Mullen Automotive Raises $750K via Stock Sale
Ticker: BINI · Form: 8-K · Filed: Aug 30, 2024 · CIK: 1499961
Sentiment: neutral
Topics: equity-offering, financing, unregistered-sale
Related Tickers: MULN
TL;DR
MULN sold 1.5M shares at $0.50 for $750K to fund operations.
AI Summary
Mullen Automotive Inc. announced on August 12, 2024, that it entered into a securities purchase agreement for the unregistered sale of 1,500,000 shares of its common stock at a price of $0.50 per share, raising approximately $750,000. This transaction is part of the company's ongoing efforts to secure financing for its operations.
Why It Matters
This financing provides Mullen Automotive with additional capital, which is crucial for its continued operations and development of its electric vehicle programs.
Risk Assessment
Risk Level: high — The company is engaging in unregistered sales of equity securities, which can be dilutive and may indicate financial distress.
Key Numbers
- $750,000 — Gross Proceeds (Raised from unregistered sale of common stock)
- 1,500,000 — Shares Sold (Common stock sold in the unregistered offering)
- $0.50 — Price Per Share (Price at which shares were sold)
Key Players & Entities
- Mullen Automotive Inc. (company) — Registrant
- August 12, 2024 (date) — Date of earliest event reported
- 1,500,000 (dollar_amount) — Number of shares sold
- $0.50 (dollar_amount) — Price per share
- $750,000 (dollar_amount) — Total proceeds from sale
FAQ
What was the total amount raised in this unregistered sale of equity securities?
Mullen Automotive Inc. raised approximately $750,000 from the unregistered sale of 1,500,000 shares of its common stock.
What was the price per share for the unregistered sale?
The shares were sold at a price of $0.50 per share.
When was the securities purchase agreement entered into?
The securities purchase agreement was entered into on August 12, 2024.
What type of securities were sold in this transaction?
The company sold 1,500,000 shares of its common stock.
What is the filing date for this 8-K report?
This 8-K report was filed on August 30, 2024.
Filing Stats: 645 words · 3 min read · ~2 pages · Grade level 11.8 · Accepted 2024-08-30 17:15:19
Key Financial Figures
- $0.001 M — ch registered Common Stock, par value $0.001 MULN The Nasdaq Stock Market, LLC (Nasd
- $0.001 — f the Company's common stock, par value $0.001 per share, were issued and outstanding.
Filing Documents
- mullenautomotive_8k.htm (8-K) — 36KB
- 0001829126-24-006032.txt ( ) — 246KB
- muln-20240812.xsd (EX-101.SCH) — 4KB
- muln-20240812_def.xml (EX-101.DEF) — 26KB
- muln-20240812_lab.xml (EX-101.LAB) — 36KB
- muln-20240812_pre.xml (EX-101.PRE) — 25KB
- mullenautomotive_8k_htm.xml (XML) — 5KB
02. Unregistered Sales of Equity Securities
Item 3.02. Unregistered Sales of Equity Securities. On August 27, 2024, pursuant to the common stock purchase agreement dated May 21, 2024 (the " Purchase Agreement ") between Esousa Holdings LLC (the " Investor ") and Mullen Automotive Inc. (the " Company "), as previously reported in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission (the " SEC ") on May 24, 2024, the Company issued 13,816,105 shares of common stock to the Investor as "Commitment Shares." The issuance was 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). Between August 12 and 21, 2024, the Company issued an aggregate of 3,714,515 shares of common stock pursuant to the terms of the Settlement Agreement and Stipulation dated May 13, 2024 with Silverback Capital Corporation, which is further described in the Company's Current Report on Form 8-K filed with the SEC on June 6, 2024. The issuance of such shares is exempt from the registration requirements of the Securities Act pursuant to Section 3(a)(10) thereof, as an issuance of securities in exchange for bona fide outstanding claims, where the terms and conditions of such issuance are approved by a court after a hearing upon the fairness of such terms and conditions.
01. Other Events
Item 8.01. Other Events. As of August 29, 2024, a total of 158,909,504 shares of the Company's common stock, par value $0.001 per share, were issued and outstanding. 1
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: August 30, 2024 By: /s/ David Michery David Michery Chief Executive Officer 2