---
schema_version: "secwatch.filing_event.v1"
accession: "0001829126-25-003900"
form_type: "8-K"
ticker: "BINI"
cik: "0001499961"
company_name: "BOLLINGER INNOVATIONS, INC."
filed_at: "2025-05-22T23:59:59+00:00"
generated_at: "2026-05-20T18:06:32.923488+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001829126-25-003900
- form_type: 8-K
- ticker: BINI
- cik: 0001499961
- company_name: BOLLINGER INNOVATIONS, INC.
- filed_at: 2025-05-22T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 5.02, 5.07, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1499961/000182912625003900/0001829126-25-003900-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1499961/000182912625003900/mullenautomotive_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001829126-25-003900
- JSON: https://secwatch.observer/filing/0001829126-25-003900.json
- Plain text: https://secwatch.observer/filing/0001829126-25-003900.txt

## Key facts
- Debt Financings
  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
  source text: 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 ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1499961/000182912625003900/0001829126-25-003900-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.