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Shivani Kumaresan

Mullen Automotive Reveals Significant Debt Reduction

Mullen MULN David Michery Mullen Automotive Inc. Nasdaq

Mullen Automotive Inc (NASDAQ:MULN) has removed $17.5 million in company debt.
The company has also reduced its overall indebtedness from more than $30 million last year to an estimated $11 million currently.
The debt was associated with a secured convertible promissory note executed on July 23, 2020, with DBI Lease Buyback Servicing LLC, an affiliate of Drawbridge Investments LLC.
Mullen now has about $11 million left of outstanding indebtedness.
"This recent elimination of debt makes us financially stronger now, allowing the Company to maintain its focus on its various EV initiatives," said David Michery, CEO and chairman.
Price Action: MULN shares are trading lower by 4.64% at $1.02 on the last check Tuesday.

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