Mullen Automotive, Inc. MULN shares are trading lower. The company announced Tuesday that on June 23 its Series D investors exercised their final option, expiring June 30, for $100 million.
What To Know: Additional funding from the exercise of the option resulted in $100 million in funding. Mullen said it's now in its strongest financial position ever, with more than $235 million in cash and cash equivalents, representing two years of operating capital.
"We are in the best financial position in our Company's history and remain fully committed and highly focused on producing, selling and delivering our vehicles to our customers prior to the end of 2023," said David Michery, CEO and chairman of Mullen Automotive.
With the exception of $7.3 million of outstanding debt, Mullen said all company-owned real estate and assets are unencumbered.
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MULN Price Action: Shares of MULN were down 20.2% at $0.14 at the time of publication, according to Benzinga Pro.
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