Mullen Reaches Definitive Agreement to Acquire Additional 21% of Bollinger Motors, Bringing Its Total Ownership to 95% and Eliminates Significant Debt

Core Insights - Mullen Automotive has acquired an additional 21% of Bollinger Motors, increasing its total ownership to 95%, which enhances shareholder equity by approximately $3.5 million [1][2][3] - The acquisition resolves significant debt issues that had previously led to a court-ordered receivership for Bollinger, allowing for continued operations under Mullen's strategic direction [2][3] - Bollinger Motors will maintain its brand identity and focus while benefiting from Mullen's financial backing for sales, service, and warranty of vehicles [2][4] Company Developments - The Bollinger B4 Chassis Cab, an all-electric Class 4 commercial truck, is designed with input from fleets and upfitters, featuring a 185-mile range, a 46-foot turning radius, and a payload capacity of 7,325 pounds [3][4] - Bollinger will leverage Mullen's resources to accelerate the development and production of the B4 platform, aiming for innovation and market expansion [4] - Mullen operates two vehicle plants in the U.S. and has begun commercial vehicle production, with its Mullen ONE and Mullen THREE models certified for sale [6][7] Historical Context - Bollinger Motors was founded in 2015 and became a majority-owned subsidiary of Mullen in September 2022 [5][7] - The B4 electric truck production launched on September 16, 2024, marking a significant milestone for Bollinger [7]