Mullen Automotive Inc SEC Filings

Mullen Automotive, Inc. (MULN) included disclosure that a proposed Reverse Stock Split is intended to be treated as a tax-deferred recapitalization for U.S. federal income tax purposes, and the discussion assumes it will qualify as such. The filing shows detailed beneficial ownership tables that include shares issuable upon conversion of notes, warrants and multiple series of preferred stock as of the applicable record/measurement dates, and explains that those contingent shares are included in each holder's beneficial ownership if convertible within 60 days.

The disclosure lists large conversion aggregates for certain holders (for example, 176,822,513 shares issuable upon conversion of Series G Preferred Stock held by one entity and other multi‑tens of millions amounts), notes specific record date mechanics (shares determined as of August 22, 2025), and contains routine proxy meeting procedural language including an adjournment proposal and signature instructions for stockholders.

Mullen Automotive, Inc. discloses that a proposed Reverse Stock Split is intended to be treated as a tax‑deferred "recapitalization" for U.S. federal income tax purposes, and the discussion assumes it qualifies as such. The filing itemizes beneficial ownership and dilution from convertible instruments: several large pools of common stock are issuable upon conversion, including [31,412,445], [13,696,088], and [74,446,908] shares tied to notes and Series F and Series G preferred stock. The document notes computing rules that include securities exercisable or convertible within 60 days of the record date and cites specific conversion determinations as of August [22], 2025. Beneficial owners and related addresses are identified for certain holders and entities, and percentage voting power figures such as 9.9% appear in the tables.

Bollinger Innovations reported continued operating and liquidity stress through June 30, 2025. The company used approximately $69.4 million of cash for operations in the nine months ended June 30, 2025 and recorded a net loss of about $304.4 million for that period, leaving an accumulated deficit of approximately $2.6 billion. Working capital showed a deficit of approximately $144.1 million (or $41.6 million excluding certain derivative, warrant and stock-settlement liabilities).

The filing discloses multiple retroactive reverse stock splits applied to historical results, substantial impairments (including $12.3 million of intangible-asset impairment and a $28.9 million goodwill impairment previously recognized), high-cost short-term borrowings with effective rates around 18.8–20%, significant warrant-related losses, and an arbitration award of $26.8 million plus fees related to the GEM matter. The company also completed business actions including acquisitions of manufacturing assets and delivery of its first vehicles in 2023–2024.

Bollinger Innovations, Inc. reported substantial operating and financing challenges during the nine months ended June 30, 2025. The company used approximately $69.4 million of cash for operating activities and recorded a net loss of about $304.4 million for the nine-month period, contributing to an accumulated deficit of roughly $2.6 billion. Working capital showed a deficit of approximately $144.1 million (or $41.6 million excluding certain derivative, warrant and stock-issuance liabilities).

The filing discloses material non-cash charges and reserves: inventory write-downs (~$8.9M and $9.7M in periods noted), impairment of intangible assets ($12.3M nine months) and a $28.9M goodwill impairment in the Bollinger Motors segment. Short-term borrowings carried very high effective rates (weighted average ~20% as of June 30, 2025) and debt-discount amortization recognized as interest totaled about $47.4M for the nine months. The company applied multiple reverse stock splits (including a 1-for-250 effective August 4, 2025) and adjusted historical statements retroactively.

Bollinger Innovations, Inc. filed an amendment to its Form S-1/A registering 6,000,000 shares of common stock for resale by selling stockholders. The registration covers shares issuable upon conversion of outstanding Notes, Warrants and newly issued Series F and G Preferred Stock. As of August 6, 2025 the company reported approximately $49.0 million aggregate principal and accrued interest of Notes (convertible into 9,839,097 shares), Warrants exercisable for 459,616 shares, Series F convertible into 4,563,315 shares and Series G convertible into 23,003,048 shares. Based on conversion floors the filing states the maximum potential issuance could be approximately 2,783 million shares, which would be highly dilutive. The company reports manufacturing activity (Tunica plant shipping Class 3 in Sept 2023 and Class 1 in Nov 2023), acquisition of Romeo Battery assets, and increased ownership of Bollinger Motors to 95%. The filing discloses Nasdaq compliance pressure (MVLS notice with an Aug 25, 2025 compliance deadline), recent reverse stock splits (including 1-for-100 on June 2, 2025 and 1-for-250 on Aug 4, 2025), and that cashless warrant exercise likely yields no cash proceeds to the company.

Bollinger Innovations, Inc. filed a Form S-8 to register additional shares of its Common Stock under the 2022 Equity Incentive Plan, as amended, to restore the number of shares available for awards following a 1-for-250 reverse stock split. The filing also registers additional shares that may become issuable under two Performance Stock Award Agreements with CEO David Michery, reflecting amendments and prior stockholder approvals.

The registration incorporates the company’s recent annual report for the fiscal year ended September 30, 2024, its quarterly reports for the December 31, 2024 and March 31, 2025 periods, and numerous current reports and exhibits, making those documents part of the disclosure for investors.