Mullen Automotive raises $14.4M via secured convertible notes with 15% interest and warrants

BOLLINGER INNOVATIONS, INC.

Issued $11.6M and $2.8M in 5% OID secured convertible notes, net proceeds ~$13.66M.
Notes bear 15% interest, mature in 4 months; convertible at lower of $14.00 or 95% of VWAP.
Issued 5-year warrants for ~2M shares; cashless exercise at Black-Scholes value with 135% volatility.
Company must seek stockholder approval within 40 days to exceed 19.9% exchange cap on conversions.
Registration rights agreement requires filing within 10 days, effectiveness within 40 days; liquidated damages for delays.

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