Mullen Automotive raises $6.3M via convertible notes and warrants; conversion floor $0.08

BOLLINGER INNOVATIONS, INC.

$6.3M principal of 5% OID secured notes sold; mature in 4 months, bear 15% interest.
Notes convertible at lower of $0.39 or 95% of market price; conversion floor $0.08.
Warrants to purchase 32.4M common shares issued; 5-year term, cashless exercise using Black-Scholes (135% vol).
Restricted from equity raises for 90 days; stockholder approval required if issuance exceeds 19.9% of outstanding.
Company must cut annual salary expense by $13M by Feb 1, 2025 or face event of default.

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