Mullen Automotive Reveals Significant Debt Reduction

• 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.