in Munich. The company will begin on-road testing next and plans to expand sales to the EU, UAE, and South Africa in 2026. To support international growth, Mullen partnered with German firm FPF to ensure high-quality production before entering the U.S. market. On June 25, Mullen revealed it would begin accepting Bitcoin and TRUMP Coin for EV purchases, aiming to attract crypto-enthusiasts and politically engaged consumers while boosting brand exposure through meme coin culture. Price Action: MULN shares are trading lower by 17.80% to $0.062 at last check Thursday. Photo via Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article Mullen Automotive Rebrands To Bollinger Innovations originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Hamilton Spectator
24-07-2025
- Business
- Hamilton Spectator
Mullen Group Ltd. Acquisitions Drive Growth in the Second Quarter of 2025
OKOTOKS, Alberta, July 24, 2025 (GLOBE NEWSWIRE) — (TSX: MTL) Mullen Group Ltd. ('Mullen Group', 'We', 'Our' and/or the 'Corporation'), one of Canada's largest logistics providers today reported its financial and operating results for the period ended June 30, 2025, with comparisons to the same period last year. Full details of the results may be found within our Second Quarter Interim Report, which is available on the Corporation's issuer profile on SEDAR+ at or at . ' It was a very active and productive quarter from a corporate office perspective. We completed a very successful, oversubscribed, long term bond issue ensuring the balance sheet is prudently structured well into the next decade. In addition to raising the funds required to repay the 2026 expiring notes and our current bank indebtedness, we raised additional funds to support the next phase of our acquisition strategy. We also finalized the Cole Group acquisition on June 1, 2025, a quality organization that I believe will be a tremendous addition to the Mullen Group portfolio of companies. Both initiatives were completed despite the uncertainties permeating throughout the economy and the logistics industry. Being bold when others cannot and planning for the future has always been one of the hallmarks of our success. I want to thank all of those that believed in our story, and to those that helped get these initiatives completed ,' commented Mr. Mullen K. Mullen, Chair and Senior Executive Officer. ' Second quarter consolidated revenues were positively impacted by acquisitions which, as we have suggested for some time now, is the only plausible means of growing during uncertain times and given the current supply/demand imbalance situation in nearly all segments of the logistics industry. Overall freight demand remains solid but thus far there has been no sustained economic growth to generate additional demand, a necessity in our view to alter the current excess industry supply situation. As it currently stands, shippers hold the balance of power when it comes to pricing, making it difficult to grow profitably or to improve margins. Our forty-one Business Units faced difficult discussions with many customers last quarter, that were also addressing pricing pressures from their customers. This is why I am actually pleased with the results of our core Business Units last quarter, holding revenues and margins close to last year despite the challenging market .' Mr. Mullen continued, ' There is no doubt that the current market conditions remain uncertain. The tariff/trade debate has not been resolved and this negatively impacts capital investment, a necessary ingredient in our view to increasing demand and stabilizing industry pricing. However, there are early signs that provide a glimmer of optimism. There appears to be momentum building to approve 'nation building' projects in Canada. These projects would be capital intensive and would create high paying jobs, both ingredients we believe to be positive for the economy. In addition, it is only a matter of time before the freight markets rebalance, providing service providers and carriers with more leverage to negotiate fair pricing with shippers. Our current strategy is to add acquisitions that strengthen the market position of our Business Units and to continue to protect margins. Once the markets tighten, we will pivot from protecting margins to improving margins .' Second Quarter Highlights 1 Refer to the section entitled 'Non-IFRS Financial Measures'. Second Quarter Commentary Revenue: Increased by $45.3 million or 9.1 percent to $540.9 million, led by higher revenue in the L&W, US 3PL and LTL segments being somewhat offset by lower revenue in the S&I segment. OIBDA - adjusted1: Generated $83.8 million of OIBDA - adjusted1, a slight decrease of $1.8 million, or 2.1 percent. OIBDA was $76.6 million, down 10.6 percent led by declines in the S&I and LTL segments along with higher Corporate costs, which were somewhat offset by higher OIBDA in the L&W and US 3PL segments. Net income: Net income decreased by $7.3 million, or 22.2 percent to $25.6 million, or $0.29 