Mullen issues $9.5M in convertible notes and warrants under existing SPA; settles derivative lawsuit

BOLLINGER INNOVATIONS, INC.

On Dec 31, 2024, issued additional $5.3M principal of 5% OID Senior Secured Convertible Notes and 19,171 warrants to an investor.
Also entered Additional Investment Rights Agreement allowing up to $5.3M more notes and warrants within one year.
On Dec 26 & 30, 2024, issued $4.2M principal of December Notes and warrants for 8,255,933 shares ($1.12 exercise, $0.86 floor).
Derivative lawsuit settlement: governance enhancements and $500k attorney fees paid by D&O insurers, subject to court approval.
Total additional financing of ~$9.5M in convertible debt and dilutive warrants.

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