Mullen grabs 95% of Bollinger Motors right as it pulls a reverse split —bold move or desperation?

Court: C.D. California

Case: 2:22-cv-03026

Mullen has acquired an additional 21% of Bollinger Motors, raising its total stake to 95%, and resolved debt and legal claims that had placed Bollinger into a court-ordered receivership, a few weeks ago.

The court has removed the receiver and dismissed the case, allowing Bollinger to continue operating independently under Mullen’s strategic guidance. After this announcement, Mullen’s shareholder equity increased by about $3.5M.

Also, MULN paused trading as the company implemented another 1-for-100 reverse stock split.

The announcement also said that Bollinger Motors will maintain its brand and operate as a majority-owned subsidiary focused on scaling its Class 4 B4 electric truck platform, with full backing from Mullen for sales, service, and warranty.

In other news, MULN settled a $7.25M lawsuit with investors over claims the company misled them about its EV production plans and partnership announcements. And it’s accepting late claims.

If you invested in MULN when this happened, you can check if you're eligible for payment.