Mullen Automotive issues $50M secured promissory note at 10% interest, 3-month maturity

BOLLINGER INNOVATIONS, INC.

Principal $50M, purchase price $32M (original issue discount $18M), interest 10% (18% default), 3-month maturity.
Note secured by substantially all assets; proceeds for manufacturing operations.
Closing conditions include stock price >$1.00 per share after reverse stock split.
Covenants restrict additional debt, liens, stock buybacks, affiliate transactions; mandatory prepayment from future financing.

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 Debt Agreement valued at aggregate principal amount of $50,000,000, for a total purchase price of $32,000,000, or an original (effective 2023-12-18).

Action: entry
Value: aggregate principal amount of $50,000,000, for a total purchase price of $32,000,000, or an original
Effective: 2023-12-18

Exact text from the filing

On December 18, 2023, Mullen Automotive, Inc. (the “Company”) agreed to issue a non-convertible secured promissory note (the “Note”) that does not include any stock, warrants or other securities (the “Debt Agreement”).

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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 0001104659-23-128894

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