---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-128894"
form_type: "8-K"
ticker: "BINI"
cik: "0001499961"
company_name: "BOLLINGER INNOVATIONS, INC."
filed_at: "2023-12-22T23:59:59+00:00"
generated_at: "2026-06-07T07:50:17.629608+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-23-128894
- form_type: 8-K
- ticker: BINI
- cik: 0001499961
- company_name: BOLLINGER INNOVATIONS, INC.
- filed_at: 2023-12-22T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1499961/000110465923128894/0001104659-23-128894-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1499961/000110465923128894/tm2333182d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-128894
- JSON: https://secwatch.observer/filing/0001104659-23-128894.json
- Plain text: https://secwatch.observer/filing/0001104659-23-128894.txt

## Key facts
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1499961/000110465923128894/0001104659-23-128894-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.