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Mullen Automotive | 424B3: Prospectus

SEC ·  Jul 6 05:17

Summary by Moomoo AI

Mullen Automotive Inc. has announced the potential sale of up to 75,000,000 shares of its common stock, par value $0.001 per share, by Esousa Holdings, LLC, referred to as the Selling Stockholder. The shares may be offered from time to time, pursuant to a common stock purchase agreement dated May 21, 2024, known as the Purchase Agreement. The sale of shares is subject to certain conditions, including the approval of Mullen's stockholders if the number of shares issued exceeds the 19.99% threshold of total outstanding shares prior to the execution of the Purchase Agreement, as per Nasdaq rules. The shares consist of those Mullen may elect to sell to the Selling Stockholder and shares agreed to be issued as consideration for the Selling Stockholder...Show More
Mullen Automotive Inc. has announced the potential sale of up to 75,000,000 shares of its common stock, par value $0.001 per share, by Esousa Holdings, LLC, referred to as the Selling Stockholder. The shares may be offered from time to time, pursuant to a common stock purchase agreement dated May 21, 2024, known as the Purchase Agreement. The sale of shares is subject to certain conditions, including the approval of Mullen's stockholders if the number of shares issued exceeds the 19.99% threshold of total outstanding shares prior to the execution of the Purchase Agreement, as per Nasdaq rules. The shares consist of those Mullen may elect to sell to the Selling Stockholder and shares agreed to be issued as consideration for the Selling Stockholder's commitment to purchase Mullen's common stock, known as Commitment Shares. The transaction also involves rights associated with the shares, detailed in the 'Description of Securities—Rights Agreement; Series A-1 Junior Participating Preferred Stock' section. Mullen will not sell any shares directly and will not receive proceeds from the Selling Stockholder's sales. However, Mullen may sell up to $150,000,000 of common stock to the Selling Stockholder after the registration statement is effective, subject to the prospectus's limitations. The Selling Stockholder may sell the shares at varying prices and has agreed not to engage in any direct or indirect short selling or hedging of Mullen's common stock. The date of the prospectus is July 5, 2024, and Mullen is classified as a 'smaller reporting company' with reduced public company reporting requirements.

This announcement is a separate document:

Doc 1

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