Mullen Automotive Acquires Additional Bollinger Motors Shares, Ownership Stake at 95%; Companies Continue Full Commitment to EV Customers, Vehicle Service

OAK PARK, Mich., June 5, 2025 /PRNewswire/ -- Bollinger Motors today announced it has emerged from receivership as its parent company Mullen Automotive Inc. (NASDAQ: MULN), an electric vehicle manufacturer, settled claims in a lawsuit filed by Bollinger Motors' founder, Robert Bollinger. In connection with the settlement, Mullen Automotive increased its ownership stake in the company to 95%.

The companies announced that David Michery, CEO and chairman of Mullen Automotive, has taken the position of CEO and chairman of Bollinger Motors, as well.

While in receivership, Bollinger Motors continued to sell and service its Bollinger B4 all-electric commercial trucks, but its financial operations were controlled by the receiver. With the legal claims settled, Bollinger Motors has emerged from receivership and will continue to operate as a subsidiary of Mullen Automotive.

"Vehicle sales and customer service remained the top priority for Bollinger Motors throughout the receivership process, and I commend the team for continuing to gain momentum, even during this distraction," said Michery. "We look forward to putting this chapter in the rearview mirror and continuing to help customers find more sustainable transportation options. We are focused on the shared vision of both Mullen Automotive and Bollinger Motors to help electrify fleets with world-class vehicles and industry-leading customer and dealership support. Our optimism for Bollinger Motors and its current and future products and prospects has never wavered."

The Bollinger B4 Chassis Cab is an all-electric Class 4 commercial truck designed from the ground up with extensive fleet and upfitter input. Bollinger's unique chassis design protects the 158-kwh battery pack and components to offer impressive capability and safety in the commercial market. The Bollinger B4 Chassis Cab is available for order and is available via Bollinger Motors' national dealer network.

Bollinger Motors also continues to develop its Bollinger B5 all-electric Class 5 commercial truck, with an anticipated launch in 2026.

"In the past several weeks our message to customers and dealers is that we are open for business, focused on our customers and optimistic about our future," said Jim Connelly, Chief Revenue Officer for Bollinger Motors. "The market for commercial EVs is full of opportunity and we continue to deliver world-class vehicles to help customers meet their fleet electrification needs."

ABOUT BOLLINGER MOTORS

Founded in 2015, Bollinger Motors, Inc. is a U.S.-based company headquartered in Oak Park, Mich. Bollinger Motors is developing all-electric commercial chassis cab trucks, Classes 4-6. In September 2022, Bollinger Motors became a majority owned company of Mullen Automotive, Inc. (NASDAQ: MULN). Learn more at www.BollingerMotors.com and www.MullenUSA.com.

About Mullen

Mullen Automotive (NASDAQ:MULN) is a Southern California-based automotive company building the next generation of commercial electric vehicles ("EVs") with two United States-based vehicle plants located in Tunica, Mississippi, (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, are California Air Resource Board ("CARB") and EPA certified and available for sale in the U.S. The Company's commercial dealer network consists of seven dealers, which includes Papé Kenworth, Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, Eco Auto, and Randy Marion Auto Group, providing sales and service coverage in key West Coast, Midwest, Pacific Northwest, New England, and Mid-Atlantic markets.

In September 2022, Bollinger Motors, of Oak Park, Michigan, became a majority-owned EV truck company of Mullen Automotive. Bollinger Motors has passed numerous milestones including its B4, Class 4 electric truck production launch on Sept. 16, 2024, and the development of a world-class dealer and service network with over 50 locations across the United States.

To learn more about the Company, visit www.MullenUSA.com.

Forward-Looking Statements

Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential" and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include but are not limited to how Mullen's stock will perform after the Reverse Stock Split, Mullen's ability to timely implement the Reverse Stock Split, the success of the Reverse Stock Split, and Mullen's ability to regain compliance with Nasdaq Listing standards. Additional examples of such risks and uncertainties include but are not limited to: (i) Mullen's ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen's ability to successfully expand in existing markets and enter new markets; (iv) Mullen's ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Mullen's business; (viii) changes in government licensing and regulation that may adversely affect Mullen's business; (ix) the risk that changes in consumer behavior could adversely affect Mullen's business; (x) Mullen's ability to protect its intellectual property; and (xi) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen's plans and expectations as of any subsequent date.

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SOURCE Bollinger Motors

BOLLINGER MOTORS EMERGES FROM RECEIVERSHIP AS PARENT COMPANY MULLEN AUTOMOTIVE SETTLES CLAIM