secwatch.observer — SEC 8-K summary
======================================

Issuer:     BOLLINGER INNOVATIONS, INC. (BINI)
CIK:        0001499961
Form:       8-K
Filed at:   2025-01-27T23:59:59+00:00
Accession:  0001829126-25-000406
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- $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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1499961/000182912625000406/0001829126-25-000406-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1499961/000182912625000406/mullenautomotive_8k.htm
  HTML page:      https://secwatch.observer/filing/0001829126-25-000406

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer