Mullen Automotive to acquire ~33.37% of Bollinger Motors for $36.1M

BOLLINGER INNOVATIONS, INC.

Agreement covers up to 467,869 shares at an aggregate purchase price of ~$36.1M, representing 33.37% on a fully-diluted basis.
At closing, $2.6M paid and 33,048 shares issued; remaining ~$33.6M subject to financing condition and installment payments by February 2025.
Separately, Mullen has a right to purchase up to 439,347 additional shares at $77.16/share within an 18-month period.
Also, for 36 months, Mullen can match up to 100% of any third-party financing at 75% of the offered price.
Proceeds will be used for capital expenditure, working capital, and general corporate purposes; certain expenditures require Board approval.

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