BOLLINGER INNOVATIONS, INC. (BINI): debt financing — 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.

item 1.01 item 2.03 item 3.02 item 5.02 item 5.07 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

BOLLINGER INNOVATIONS, INC. incurred senior notes of approximately $1.6 million with an investor at 15% per annum maturing four months from the date of issuance.

Instrument: senior notes
Principal: approximately $1.6 million
Counterparty: an investor
Rate: 15% per annum
Maturity: four months from the date of issuance
Event: incurrence

Exact text from the filing

On May 16, 2025 (the “ Execution Date ”), Mullen Automotive Inc. (the “ Company ”) entered into a securities purchase agreement (the “ Securities Purchase Agreement ”), with an investor, pursuant to which upon the terms and subject to the conditions contained therein, the investor agreed to purchase upon execution an aggregate principal amount of approximately $1.6 million of 5% Original Issue Discount Secured Notes (the “ Notes ”) convertible into shares of common stock, par value $0.001 per share (the “ Common Stock ”), and five-year warrants exercisable for shares of Common Stock (the “ Warrants ”).

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7 debt financings filed in the last 30 days. Browse all debt financings →

BOLLINGER INNOVATIONS, INC. filing history →

Source: SEC EDGAR

accession 0001829126-25-003900

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