per Common Share due to: 1 Refer to the sections entitled 'Non-IFRS Financial Measures' and 'Other Financial Measures'. Financial Position The following summarizes our financial position as at June 30, 2025, along with some key changes that occurred subsequent to the end of the second quarter: 1 Refer to the section entitled 'Other Financial Measures'. Non-IFRS Financial Measures Mullen Group reports its financial results in accordance with International Financial Reporting Standards ('IFRS'). Mullen Group reports on certain non-IFRS financial measures and ratios, which do not have a standard meaning under IFRS and, therefore, may not be comparable to similar measures presented by other issuers. Management uses these non-IFRS financial measures and ratios in its evaluation of performance and believes these are useful supplementary measures. We provide shareholders and potential investors with certain non-IFRS financial measures and ratios to evaluate our ability to fund our operations and provide information regarding liquidity. Specifically, net income - adjusted, earnings per share - adjusted, and OIBDA - adjusted are not measures recognized by IFRS and do not have standardized meanings prescribed by IFRS. For the reader's reference, the definition, calculation and reconciliation of non-IFRS financial measures are provided in this section. These non-IFRS financial measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Investors are cautioned that these indicators should not replace the forgoing IFRS terms: net income, earnings per share, and revenue. Net Income – Adjusted and Earnings per Share – Adjusted The following table illustrates net income and basic earnings per share before considering the impact of the net foreign exchange gains or losses, and the change in fair value of investments. Management adjusts net income and earnings per share by excluding these specific factors to more clearly reflect earnings from an operating perspective. OIBDA - Adjusted OIBDA - adjusted is calculated by subtracting foreign exchange gains and losses recognized on U.S. denominated cash held with the Corporate Office from OIBDA. Management relies on OIBDA - adjusted as a measurement since it provides an indication of Mullen Group's ability to generate cash from its principal business activities prior to depreciation and amortization, financing, taxation in various jurisdictions and gains and losses recognized on U.S. cash held within the Corporate Office. Net income is also an indicator of financial performance, however, net income includes expenses that are not a direct result of Mullen Group's operating activities. Other Financial Measures Other financial measures consist of supplementary financial measures and capital management measures. Supplementary Financial Measures Supplementary financial measures are financial measures disclosed by a company that (a) are, or are intended to be, disclosed on a periodic basis to depict the historical or expected future financial performance, financial position or cash flow of a company, (b) are not disclosed in the financial statements of a company, (c) are not non-IFRS financial measures, and (d) are not non-IFRS ratios. The following are supplementary financial measures disclosed by the Corporation. Operating Margin Operating margin is a supplementary financial measure and is defined as OIBDA divided by revenue. Management relies on operating margin as a measurement since it provides an indication of our ability to generate an appropriate return as compared to the associated risk and the amount of assets employed within our principal business activities. OIBDA -Adjusted 1 as a Percentage of Consolidated Revenue OIBDA - adjusted1 as a percentage of consolidated revenue is a supplementary financial measure and is defined as OIBDA -adjusted1 divided by revenue. Management relies on this adjusted operating margin as a measurement since it provides an indication of our ability to generate an appropriate return from our principal business activities prior to depreciation and amortization, financing, taxation in various jurisdictions and gains and losses recognized on U.S. cash held within Corporate Office as compared to the associated risk of our principal business activities. Capital Management Measures Capital management measures are financial measures disclosed by a company that (a) are intended to enable users to evaluate a company's objectives, policies and processes for managing the entity's capital, (b) are not a component of a line item disclosed in the primary financial statements of the company, (c) are disclosed in the notes of the financial statements of the company, and (d) are not disclosed in the primary financial statements of the company. The Corporation has disclosed the following capital management measure. 