Mullen Automotive signs binding agreement with DelPack

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BREA, Calif., July 11, 2022 (GLOBE NEWSWIRE) — via InvestorWire — Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, today announced that it has signed a binding agreement with DelPack Logistics, LLC (“DPL”), an Amazon Delivery Service Partner DPL will purchase up to 600 Mullen Class 2 EV cargo vans over the next 18 months.

The terms of the binding agreement between Mullen and DPL include the following:

  • DPL will place an order for up to 600 Mullen Class 2 Electric Cargo Vans over the next 18 months
  • The 600 Class 2 EV Cargo Vans will be fully homologated for the United States
  • The first 300 fully US-registered Mullen Class 2 EV Cargo Vans can be delivered to DPL by November 30, 2022 upon request from DPL
  • All Mullen Class 2 Electric Cargo Vans will be equipped with all US-standard airbags and a cabin comfort package that includes reclining seats, cup holders, an infotainment system and a comfortable passenger seat. In addition, the Mullen Class 2 Electric Cargo Vans will carry at least one 80-kilowatt-per-hour battery pack.

“This agreement is a milestone for Mullen Automotive,” said David Michery, CEO and Chairman of Mullen Automotive. “DelPack is a leader in last-mile parcel delivery, and this agreement places our Class 1 freight truck program at the heart of last-mile delivery capabilities.”

“Delpack is excited about the opportunity to participate in a global green and sustainable initiative,” said Eugene Goldberg, Partner DelPack, Logistics, LLC.

About DelPack Logistics
DelPack Logistics LLC is an Amazon delivery service partner. Our priority is to put a smile on the face of Amazon’s customers while consistently exceeding expectations and providing a safe and well-paid work environment for our valued employees.

About Mullen
Mullen is a Southern California-based automotive company that owns and works with several synergistic companies working towards the common goal of creating clean and scalable energy solutions. Mullen has evolved over the past decade in sync with consumer and technology trends. Today, the company works tirelessly to offer exciting EV options that are built entirely in the United States and fit perfectly into the lives of American consumers. Mullen strives to make EVs more accessible than ever by building an end-to-end ecosystem that takes care of all aspects of EV ownership.

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. All statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Words like “continue”, “will”, “may”, “could”, “should”, “expect”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate” Forecast”, “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 by the forward-looking statements, many of which are generally beyond Mullen’s control and are difficult to predict. Examples of such risks and uncertainties include, among other things, whether DPL’s proposed appointment will materialize; whether Mullen will be able to meet its schedule and other commitments under the Agreement; and whether said purchase agreement is beneficial to Mullen. 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 additional contracts with manufacturers, parts and other service providers related to its business; (iii) Mullen’s ability to successfully expand into existing markets and enter new markets; (iv) Mullen’s ability to successfully manage and integrate any company, solution or technology acquisition; (v) unanticipated operating expenses, 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 by the forward-looking statements are included in the most recent annual report on Form 10-K, the quarterly reports on Form 10-Q and the most recent 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 expressly disclaims any intention or obligation, to update any forward-looking statement, 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 construed as representing Mullen’s plans or expectations at a later date.

Contact:
Mullen Automotive, Inc.
+1 (714) 613-1900
www.MullenUSA.com

Wire service contact:
Investor Wire (IW)
Los Angeles, California
www.InvestorWire.com
212.418.1217 office
Publisher@InvestorWire.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/47e674b9-9774-4fe7-8340-552e9e5f1ae7

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