Mullen Automotive ($MULN) Make Bid for Bankrupt Electric Last Mile Solutions
September 21, 2022 – TheNewswire - Electric vehicle startup Mullen Automotive (MULN) has made a $92 million bid for bankrupt last mile delivery automaker Electric Last Mile Solutions.
Mullen has completed a $5.5 million deposit payment and is looking to acquire Electric Last Mile’s factory located in Mishawaka, Indiana as well as existing inventory and intellectual property rights.
Prior to its bankruptcy, Electric Last Mile was developing Class 1 and 3 urban mobility vehicles, which it had hoped would gain market share in the last mile delivery space. However, the company announced in June that it would file for Chapter 7 bankruptcy after running into capital and liquidity issues.
The bid for Electric Last Mile comes on the heels of news last week that Mullen had acquired a controlling 60% stake in Bollinger Motors for a purchase price of $148.2 million. Bollinger is Michigan-based manufacturer of all-electric platforms and chassis cabs for commercial vehicles targeting the medium-to-heavy duty vehicle classes.
Mullen Automotive is a southern California-based automotive company building the next-generation of premium electric vehicles (EVs) that are affordable and built entirely in the United States. With an end-to-end ecosystem that supports owners from test driving to financing and servicing through a unique hybrid dealership model, customers are supported through every aspect of EV ownership.
Shares of Mullen Automotive trade on the NASDAQ under the ticker symbol MULN. For more information visit www.greenstocknews.com.
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