1 Refer to the sections entitled 'Non-IFRS Financial Measures' . Total Net Debt – 2024 Notes Calculation The term '2024 total net debt ' is defined in the 2024 Notes agreement as all debt including the Debentures, the Private Placement Debt, lease liabilities associated with operating equipment, the Bank Credit Facilities and letters of credit less any unrealized gain on Cross-Currency Swaps plus any unrealized loss on Cross-Currency Swaps, as disclosed within Derivatives on the condensed consolidated statement of financial position. 2024 total net debt specifically excludes any real property lease liabilities. 2024 total net debt is defined within our 2024 Notes agreement and is used to calculate our 2024 total net debt to 2024 operating cash flow covenant. Management calculates and discloses 2024 total net debt to provide users with an understanding of how our debt covenant is calculated. About Mullen Group Ltd. Mullen Group is one of Canada's largest logistics providers. Our network of independently operated businesses provide a wide range of service offerings including less-than-truckload, truckload, warehousing, customs and logistics, transload, oversized, third-party logistics and specialized hauling transportation. In addition, we provide a diverse set of specialized services related to the energy, mining, forestry and construction industries in western Canada, including water management, fluid hauling and environmental reclamation. The corporate office provides the capital and financial expertise, legal support, technology and systems support, shared services and strategic planning to its independent businesses. Mullen Group is a publicly traded corporation listed on the Toronto Stock Exchange under the symbol ' MTL '. Additional information is available on our website at or on the Corporation's issuer profile on SEDAR+ at . Contact Information Mr. Murray K. Mullen - Chair, Senior Executive Officer and President Mr. Richard J. Maloney - Senior Operating Officer Mr. Carson P. Urlacher - Senior Financial Officer Ms. Joanna K. Scott - Senior Corporate Officer 121A - 31 Southridge Drive Okotoks, Alberta, Canada T1S 2N3 Telephone: 403-995-5200 Fax: 403-995-5296 Disclaimer Mullen Group may make statements in this news release that reflect its current beliefs and assumptions and are based on information currently available to it and contains forward-looking statements and forward-looking information (collectively, 'forward-looking statements') within the meaning of applicable securities laws. This news release may contain forward-looking statements that are subject to risk factors associated with the overall economy, Mullen Group's strategy, and the natural resources industry. These forward-looking statements relate to future events and Mullen Group's future performance. All forward looking statements and information contained herein that are not clearly historical in nature constitute forward-looking statements, and the words 'may', 'will', 'should', 'could', 'expect', 'plan', 'intend', 'anticipate', 'believe', 'estimate', 'propose', 'predict', 'potential', 'continue', 'aim', or the negative of these terms or other comparable terminology are generally intended to identify forward-looking statements. Such forward-looking statements represent Mullen Group's internal projections, estimates, expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. These forward-looking statements involve known or unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Mullen Group believes that the expectations reflected in these forward-looking statements are reasonable; however, undue reliance should not be placed on these forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. In particular, forward-looking statements include but are not limited to the following: (i) Mullen Group's view that the current market conditions remain uncertain; (ii) Mullen Group's belief that there are early signs that provide a glimmer of optimism; (iii) Mullen Group's view that it is only a matter of time before the freight markets rebalance, providing service providers and carriers with more leverage to negotiate fair pricing with shippers; (iv) Mullen Group's current strategy is to add acquisitions that strengthen the market position of our Business Units and to continue to protect margins ; and (v) that once the markets tighten, Mullen Group will pivot from protecting margins to improving margins. These forward-looking statements are based on certain assumptions and analyses made by Mullen Group in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. These assumptions include but are not limited to the following: (i) the tariff/trade debate has not been resolved and this negatively impacts capital investment, a necessary ingredient in our view to increasing demand and stabilizing industry pricing; (ii) there appears to be momentum building to approve 'nation building' projects in Canada. These projects would be capital intensive and would create high paying jobs, both ingredients we believe to be positive for the economy; (iii) that if freight markets rebalance, there will be more leverage for providers and carriers to negotiate fair pricing with