Summary by Moomoo AI
Mullen Automotive announced that on September 25 and 27, 2024, certain investors partially exercised their additional investment rights under the Securities Purchase Agreement dated May 14, 2024. The investors purchased 5% Original Issue Discount Senior Secured Convertible Notes with an initial aggregate principal amount of $12.5 million ($11.9 million excluding the 5% original issue discount).As part of the transaction, investors also received five-year warrants exercisable for 46,664 shares of Common Stock. The warrants can be exercised on either a cash or cashless basis. Both the notes and warrants maintain the same terms and conditions as previously issued securities described in the company's Form 10-Q. The securities were issued under Section 4(a)(2) of the Securities Act, exempting them from registration requirements.
