Mullen Automotive issues 340k shares to settle $4.5M in secured notes for $3M

BOLLINGER INNOVATIONS, INC.

Issued 340,000 shares of common stock to settle ~$4.5M secured promissory notes for a $3.0M settlement amount.
Additional shares may be issued based on closing price to reach the $3M settlement, subject to a 9.99% ownership cap.
Settlement eliminates ~$4.5M in liabilities, reducing debt but diluting existing shareholders with new equity.
Shares issued under Section 3(a)(9) exemption; no registration required and no commission paid.
Company retains option to pay any remaining settlement balance in cash rather than stock.

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