Central Pacific SEC Filings

Mullen Automotive Inc. (Nasdaq: MULN) has filed Amendment No. 2 to its Form S-1 to register 40 million shares of common stock for resale by existing investors. The shares are issuable upon conversion of senior secured convertible notes and the cashless exercise of five-year warrants that were issued in a series of private placements completed between May 2024 and April 2025. The filing does not involve a primary offering—Mullen will receive no proceeds from share sales by the selling stockholders and is unlikely to receive cash from warrant exercises because the warrants allow a cashless mechanism that becomes more lucrative as the share price falls.

Capital structure & potential dilution

• Only 10,539,020 common shares were outstanding on 24 Jun 2025, yet the notes and warrants already outstanding could convert into 8.288 billion shares at their floor prices—roughly an 800-fold increase.
• The filing covers just 40 million of those potential shares; additional registration statements are contractually required.
• Conversion and exercise are capped at 9.99 % beneficial ownership per holder, but investors can sequentially convert, sell and reconvert, enabling large volume over time.
• Seven reverse stock splits (most recently 1-for-100 on 2 Jun 2025) have been executed since May 2023; the board is seeking authority for another split of 1-for-2 to 1-for-250.

Financings

• 5 % Original-Issue-Discount Senior Secured Notes accrue 15 % interest and mature four months after issuance. Conversion price is 95 % of the lowest VWAP in the prior five trading days, subject to noted floors ($1.16–$0.02).
• Warrants entitle holders to 200 % of the note share count at 105 % of the reference price or via cashless exercise using a Black-Scholes formula with a $0.01 floor.
• Investors hold additional rights to purchase up to $62.5 m (May 2024 round), $6.3 m (Jan 2025) and $3.1 m (Feb 2025) of further notes and warrants.

Listing status

• On 25 Feb 2025 Nasdaq notified Mullen that its Market Value of Listed Securities had been below the $35 m minimum for 30 consecutive days; the company has until 25 Aug 2025 to regain compliance.
• Earlier bid-price deficiencies were remedied via reverse splits, but cumulative splits above the 250-to-1 threshold could jeopardize future compliance periods.

Operating snapshot

• Mullen has pivoted to commercial EVs, acquiring 95 % of Bollinger Motors and beginning Class 3 truck shipments (Sep 2023) and Class 1 van shipments (Nov 2023).
• Tunica, MS plant is operational; Bollinger’s Class 4 truck is contract-manufactured by Roush (started Sep 2024).
• The consumer crossover program (Mullen FIVE) is on hold.

Key risks highlighted

• Massive potential dilution and “overhang” from continuous note conversion and warrant exercise.
• Dependence on further reverse splits to maintain Nasdaq listing.
• Anti-dilution features in existing preferred stock and convertible securities.
• Short-sale pressure encouraged by the structure of financing instruments.

Central Pacific Financial Corp. (NYSE: CPF) filed a Form 8-K to disclose an amendment to its charter under Item 5.03.

On 24 June 2025 the company submitted Hawaii Form DC-7, formally cancelling all previously designated but unissued series of preferred stock. These cancelled series are immediately returned to the pool of 1,000,000 authorised but unissued preferred shares already permitted by the Restated Articles of Incorporation. The action does not change the total number of authorised preferred shares, does not create or retire any outstanding securities, and involves no financial metrics, cash flows or operational adjustments.

This appears to be a housekeeping measure that streamlines the capital structure by removing dormant designations and preserves flexibility for any future preferred issuances. No immediate dilution, earnings effect or strategic shift is indicated.