Mullen Automotive Inc. Files 10-K for Fiscal Year Ended September 30, 2023

Ticker: BINI · Form: 10-K · Filed: Jan 17, 2024 · CIK: 1499961

Complexity: moderate

Sentiment: neutral

Topics: Mullen Automotive, 10-K, Fiscal Year End, Stock Buyback, Securities Agreements

TL;DR

<b>Mullen Automotive Inc. has filed its annual 10-K report, detailing its financial performance and significant corporate events for the fiscal year ending September 30, 2023.</b>

AI Summary

MULLEN AUTOMOTIVE INC. (BINI) filed a Annual Report (10-K) with the SEC on January 17, 2024. Mullen Automotive Inc. filed its 10-K report for the fiscal year ending September 30, 2023. The company's former names include Net Element, Inc., Net Element International, Inc., and Cazador Acquisition Corp Ltd. Key dates mentioned include a $25 million stock buyback program initiated on July 6, 2023. The filing references various securities purchase agreements and preferred stock series. Subsequent events noted include transactions on December 18, 2023, and December 21, 2023.

Why It Matters

For investors and stakeholders tracking MULLEN AUTOMOTIVE INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Mullen Automotive's financial health, operational activities, and strategic initiatives over the past fiscal year, which is crucial for investors to assess the company's current standing and future prospects. The inclusion of specific dates for stock buyback programs and securities agreements offers insight into the company's capital management strategies and its engagement with financial markets.

Risk Assessment

Risk Level: — MULLEN AUTOMOTIVE INC. shows moderate risk based on this filing. The company has a history of name changes and references to various securities agreements and preferred stock series, indicating potential complexity in its financial structure and past corporate actions.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Mullen Automotive's financial position and operational challenges.

Financial Highlights

revenue
63083.67
revenue Growth
1574.14

Key Numbers

Key Players & Entities

Forward-Looking Statements

FAQ

When did MULLEN AUTOMOTIVE INC. file this 10-K?

MULLEN AUTOMOTIVE INC. filed this Annual Report (10-K) with the SEC on January 17, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by MULLEN AUTOMOTIVE INC. (BINI).

Where can I read the original 10-K filing from MULLEN AUTOMOTIVE INC.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by MULLEN AUTOMOTIVE INC..

What are the key takeaways from MULLEN AUTOMOTIVE INC.'s 10-K?

MULLEN AUTOMOTIVE INC. filed this 10-K on January 17, 2024. Key takeaways: Mullen Automotive Inc. filed its 10-K report for the fiscal year ending September 30, 2023.. The company's former names include Net Element, Inc., Net Element International, Inc., and Cazador Acquisition Corp Ltd.. Key dates mentioned include a $25 million stock buyback program initiated on July 6, 2023..

Is MULLEN AUTOMOTIVE INC. a risky investment based on this filing?

Based on this 10-K, MULLEN AUTOMOTIVE INC. presents a moderate-risk profile. The company has a history of name changes and references to various securities agreements and preferred stock series, indicating potential complexity in its financial structure and past corporate actions.

What should investors do after reading MULLEN AUTOMOTIVE INC.'s 10-K?

Investors should review the detailed financial statements and risk factors within the 10-K to understand Mullen Automotive's financial position and operational challenges. The overall sentiment from this filing is neutral.

Key Dates

Glossary

10-K
An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial overview for Mullen Automotive Inc.)
Stock Buyback Program
A program where a company repurchases its own shares from the marketplace. (Indicates Mullen Automotive's strategy for managing its share count and potentially returning capital to shareholders.)

Filing Stats: 4,547 words · 18 min read · ~15 pages · Grade level 16 · Accepted 2024-01-16 20:47:45

Key Financial Figures

Filing Documents

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 20 Item 1B. Unresolved Staff Comments 45 Item 2.

Properties

Properties 45 Item 3.

Legal Proceedings

Legal Proceedings 46 Item 4. Mine Safety Disclosures 46 PART II 47 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 47 Item 6. [Reserved] 48 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 48 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 59 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 59 Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure 59 Item 9A.

Controls and Procedures

Controls and Procedures 59 Item 9B. Other Information 62 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 62 PART III 62 Item 10. Directors, Executive Officers and Corporate Governance 62 Item 11.

Executive Compensation

Executive Compensation 66 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 74 Item 13. Certain Relationships and Related Transactions, and Director Independence 76 Item 14. Principal Accountant Fees and Services 77 PART IV 78 Item 15. Exhibits and Financial Statement Schedules 78 Item 16. Form 10-K Summary 84

Signatures

Signatures 72 1 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (the " Annual Report " or " Report ") contains forward-looking statements that involve substantial risks and uncertainties. All statements contained in this Annual Report, other than statements of historical facts, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market growth, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "target," "potential," "will," "would," "could," "should," "continue," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, as applicable, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information and statements include the risks summarized below. include, among others: This summary does not address all of the risks that the Company faces. Additional discussion of the risks summarized in this risk factor summary; and other risks the Company faces, can be found below under the heading "Risk Factors" and should be carefully considered, together with other information in this Form 10-K and other filings with the SEC, before making a decision to invest in the Company. These risks include, among others, the following: We have incurred significant losses since inception, and we expect that we will

BUSINESS

ITEM 1. BUSINESS. References in this Annual Report to the "Company", "we", "us", "our" or similar references, or "Mullen," mean Mullen Automotive Inc., a Delaware corporation, and its subsidiaries Ottava Automotive, Inc. , a California corporation, Mullen Real Estate, LLC., a Delaware corporation, Mullen Investment Properties LLC, a Mississippi corporation , and Bollinger Motors, Incorporated a consolidated subsidiary. Background We are a Southern California-based electric vehicle company that operates in various verticals of businesses focused within the automotive industry. The Company was originally formed on April 20, 2010, as a developer and manufacturer of electric vehicle technology. During 2021, the Company completed a merger with Net Element, Inc., a Delaware-incorporated company 1 . The Company changed its name from "Net Element, Inc." to "Mullen Automotive Inc." The Nasdaq Stock Market, LLC (Nasdaq Capital Market) ticker symbol for the Company's common stock changed from "NETE" to "MULN" at the opening of trading on November 5, 2021. The CUSIP number of the common stock is 62526P 406. The Company Mullen Automotive is a Southern California-based automotive company that is building and delivering the newest generation of Commercial Trucks. We also have a portfolio of high-performance Passenger vehicles in various stages of Product Development for launch in subsequent years. The company entered the Commercial Truck Business executing two opportunistic acquisitions in the fourth quarter of 2022. On September 7, 2022, the first acquisition was announced of Bollinger Motors. The purchase price was $148.6 million in cash and stock for a 60.0% controlling interest, which gives Mullen the majority ownership of Bollinger Motors, Inc. This provided Mullen entry into the medium duty truck classes 4-6, and the Sport Utility and Pick Up Truck EV segments. The second acquisition was in October 2022, when the U.S. Bankruptcy Court approved the Company acquisiti

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