secwatch.observer — SEC 8-K summary
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Issuer:     BOLLINGER INNOVATIONS, INC. (BINI)
CIK:        0001499961
Form:       8-K
Filed at:   2024-10-25T23:59:59+00:00
Accession:  0001829126-24-007010
Event type: other_material
Sentiment:  neutral
Materiality: 0.70
Item codes: 3.02
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1499961/000182912624007010/0001829126-24-007010-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1499961/000182912624007010/mullenautomotive_8k.htm
  HTML page:      https://secwatch.observer/filing/0001829126-24-007010

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