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Mullen Announces Name Change to Bollinger Innovations and Consolidation of Operations to Drive Efficiency

1. Mullen plans to rebrand as Bollinger Innovations by August 2025. 2. Company has cut 155 jobs, saving $35 million annually. 3. Sales operations are consolidating in Oak Park, Michigan. 4. Mullen expects significant sales orders in current fiscal quarter. 5. Mullen's vehicles comply with federal clean air standards.

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Why Bullish?

Mullen's restructuring aims for operational efficiencies and anticipated sales growth, which may boost investor confidence. Historical examples include other companies successfully restructuring leading to profit margins improvement.

How important is it?

The article outlines strategic restructuring and cost management, which are crucial for financial health. Its direct implications on branding and operational focus are significant for investor sentiment.

Why Short Term?

The expected sales orders in the current quarter suggest immediate financial impacts. Such announcements typically influence short-term stock performance positively.

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BOLTSLARIVNGM
Company expects to change name and NASDAQ ticker symbol prior to Aug. 15, 2025 Consolidation includes moving commercial operations to Oak Park, Michigan Since Jan. 2025, Company has eliminated 155 positions and reduced operating expenses by a minimum of $35M annually Company expects significant sales orders in current fiscal quarter BREA, Calif., July 15, 2025 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, today announces the consolidation of Mullen and Bollinger Motors (“Bollinger”) operations. The Company is also updating its name to Bollinger Innovations and expects to update its NASDAQ ticker symbol prior to Aug. 15, 2025. Since January 2025, the Company has eliminated 155 positions and reduced overall operating expenses by a minimum of $35 million annually.  Consolidation includes moving commercial vehicle operations to Oak Park, Michigan, and merging Mullen and Bollinger sales, marketing and service operations under the unified Bollinger brand. This Company-wide consolidation eliminates redundancy while continuing focus on Class 1, 3 and 4 Commercial vehicle segments. “After the consolidation, we are laser focused and confident we will drive our products into the market while being fiscally responsible under one unified brand,” said Jim Connelly, chief revenue officer of Bollinger Motors. “The consolidation of Mullen and Bollinger brands and operations provides the Company with significant savings in marketing, sales, engineering and operational expenses,” said Jonathon New, chief operating officer for Mullen Automotive. “These essential measures position the Company for growth in a challenging environment while working towards becoming cash flow positive,” said David Michery, CEO and chairman of Mullen Automotive. Mullen’s commercial EV lineup includes the Mullen ONE, Class 1 EV cargo van, and the Mullen THREE, Class 3 EV cab chassis truck, purpose-built to meet the demands of urban last-mile delivery. Both vehicles are available for sale and in full compliance with U.S. Federal Motor Vehicle Safety Standards, the Environmental Protection Agency, and the California Air Resources Board (“CARB”) certifications denoting strict adherence to clean air emissions standards. The Bollinger B4 Chassis Cab is an all-new, all-electric Class 4 commercial truck designed from the ground up with extensive fleet and upfitter input. Bollinger’s unique Quad-Bend chassis design protects the 158-kWh battery pack and components to offer unparalleled capability, maneuverability, and safety in the commercial market. The vehicle has a 185-mile range, 46-foot turning radius and a payload of 7,325 pounds, making it ideal for a variety of urban operations. About MullenMullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in its two United States-based assembly plants. Mullen's EV development portfolio includes the Mullen FIVE EV Crossover, Mullen-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. During 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive and Mullen closed on the acquisition of all of Electric Last Mile Solutions' (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana. To learn more about the Company, visit www.MullenUSA.com. Forward-Looking StatementsCertain 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 the timeframes and outcome of the overall consolidation efforts and cost-cutting initiatives, and the resultant impact to the Company, if any, of these measures. 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; (x) Mullen’s ability to protect its intellectual property; and (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) 613-1900www.MullenUSA.com Corporate CommunicationsIBNAustin, Texaswww.InvestorBrandNetwork.com512.354.7000 OfficeEditor@InvestorBrandNetwork.com

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