Mullen Automotive Increases Stake in Bollinger Motors, Resolves Receivership
TL;DR
Mullen Automotive gains competitive edge with 95% stake in Bollinger Motors, boosting shareholder equity by $3.5 million.
Mullen's acquisition increases ownership to 95% in Bollinger Motors, ensuring support for its commercial EV lineup like the all-electric B4 Chassis Cab.
Mullen's investment in Bollinger Motors fosters growth in commercial EV sector, driving innovation for a more sustainable future.
Mullen Automotive's ownership expansion in Bollinger Motors accelerates development of the all-electric B4 Chassis Cab, shaping the future of commercial EVs.
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Mullen Automotive has significantly expanded its ownership of Bollinger Motors, increasing its stake to 95% and resolving ongoing legal challenges. The company's acquisition of an additional 21% stake represents an approximate $3.5 million increase in shareholder equity.
The resolution of the court-ordered receivership, which was dismissed with prejudice, allows Bollinger to continue operations independently under Mullen's ownership. The acquisition specifically supports Bollinger's commercial electric vehicle lineup, with particular focus on the all-electric B4 Chassis Cab.
This strategic move enables Mullen to leverage synergies between the two entities, potentially accelerating the development of commercial electric vehicles. The acquisition comes at a time when Mullen is expanding its commercial EV presence, having recently begun vehicle production in Tunica, Mississippi.
The company has already secured significant market credentials, including IRS approval for federal EV tax credits and California Air Resource Board certification for its Mullen ONE cargo van and Mullen THREE truck. Additionally, Mullen has expanded its dealer network to seven dealers, providing sales and service coverage across key U.S. markets.
By increasing its stake in Bollinger Motors, Mullen demonstrates a continued commitment to growth in the commercial electric vehicle sector, positioning itself to capitalize on increasing demand for sustainable transportation solutions.
Curated from InvestorBrandNetwork (IBN)
