Mullen Automotive Inc. (MULN) Acquires Controlling Stake in Bollinger Motors Inc. Published: 2022-09-11
Mullen Makes Its Move
The acquisition of Bollinger Motors is one of the largest in the history of the electronic vehicle (EV) industry. It is also the first foray into the EV space for Mullen, which is a development-stage EV manufacturer.
This acquisition will give Mullen an industry presence in medium-duty trucks classes 3-6, as well as with B1 and B2 sport utility trucks.
Bollinger was founded in 2015 in New York. After unveiling their first prototype, which was very well received, the company moved to Detroit, Michigan. Now in Oak Park, Michigan, the company is focused on the commercial electric truck business.
A 60% controlling interest in Bollinger cost Mullen a total of $148.2 million in cash and stock.
The CEO of Mullen Automotive, David Michery, said of the deal:
"This acquisition is one of the largest in the EV industry to date and
provides Mullen with the unique opportunity to aggressively expand into
the high-demand commercial EV space."
About Mullen (MULN)
Mullen attracted a lot of interest in the speculative frenzy of EV stocks toward the end of last year, but much like the rest of the market it has struggled this year. Mullen has consistently been among the most shorted stocks on Wall Street.
Friday was certainly no exception as the short sales transactions were literally off the chart.
Notice how on Friday, 2022-09-09, the short sales surged. Someone is betting heavily against this little speculative EV company.
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