Summary by Moomoo AI
Bollinger Motors, a majority-owned subsidiary of Mullen Automotive, has secured $10 million in non-dilutive debt financing from its founder Robert Bollinger. The funding, formalized through an Amended and Restated Secured Promissory Note dated October 24, 2024, will support the production ramp-up and sales of the Bollinger B4 Class 4 EV truck.The note, which amends a previous $5 million secured promissory note from October 22, bears a 15% annual interest rate and matures on October 30, 2026. The financing is secured by Bollinger Motors' assets, excluding inventory and certain intellectual property. Monthly interest payments begin November 29, 2024, with a structured payment schedule starting January 2025.Bollinger Motors commenced full-scale production of the B4 electric truck in September at Roush Industries in Livonia, Michigan, with over 70% US-made content. The trucks are now being delivered to customers and dealers nationwide, marking Bollinger's transition to a full-fledged OEM status.
