Mullen Automotive Issues Letter to Shareholders

Company on track to meet 2022 operational goals and milestones. Mullen anticipates delivery of the first EV cargo van fleet vehicles in Q2 2022. The Company is unaware of any business reason for the current decline of the Mullen stock (MULN) price.

BREA, Calif., Feb. 17, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- Mullen Automotive, Inc. (NASDAQ: MULN) ("Mullen” or the "Company”), an emerging electric vehicle ("EV”) manufacturer, announces recent highlights and accomplishments for the Company, Mullen FIVE and EV Van Crossover Programs.

"Mullen has made solid progress since going public on Nov. 5, 2021. Below are the summarized highlights and accomplishments,” stated David Michery, CEO and chairman of Mullen Automotive.

Recent Highlights and Accomplishments

• Mullen is on track to deliver the first EV cargo van fleet vehicles in Q2.
• High-performance versions of the Mullen FIVE are due to arrive in late summer 2022. National test drive event for Mullen "Front Row” reservation holders to be announced on future date.
• Mullen has successfully filed over 120 patents in 24 countries for the Mullen FIVE EV Crossover.
• Mullen’s purchase of Tunica’s AMEC manufacturing facility. Company owns this facility free and clear, with no associated debt or financial obligations on the property.
• World debut of the Mullen FIVE on Nov. 17, 2021, at the Los Angeles International Auto Show.
• Mullen FIVE won the best SUV ZEVAS™ (Zero Emission Vehicle) Award at the 2021 Los Angeles International Auto Show, besting both Lincoln and Rivian for the top honor.
• Recently earned media coverage of Mullen in over 40 publications, including Automotive News, Wards Auto, Bloomberg, Barron’s, InsideEVs, Robb Report, HotCars and Carbuzz.
• Successful completion of extensive consumer EV market study revealing Mullen FIVE scored high against Tesla Model Y and Ford Mach-E.

Further details on these highlights and accomplishments can be found under the news section of Mullen’s website.

Mullen has recently announced a string of key partnerships with hofer powertrain, Comau, ARRK, Dürr, and DSA Systems for EV powertrain, engineering, manufacturing, vehicle production systems, and Over the Air (OTA) and vehicle system diagnostics respectively. The Company expects these strategic developments to play a crucial role in bringing the FIVE to market with the latest technology and least amount of time. Mullen FIVE was also named "Top Zero Emission SUV" by the ZEVA^® Awards at the Los Angeles International Show in November 2021, where it made its debut.

The FIVE is built on an EV crossover skateboard platform that offers multiple powertrain configurations and trim levels in a svelte design that is "Strikingly Different™^” and exciting to experience in person. Learn more about the Mullen FIVE at MullenUSA.com.

About Mullen
Mullen is a Southern California-based automotive company that owns and partners with several synergistic businesses working toward the unified goal of creating clean and scalable energy solutions. Mullen has evolved over the past decade in sync with consumers and technology trends. Today, the Company is working diligently to provide exciting EV options built entirely in the United States and made to fit perfectly into the American consumer’s life. Mullen strives to make EVs more accessible than ever by building an end-to-end ecosystem that takes care of all aspects of EV ownership.

Forward-Looking Statements
Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential," and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include but are not limited to whether the Company will achieve its objectives of launching its EV crossover, the FIVE within anticipated timelines and if so, if the FIVE will be a success; and whether the Company’s partnerships with ARRK, Dürr, and DSA Systems and Over the Air (OTA) will result in expediting the rollout of the FIVE. Additional examples of such risks and uncertainties include, but are not limited to (i) Mullen’s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen’s ability to successfully expand in existing markets and enter new markets; (iv) Mullen’s ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Mullen’s business; (viii) changes in government licensing and regulation that may adversely affect Mullen’s business; (ix) the risk that changes in consumer behavior could adversely affect Mullen’s business; and (x) Mullen’s ability to protect its intellectual property; (xi) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen’s plans and expectations as of any subsequent date.

Contact:
Mullen Automotive, Inc.
+1 (714) 613-1900
www.MullenUSA.com

Wire Service Contact:
InvestorWire (IW)
Los Angeles, California
www.InvestorWire.com
212.418.1217 Office
Editor@InvestorWire.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5cb18971-0d4f-417f-b70f-40b6e89d72b4