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9	9	* In Sept 2022 Mullen Acquired Majority Ownership in Bollinger Motors
10	10	* In Dec 2022 Mullen Completes Acquisition of ELMS Assets
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13	13	[[image:MULN0.png]]
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49	49	* Change in debt –77% - The 77% debt reduction minimizes debt overhang problem and implies that equity holders can invest in a company positioned for growth and sound financial performance.
50	50	* 281% increase in R&D spending - Company has increased its spending for R&D, which primarily relates to engineering costs for the Mullen FIVE and Mullen EV cargo van programs.
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53	53	== Program Update ==
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55	55	Mullen is pleased to announce progress recently made in both engineering and manufacturing areas by advancing its solid-state battery technology to the pack level and continuing to build up its battery assembly operation.
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87	87	With proximity to all major rail lines, interstates, Mississippi river systems, and air logistics, its Tunica factory is located in a primary logistical center of North America. The automotive suppliers of the Southeast corridor, the Midsouth Tennesse region, and the North Delta region. Tunica will be home to production for Class 1 - 6 commercial EVs.
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	88	+= Company History =
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90	90	= References =
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92	92	{{putFootnotes/}}