Mullen settles Qiantu litigation, gains exclusive rights to supercar for Americas

BOLLINGER INNOVATIONS, INC.

Settlement Agreement with Qiantu resolves all pending litigation; Company paid $6M to Qiantu.
IP Agreement grants exclusive license to assemble/sell Qiantu K50-based vehicles in North and South America for 5 years.
Issued warrants to Qiantu USA for up to 75M shares at 110% of market price (exercise window Sept 30, 2023 – Sept 30, 2024).
Will pay $2M for deliverables and $1,200 royalty per homologated vehicle sold; must purchase minimum vehicle kits annually.
Launch of Mullen GT and GTRS supercars announced; targets 0-60 in 1.95 sec, top speed >200 mph, assembly in Mishawaka, IN.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

BOLLINGER INNOVATIONS, INC. entered into Intellectual Property and Distribution Agreement with Qiantu Suzhou and two of Qiantu Suzhou’s affiliates (effective 2023-03-14).

Action: entry
Agreement: license
Counterparty: Qiantu Suzhou and two of Qiantu Suzhou’s affiliates
Effective: 2023-03-14

Exact text from the filing

In connection with the execution of the Settlement Agreement, on March 14, 2023, the Company entered into an Intellectual Property and Distribution Agreement (the “IP Agreement”) with Qiantu Suzhou, and two of Qiantu Suzhou’s affiliates (herein “Qiantu”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

BOLLINGER INNOVATIONS, INC. entered into Settlement Agreement with Qiantu Motor (Suzhou) Ltd. and Qiantu Motor USA, Inc. valued at $6,000,000 (effective 2023-03-14).

Action: entry
Agreement: settlement
Counterparty: Qiantu Motor (Suzhou) Ltd. and Qiantu Motor USA, Inc.
Value: $6,000,000
Effective: 2023-03-14

Exact text from the filing

On March 14, 2023, Mullen Automotive Inc. (the “Company”) entered into a Settlement Agreement (the “Settlement Agreement”) with Qiantu Motor (Suzhou) Ltd. (“Qiantu Suzhou”), and Qiantu Motor USA, Inc. (“Qiantu USA” and together with the Company and Qiantu Suzhou, the “Parties” and each a “Party”).

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23 material agreements filed in the last 30 days. Browse all material agreements →

BOLLINGER INNOVATIONS, INC. filing history →

Source: SEC EDGAR

accession 0001104659-23-034282

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