NAFG 2 Sell 1 EV & Three Class 3 EV
Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announces today the addition of California based commercial dealer, National Auto Fleet Group (“NAFG”). NAFG will offer Mullen’s full line of all-electric commercial vehicles, the Mullen ONE, Class 1 EV cargo van and Mullen THREE, Class 3 EV cab chassis truck, which is HVIP approved and provides up to $45,000 cash voucher at purchase. NAFG will support national fleet customers via Sourcewell and offer Mullen’s commercial vehicle lineup in the following two key market locations in California:
- Watsonville, CA (Northern California)
- Alhambra, CA (Southern California)
NAFG, founded in 1980, is based in Northern California and is a premier all-in-one, minority family-owned vehicle dealership group specializing in government fleet sales in California and across the United States.
As a Sourcewell selected vehicle vendor with two awarded contracts (#091521-NAF and #060920-NAF), NAFG has revolutionized government vehicle purchasing by linking its nationwide network of manufacturers and upfitters to meet agency upfitting needs. Sourcewell is a government agency that has fulfilled the bidding requirements on behalf of members and holds hundreds of competitively solicited contracts ready for use. NAFG streamlines the purchasing process for government agencies through Sourcewell contracts and their online quoting system with resources to assist public agencies with a variety of fleet purchasing solutions, eliminating the need for lengthy bidding procedures.
“Everything you see, smell or touch was moved by truck at one time or another. With Mullen we will offer municipal and government fleets the opportunity to work more efficiently, with a stronger TCO and with zero emissions,” said Clarke Cooper, National Fleet Auto Group. “We believe Mullen’s All Electric line provides municipalities and government fleets with the option they need to transition to electric. Further, the fact that these vehicles are assembled in the United States by Americans upholds the goals we value when we work with public fleets and Sourcewell.”
NAFG will leverage its extensive network and expertise to offer Mullen’s innovative Class 1 and Class 3 commercial EVs to government agencies nationwide and will simplify the process for public entities seeking to transition their fleets to sustainable electric transportation.
NAFG is also an approved California Air Resource Board (“CARB”) HVIP dealer and will be able to provide point of sale vouchers for the Mullen THREE, Class 3 EV truck. Under HVIP, the 2024 Mullen THREE, with a suggested MSRP of $68,500, qualifies for an up to $45,000 cash voucher. When combined with the available $7,500 federal tax credit, the net effective cost of the Mullen THREE could be less than $17,000. A copy of Mullen’s Class 3 HVIP approval can be found here.
“NAFG’s with two Sourcewell awarded contracts, and its proven track record of serving government agencies and their commitment to innovative vehicle solutions make them the ideal partner to bring our commercial EVs to public fleets across the nation,” said David Michery, CEO of Mullen Automotive.
Mullen’s commercial EV lineup includes the Mullen ONE, Class 1 EV cargo van and Mullen THREE, Class 3 EV cab chassis truck with both vehicles 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, EPA and CARB certifications, making them ideal for public fleets.
About National Auto Fleet Group
National Auto Fleet Group (NAFG) is a minority family-owned, all-in-one vehicle vendor that caters to government agencies across the United States. With two generations of experience, we understand the complexities involved in government fleet vehicle purchasing. Our fast, reliable, and hassle-free Sourcewell vehicle contracts empower members to seek alternatives to the tedious bidding process. Our effective and simple online quoting system offers resources to assist public agencies with a variety of fleet purchasing solutions.
Stockholder Rights Plan
Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announced that its Board of Directors (the “Board”) has unanimously adopted a limited duration stockholder rights plan (the “Rights Plan”).
The Rights Plan is intended to promote the fair and equal treatment of all stockholders and is similar to rights plans adopted by other publicly held companies. The Rights Plan is designed to enable all Company stockholders to realize the long-term value of their investment and is intended to protect Mullen and its stockholders from efforts by a single stockholder or group to obtain control of the Company without paying a control premium.
The Rights Agreement is not a financing transaction and no additional shares of Common Stock or Preferred Stock or warrants or convertible notes are currently being issued in connection with the dividend distribution of the Rights. In general terms, the Rights Agreement works by imposing a significant penalty upon any person or group that acquires beneficial ownership of 10% or more of the shares of Common Stock without the prior approval of the Board.
The Rights Plan is effective immediately and will expire on May 1, 2025. Additional information regarding the Rights Plan is contained in the Form 8-K filed by Mullen with the U.S. Securities and Exchange Commission (the “SEC”), which is expected to be available at approximately 10 a.m. Eastern on Monday, May 6, 2024.
About Mullen
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of commercial electric vehicles (“EVs”) with two United States-based vehicle plants located in Tunica, Mississippi, (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. In September 2023, Mullen received IRS approval for federal EV tax credits on its commercial vehicles with a Qualified Manufacturer designation that offers eligible customers up to $7,500 per vehicle. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, are California Air Resource Board (CARB) and EPA certified and available for sale in the U.S.