shippers; (iv) that acquisition opportunities will present themselves to Mullen Group; (v) that we have the balance sheet to execute acquisitions; (vi) that Mullen Group will continue to work to protect margins; and (vii) that the market will tighten in the future and that when that occurs, Mullen Group will pivot from protecting margins to improving margins. For further information on any strategic, financial, operational and other outlook on Mullen Group's business please refer to Mullen Group's Management's Discussion and Analysis dated July 23, 2025, available for viewing on Mullen Group's issuer profile on SEDAR+ at (' Interim MD&A '). Additional information on risks that could affect the operations or financial results of Mullen Group may be found under the heading 'Principal Risks and Uncertainties' starting on page 48 of the 2024 Annual Financial Review as well as in reports on file with applicable securities regulatory authorities and may be accessed through Mullen Group's issuer profile on the SEDAR+ website at . All capitalized terms used in this news release and not defined herein have the meaning ascribed to them in the Interim MD&A. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained herein is made as of the date of this news release and Mullen Group disclaims any intent or obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable Canadian securities laws. Mullen Group relies on litigation protection for forward-looking statements. PDF available:
Toronto Sun
11-07-2025
- Toronto Sun
Sarnia man jailed 7 months for swiping tip jar, bagels from hospital
A Sarnia man has been jailed seven months for breaking into the coffee shop at Bluewater Health and stealing cash from a tip jar and the register, a tablet, and three or four bagels. Edmond Mullen (Facebook) A Sarnia man has been jailed seven months for breaking into the coffee shop at Bluewater Health and stealing cash from a tip jar and the register, a tablet, and some bagels. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Edmond Mullen, 43, was seen on video during the Jan. 11 incident that did some damage at the hospital's Mo'Cha Cafe and Bubble Tea. While sentencing Mullen for that, for stealing candy from a drug store and for trying to cash a stolen forged cheque at a money lender, Justice Krista Lynn Leszczynski told him he has a very concerning criminal record with similar convictions over the last two years. 'What it says to the court is: You're not getting the message. You're not learning from your mistakes. And the sentences you are receiving are not doing what they're intended,' she said. Bluewater Health in Sarnia. Photo by File photo / The Observer Another Sarnia judge reluctantly sentenced Mullen twice last year to less jail time than he felt was appropriate. In May 2024, Justice Mark Poland handed Mullen – then sharing a jail cell with his own son – 90 days for multiple crimes, including stealing a woman's mobility scooter. Then in December, Poland gave Mullen less than four months for a series of crimes, including a downtown Sarnia condo break-in. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. In both cases, Poland's hands were all but legally tied based on a Supreme Court of Canada decision because the Crown and defence suggested the same sentence. But he cautioned Mullen that was his last break. 'Mr. Mullen, if you commit another residential break-and-enter and you come back in front of me and a sentence like that's proposed, I'm going to reject it,' he said firmly. 'I will reject it 100 per cent, I'll tell you that right now, and you will be going to jail for a long time.' Mullen's latest sentence was also for trying to cash a nearly $900 cheque stolen from Sole Decisions in Sarnia at a local Money Mart and for stealing $25 in candy from the Mitton Street South Shoppers Drug Mart. The drug store manager, who saw him hide the snacks in his jacket, asked him if he was going to pay for that as he left the store. This advertisement has not loaded yet, but your article continues below. He said, 'No,' and left. Mullen was previously sentenced three times in 2015: 15 days each for attempted theft from a coin box in a laundromat and theft from a shoe retailer; and 14 months for robbing a convenience store and breaking into a home and stealing a TV. Defence lawyer Terry Brandon said her client has been homeless for a long time and is addicted to opioids. But she said sharing a cell with his son last year has made him realize his actions affect others. Mullen told Leszczynski he's done with criminal activity and he's realized it's time to grow up. 'Words are one thing and actions are another,' the judge responded. She added a probation order banning Mullen from Sole Decisions, that Shoppers Drug Mart location, and Bluewater Health unless he has an appointment, a medical emergency or is getting detox or addiction services. 'Otherwise stay away from all of those locations, including the hospital,' she said. tbridge@ Editorial Cartoons Relationships World MLB Canada
