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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, announces today that the number of fully diluted shares upon completion of the merger will be 32% less than the 75 million shares originally contemplated in the merger agreement with Nete Element, Inc.
The estimated 75 million shares is found in specific language related to Section 2.01 of Amendment 1 to the S-4/A Agreement, dated July 22, 2021.
At the Merger Effective Time, by virtue of the Merger and without any action on the part of Parent, the Company or the holders of any of the following securities:
It is intended that the number of shares of Parent Common Stock outstanding immediately after the Merger Effective Time on a fully diluted and fully converted basis (the “Post Merger Capitalization”) shall not exceed 75,000,000.
In total, Mullen announces 51,173,640 million shares will be outstanding post-merger, which is 32% less than the original estimation from the July 22, 2021, amendment to the S4/A of 75 million shares outstanding post-merger.
“We are excited about the many milestones ahead of us and look forward to sharing those with all our shareholders as they occur,” states David Michery, CEO and Chairman of Mullen Automotive. “Everyone on both ends of the transaction are excited to begin trading tomorrow on the NASDAQ.”
Mullen will debut to the world, for the first time, the FIVE EV Crossover on Nov. 17, 2021, at the Los Angeles International Auto Show (LAIAS). The FIVE will debut in the South Hall (Booth S-101) on Day One of the 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 technology.
The FIVE is built on a 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 on MullenUSA.com.
Posted In: NETE
