Mullen Automotive raises $3.1M via convertible notes with warrants; exchanges existing warrants

BOLLINGER INNOVATIONS, INC.

Issued $3.1M secured convertible notes (5% OID) to investors; notes bear 15% interest, mature 4 months, convertible at floor $0.05/share.
Issued 5-year warrants for ~25.2M shares; exercise price adjustable, cashless exercise permitted with $0.01 floor after warrant exchange.
Entered Warrant Exchange Agreement converting prior warrants into new warrants with same terms but cashless exercise floor of $0.01.
Registration Rights Agreement requires filing resale registration statement within 5 days of effectiveness of another registration, with liquidated damages for delays.
Amended Rights Agreement to change governing law from Delaware to New York.

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