Mullen Automotive Stock Soars on ELMS Bankruptcy Deal

Dow Jones2022-10-20

By Will Feuer

Mullen Automotive Inc. shares surged more than 50% after the electric-vehicle startup said it gained court approval to buy Electric Last Mile Solutions Inc.'s assets out of bankruptcy.

The stock leaped 53% to 33 cents a share. It's still down 94% in 2022.

Mullen said it expects to pay all cash for the assets and didn't disclose the price of the deal. The assets include Electric Last Mile Solutions' factory in Mishawaka, Ind., and all inventory and intellectual property. The plant is capable of producing 50,000 vehicles a year, the company said.

Chief Executive David Michery said the deal would shorten the company's path to production.

Troy, Mich.-based Electric Last Mile Solutions said in June that it would file for bankruptcy and liquidate its business. The move came after the company earlier this year disclosed an investigation by the U.S. Securities and Exchange Commission. Electric Last Mile Solutions went public last year by merging with a special-purpose acquisition company.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

October 19, 2022 12:07 ET (16:07 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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