Mullen Automotive acquires additional 21% of Bollinger Motors

Mullen Automotive (MULN) announced that the company has successfully acquired an additional 21% of Bollinger Motors, bringing its total ownership to 95%. This strategic transaction increases shareholder equity by approximately $3.5M and reinforces Mullen’s long-term vision for Bollinger and its dedication to current and future customers, the company said. Mullen resolved recent claims and debt that had led to a court-ordered receivership for Bollinger. The court in that action has entered an order discharging and removing the receiver, as well as dismissing the case with prejudice, ensuring Bollinger’s continued operations under Mullen’s complete ownership and strategic direction. Bollinger will continue to operate as an independent majority subsidiary, maintaining its own brand identity and focus. All existing and future Bollinger customers can expect business as usual, with full backing and comprehensive coverage on sales, service, and warranty for their Bollinger vehicles. “This is an important moment for both Mullen Automotive and Bollinger Motors,” said David Michery, CEO and chairman of Mullen Automotive and Bollinger Motors. “Our investment in acquiring the vast majority of remaining shares and resolving certain significant outstanding debt demonstrates our belief in and continued commitment to Bollinger’s vehicle lineup and future.”