GreenEnergyBreaks — Mullen Automotive Inc. (NASDAQ: MULN) Closes on Acquisition of ELMS Plant, Assets and IP
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has officially closed on its previously announced acquisition of Electric Last Mile Solutions (“ELMS”) assets, including all IP and a factory located in Mishawaka, Indiana. The all-cash, $105 million transaction was completed on Nov. 30, 2022. According to the announcement, the ELMS acquisition allows Mullen to enter the commercial market much earlier than previously planned. In fact, the company plans to deliver class 1 product during the first quarter of 2023 and class 3 vehicles during the second quarter. The company noted that the factory, which previously produced General Motors’…