Mullen Automotive Files 8-K on Agreements and Equity Sales

TL;DR

Mullen Automotive filed an 8-K detailing material agreements and equity sales from May 21st.

AI Summary

Mullen Automotive Inc. filed an 8-K on May 24, 2024, reporting on events that occurred on May 21, 2024. The filing indicates a material definitive agreement, unregistered sales of equity securities, and includes financial statements and exhibits. Mullen Automotive Inc. was formerly known as Net Element, Inc. and Net Element International, Inc.

Why It Matters

This 8-K filing provides crucial updates on Mullen Automotive's financial activities and agreements, which could impact investor understanding of the company's current operational and financial standing.

Risk Assessment

Risk Level: medium — Filings related to material definitive agreements and unregistered equity sales can indicate significant corporate actions that may carry inherent risks for investors.

Key Players & Entities

• MULLEN AUTOMOTIVE INC. (company) — Registrant
• Net Element, Inc. (company) — Former Company Name
• Net Element International, Inc. (company) — Former Company Name
• May 21, 2024 (date) — Earliest event reported
• May 24, 2024 (date) — Filing date

FAQ

Key Financial Figures

• $0.001 M — ch registered Common Stock, par value $0.001 MULN The Nasdaq Stock Market, LLC (Nas
• $0.001 — f the Company's common stock, par value $0.001 per share (the " Common Stock "), havin
• $150,000,000 — tal maximum aggregate purchase price of $150,000,000 (the " Purchase Shares "), upon the ter
• $6,000,000 — o issue shares of Common Stock equal to $6,000,000 divided by the lower of (i) the VWAP on

Filing Documents

• mullenautomotive_8k.htm (8-K) — 45KB
• mullenautomotive_ex10-1.htm (EX-10.1) — 358KB
• mullenautomotive_ex10-2.htm (EX-10.2) — 125KB
• 0001829126-24-003757.txt ( ) — 838KB
• cik0001499961-20240521.xsd (EX-101.SCH) — 4KB
• cik0001499961-20240521_def.xml (EX-101.DEF) — 26KB
• cik0001499961-20240521_lab.xml (EX-101.LAB) — 36KB
• cik0001499961-20240521_pre.xml (EX-101.PRE) — 25KB
• mullenautomotive_8k_htm.xml (XML) — 6KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On May 21, 2024, Mullen Automotive Inc. (the " Company "), entered into a common stock purchase agreement (the " Purchase Agreement ") with an equity line investor (the " Investor ") pursuant to which the Investor has agreed to purchase from the Company, at the Company's direction from time to time, in its sole discretion, from and after the effective date of the Registration Statement (as defined below) and until the earlier of (i) the 36-month anniversary of the Commencement Date (as defined below) or (ii) the termination of the Purchase Agreement in accordance with the terms thereof, shares of the Company's common stock, par value $0.001 per share (the " Common Stock "), having a total maximum aggregate purchase price of $150,000,000 (the " Purchase Shares "), upon the terms and subject to the conditions and limitations set forth therein. In connection with the Purchase Agreement, the Company also entered into a registration rights agreement with the Investor (the " Registration Rights Agreement "), pursuant to which the Company agreed to file a registration statement with the Securities and Exchange Commission covering the resale of the shares of the Company's Common Stock issued to the Investor pursuant to the Purchase Agreement (the " Initial Registration Statement ") by the 10th business day following execution of the Purchase Agreement. As consideration for its commitment to purchase the Company's Common Stock under the Purchase Agreement, the Company has agreed to issue shares of Common Stock equal to $6,000,000 divided by the lower of (i) the VWAP on the effective date of the Initial Registration Statement and (ii) the closing price of the Common Stock on the effective date of the Initial Registration Statement (the " Commitment Shares ") to the Investor. Half of the Commitment Shares will be issued upon the effective date of the Initial Registration Statement and the remaining amount will be delive

02 Unregistered Sales of Equity Securities

Item 3.02 Unregistered Sales of Equity Securities. Information set forth under Item 1.01 above is incorporated by reference herein. As described in Item 1.01, under the terms of the Purchase Agreement, the Company agreed to issue the Commitment Shares and may issue the Purchase Shares, from time to time, to the Investor, which issuances are exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the " Securities Act "). The Investor represented to the Company, among other things, that it was an "accredited investor" (as such term is defined in Rule 501(a) of Regulation D under the Securities Act).

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits (d) Exhibits. Exhibit No. Description 10.1 Common Stock Purchase Agreement, dated as of May 21, 2024, by and between the Company and the Investor. 10.2 Registration Rights Agreement, dated as of May 21, 2024, by and between the Company and the Investor. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 2

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized. MULLEN AUTOMOTIVE INC. Date: May 24, 2024 By: /s/ David Michery David Michery Chief Executive Officer 3

View Full Filing

View this 8-K filing on SEC EDGAR