Scoop
09-07-2025
- Politics
- Scoop
Referrals Of Terrorist And Violent Extremist Content Increased By 10 Percent In 2024
Press Release – Department Of Internal Affairs The findings, published today in the 2024 Digital Violent Extremism Transparency Report, also show that 38 formal take-down notices were issued by the Department to platforms hosting objectionable content. The Department of Internal Affairs has revealed a 10 percent increase in referrals to its Digital Violent Extremism team in 2024, with 974 URLs flagged for suspected extremist online content. The findings, published today in the 2024 Digital Violent Extremism Transparency Report, also show that 38 formal take-down notices were issued by the Department to platforms hosting objectionable content. 88% of the content referred to the team was removed by platforms following intervention by the Department. 'Every one of the URLs we issued informal take-down notices to, contained images and videos promoting or encouraging violent extremism or terrorist attacks. Much of this content promoted or depicted the violent attack or death of innocent victims for the gratification of others,' says Jared Mullen, Director of the Digital Safety Group. The report also reveals the that investigators are continuing to see the cases connected to hybridized threat groups. These are violent online groups who extort minors online into recording self-harm and sexually explicit acts. These groups often involve terrorist and violent extremism, gore, and child sexual exploitation material. 'Online groups such as these are responsible for exploiting the most vulnerable members of society by coercing them to share extreme and egregious content,' says Mullen. These offenders use online platforms to cherry pick vulnerable members of society to systematically victimize. We are working closely with our partners to do everything in our power to apprehend these offenders and safeguard victims.' The most commonly reported ideology type in 2024 was Identity motivated, specifically white-identity. This was reflected in the continued presence of content relating to the Christchurch terrorist attacks, which accounted for 38 percent of referred content in 2024. The Digital Violent Extremism team is responsible for keeping New Zealanders safe from online harm by responding to and preventing the spread of objectionable material thatpromotes or encouragesviolent extremism. The team continues to work withgovernment and community partners, in New Zealand and around the world, to prevent, deter, and prosecute those who spread this material.
Scoop
08-07-2025
- Scoop
Referrals Of Terrorist And Violent Extremist Content Increased By 10 Percent In 2024
The Department of Internal Affairs has revealed a 10 percent increase in referrals to its Digital Violent Extremism team in 2024, with 974 URLs flagged for suspected extremist online content. The findings, published today in the 2024 Digital Violent Extremism Transparency Report, also show that 38 formal take-down notices were issued by the Department to platforms hosting objectionable content. 88% of the content referred to the team was removed by platforms following intervention by the Department. 'Every one of the URLs we issued informal take-down notices to, contained images and videos promoting or encouraging violent extremism or terrorist attacks. Much of this content promoted or depicted the violent attack or death of innocent victims for the gratification of others,' says Jared Mullen, Director of the Digital Safety Group. The report also reveals the that investigators are continuing to see the cases connected to hybridized threat groups. These are violent online groups who extort minors online into recording self-harm and sexually explicit acts. These groups often involve terrorist and violent extremism, gore, and child sexual exploitation material. 'Online groups such as these are responsible for exploiting the most vulnerable members of society by coercing them to share extreme and egregious content,' says Mullen. These offenders use online platforms to cherry pick vulnerable members of society to systematically victimize. We are working closely with our partners to do everything in our power to apprehend these offenders and safeguard victims.' The most commonly reported ideology type in 2024 was Identity motivated, specifically white-identity. This was reflected in the continued presence of content relating to the Christchurch terrorist attacks, which accounted for 38 percent of referred content in 2024. The Digital Violent Extremism team is responsible for keeping New Zealanders safe from online harm by responding to and preventing the spread of objectionable material thatpromotes or encouragesviolent extremism. The team continues to work withgovernment and community partners, in New Zealand and around the world, to prevent, deter, and prosecute those who spread this material. Head toCountering Violent Extremism Transparency reports - to read the report in full.
