Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today shared an open letter to its shareholders addressing declining stock values. “The company has received numerous requests to respond to the ongoing decline of our stock. Many of these communications have been addressed to me personally with less than kind, and sometimes threatening statements. As CEO of this company, I take all shareholders’ concerns seriously. One of my primary responsibilities is to execute the company’s business plan, and as evidenced by multiple prior communications to the public, the company continues to make significant strides in that regard. I will summarize some of those at the end of this statement,” writes Mullen CEO and Chairman David Michery.

“I am very disappointed by the performance of our stock. As I have previously publicly stated, I do not believe the trading price of our stock even closely resembles the company’s actual value. It is evident that, regardless of meeting significant corporate milestones (i.e., vehicle production completion within projected timelines), stock traders continue to place downward pressure on the stock, causing the price to fall. I previously announced that the company engaged Share Intel and other parties to investigate what I suspect to be unlawful trading practices in our stock. We are assembling all the data received to date and should have something to announce in the coming days. I am extremely frustrated that the hard work of Mullen‘s dedicated team and the significant momentum and successes achieved to date are overshadowed by the unrealistic value attributed to our stock. The company and I have demonstrated our commitment to the success of our initiatives by purchasing its stock through the previously announced Share Buy Back program. I have also personally recently purchased stock, demonstrating my unwavering confidence in our company. I remain committed to executing the company’s business plan and using all measures at our disposal to eliminate any unlawful trading practices in our stock.”

To view the full news release, visit https://ibn.fm/5m40Q

About Mullen Automotive Inc.

Mullen is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in its two United States-based assembly plants. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover, Mullen-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of Electric Last Mile Solutions’ (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana. For more information about the company, visit www.MullenUSA.com.

NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company’s newsroom at https://ibn.fm/MULN

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