The purchase price is $148.2 million in cash and stock for a 60% controlling interest, giving Mullen the majority ownership of Bollinger Motors.
The acquisition is MULN's first EV acquisition, propelling it into the medium-duty truck classes 3-6, along with the B1 and B2 sport utility trucks.
Bollinger designs and manufactures electric sport utility and medium duty vehicle lines in addition to developing proprietary vehicle battery packs, drivetrains, and thermal and vehicle control software units.
"This acquisition is one of the largest in the EV industry to date and provides Mullen with the unique opportunity to aggressively expand into the high-demand commercial EV space," said David Michery, CEO and chairman of Mullen Automotive.
Price Action: MULN shares are trading higher by 2.96% at $0.69 on the last check Thursday.
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