Net Element Merger Partner Mullen Auto Received Conditional Approval To List Shares On Nasdaq, Will Commence Trading On Nov. 5, 2021 Under Ticker 'MULN'

Author: Benzinga Newsdesk | October 27, 2021 08:33am

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 announced that Mullen Automotive has received conditional approval to list the common stock of the Company on the Nasdaq Stock Market LLC (“Nasdaq”) after satisfaction of the conditions established by Nasdaq.

Nasdaq Conditions:

• Hold special shareholders’ meeting within six months of closing the merger transaction to procure approval of amending the certificate of incorporation of the post-merger listed company to reflect a three-year sunset provision pertaining to the voting rights associated with the Series A Preferred Shares of the post-merger listed company (the “Amendment”).
• All Series A Preferred Shares of Mullen held by David Michery will convert to common stock of Mullen upon the effectiveness of the merger and exchanged into the common stock of Net Element, Inc. pursuant to the terms of the merger.
• Prior to the effectiveness of the merger, Mullen will cause its shareholders, including the remaining Series A Preferred stockholders (which will, after the closing of the merger, constitute a majority of the ownership of the post-merger listed company) to irrevocably vote to approve the Amendment.
• There will be no further agreements or issuances of the Series A Preferred Shares of either Mullen or the post-merger listed company.
• Nasdaq’s approval of the post-merger listed company listing application will be conditioned on the Amendment becoming effective within six months of closing the merger.

Trading to commence on Nov. 5, 2021, at which time the Company’s name will be changed to Mullen Automotive, Inc. and its ticker symbol will be changed to “MULN.”

Mullen additionally issues a reminder that on Nov. 17, 2021, at the LA Auto Show, it will debut to the world, for the first time, the FIVE EV crossover. The FIVE will debut in the South Hall on Day One of international media and press days. The FIVE will continue on display in the South Hall during the consumer days of the show, Nov. 19-28, 2021. Mullen will display multiple variants of the FIVE model while also showcasing powertrain, battery and charging technologies.

The FIVE is built on an EV crossover skateboard platform that offers multiple powertrain configurations and trim levels in a svelte design that is Strikingly DifferentTM and exciting to experience in person.  Learn more about the Mullen FIVE at MullenUSA.com.

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