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Mullen Automotive, Inc. has significantly increased its ownership in Bollinger Motors, Inc., acquiring an additional 21% to reach a total of 95% controlling interest. This strategic move also resolves substantial debt and enhances shareholder equity by approximately $3.5 million, signaling a reinforced commitment to Bollinger’s future in the electric vehicle market.
Key Highlights:
- Mullen Automotive now owns 95% of Bollinger Motors.
- The transaction increases shareholder equity by approximately $3.5 million.
- Significant debt previously held by Bollinger has been eliminated.
- A court-ordered receivership for Bollinger has been dismissed with prejudice.
- Bollinger Motors will continue to operate as a majority-owned subsidiary of Mullen, maintaining its brand identity.
- Mullen will provide full financial backing for Bollinger’s sales, service, and vehicle warranties.
- Bollinger is set to ramp up sales activity immediately while streamlining operations.
This acquisition solidifies Mullen’s control over Bollinger Motors and marks a pivotal moment for both companies. Mullen resolved recent claims and debt that had led to a court-ordered receivership for Bollinger. Following this resolution, the court discharged the receiver and dismissed the case, ensuring Bollinger’s operational continuity under Mullen’s strategic direction.
David Michery, CEO and chairman of both Mullen Automotive and Bollinger Motors, stated, “This is an important moment for both Mullen Automotive and Bollinger Motors. Our investment in acquiring the vast majority of remaining shares and resolving certain significant outstanding debt demonstrates our belief in and continued commitment to Bollinger’s vehicle lineup and future.”
Bollinger Motors will continue to operate as an independent, majority-owned subsidiary, preserving its distinct brand identity. Customers can expect business as usual, with Mullen providing comprehensive support for sales, service, and warranties for all Bollinger vehicles. Operations will be consolidated and streamlined to enhance efficiency as sales activities accelerate.
The primary focus for Bollinger remains the development and production of its B4 Chassis Cab, an all-electric Class 4 commercial truck. Designed with extensive input from fleet operators and upfitters, the B4 features a unique Quad-Bend chassis that protects its 158-kWh battery pack. The vehicle boasts a 185-mile range, a 46-foot turning radius, and a payload capacity of 7,325 pounds, making it suitable for various urban commercial applications. The integration of Bollinger’s capabilities into Mullen’s broader EV ecosystem is anticipated to generate significant synergies, fostering innovation and expanding market reach.
Founded in 2015, Bollinger Motors is headquartered in Oak Park, Michigan, and specializes in all-electric commercial trucks. Mullen Automotive, based in Southern California, is focused on producing the next generation of commercial electric vehicles, with manufacturing plants in Mississippi and Indiana. Mullen began commercial vehicle production in August 2023 and has achieved California Air Resources Board (CARB) and EPA certification for its Class 1 and Class 3 commercial vehicles.
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