Mullen raises $1.6M via convertible notes; shareholders approve reverse split and equity plan increase

BOLLINGER INNOVATIONS, INC.

Secured $1.6M principal via 5% OID notes (15% interest, 4-month maturity) convertible at lower of $0.15 or 95% of VWAP (floor $0.03); warrants for 21M shares.
Investor granted rights to purchase up to $4.7M additional notes on same terms through May 2026.
Special Meeting approved reverse stock split (1:2 to 1:250) and issuance of shares exceeding 19.99% cap under the securities purchase agreement.
Stockholders approved increasing 2022 Equity Incentive Plan by 15M shares to 105M total authorized shares.
As of May 22, 2025, outstanding common shares total 54,139,547.

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