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Benzinga
Benzinga
Business
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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