MULN Stock Alert: Mullen Just Eliminated $13 Million of Debt

InvestorPlace2022-11-02

Mullen Automotive’s (MULN) debt elimination of $13 million is expected to save $3.5 million in interest expense.Large shareholder Esousa Holdings likely converted its convertible promissory notes into...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

John79
2022-11-03
John79
Where the money come from?

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2280811415?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2022-11-02 22:58","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2280811415","market":"us","top_or_hot":-1,"title":"MULN Stock Alert: Mullen Just Eliminated $13 Million of Debt","media":"InvestorPlace","content":"<div>\n<p>Mullen Automotive’s (MULN) debt elimination of $13 million is expected to save $3.5 million in interest expense.Large shareholder Esousa Holdings likely converted its convertible promissory notes into...</p>\n\n<a href=\"https://investorplace.com/2022/11/muln-stock-alert-mullen-just-eliminated-13-million-of-debt/\">Source Link</a>\n\n</div>\n","source":"investorplace","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>MULN Stock Alert: Mullen Just Eliminated $13 Million of Debt</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMULN Stock Alert: Mullen Just Eliminated $13 Million of Debt\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-02 22:58 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2022/11/muln-stock-alert-mullen-just-eliminated-13-million-of-debt/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Mullen Automotive’s (MULN) debt elimination of $13 million is expected to save $3.5 million in interest expense.Large shareholder Esousa Holdings likely converted its convertible promissory notes into...</p>\n\n<a href=\"https://investorplace.com/2022/11/muln-stock-alert-mullen-just-eliminated-13-million-of-debt/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"MULN","symbol_name":"Mullen Automotive","start_time":0,"source_url":"https://investorplace.com/2022/11/muln-stock-alert-mullen-just-eliminated-13-million-of-debt/","article_id":"2280811415","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2280811415","pubTimestamp":1667401090,"sourceInfo":{"source_id":"investorplace","name":"InvestorPlace"},"weMediaInfo":null,"summary":"Mullen Automotive’s (MULN) debt elimination of $13 million is expected to save $3.5 million in inter","collect":0,"end_time":0,"defaultTopTitle":"investorplace.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"MULN":"Mullen Automotive","BK4099":"汽车制造商"},"translate_title":"马伦股票警报：马伦刚刚消除了1300万美元的债务","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"JE":1,"MULN":1},"content_text":"Mullen Automotive’s (MULN) debt elimination of $13 million is expected to save $3.5 million in interest expense.Large shareholder Esousa Holdings likely converted its convertible promissory notes into common stock.Shares of MULN stock are down more than 90% year to date (YTD). \n\n\n\n \n\nSource: Ringo Chiu / Shutterstock\n\n\n\nMullen Automotive (NASDAQ:MULN) announced this morning that it has eliminated $13 million in debt, bringing its “overall indebtedness” to less than $10 million compared to over $30 million last year.\nThe debt reduction was related to an obligation with Esousa Holdings, a major shareholder of MULN stock. Furthermore, the debt conversion will save about $3.5 million in interest expenses per year. CEO David Michery added:\n“It’s been a great year for Mullen Automotive; we’ve made tremendous strides on all fronts, including significantly improving our financial health. Continuing our goal of being debt-free is a main focus and provides us with a strong path forward for our EV innovation and programs, securing investor confidence and overall company health.”\nMullen did not disclose the exact process for eliminating the debt. However, Mullen mentioned that the debt was converted, which means that Esousa may have converted its $12.94 million of convertible promissory notes into shares of common stock.\n\n\n\n\n\n\nMULN Stock: Mullen Eliminates $13 Million in Debt\nThe agreement with Mullen and Esousa, which is referred to as the “Exchange Agreement,” was enacted on Oct. 14. Under the agreement, Esousa could convert its notes at the “lowest daily volume-weighted average price in the 10 trading days prior to conversion” with a 5% discount.\nEsousa received the notes after Mullen defaulted on a previous obligation. On June 30, Esousa exercised notes worth $27.61 million, or 28 million shares of common stock. These notes were received as part of an Original Note agreement. The note’s maturity dates were extended to July 23, 2024 in accordance with an Amended and Restated Secured Convertible Note and Security Agreement (A&R).\nHowever, Mullen couldn’t fulfill the order due to limitations on authorized outstanding shares. The electric vehicle (EV) company was only able to fulfill 17.5 million shares. Therefore, it was 10.5 million shares short.\nTherefore, the $12.94 million of notes that Esousa received was seen as a remedy to the default. As part of the exchange agreement, Esousa agreed to “cancel and extinguish and not seek to enforce any rights or interest in the A&R Note.”\nNow, it seems that the fiasco with Esousa has come to a conclusion. Still, the conversion of the notes means that there are now more shares of MULN stock outstanding. That dilutes existing shareholders while lowering debt.\nOn the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.\n\nEddie Pan specializes in institutional investments and insider activity. He writes for InvestorPlace’s Today’s Market team, which centers on the latest news involving popular stocks.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSubmit\n\n\n\n\n\n\n\nArticle printed from InvestorPlace Media, https://investorplace.com/2022/11/muln-stock-alert-mullen-just-eliminated-13-million-of-debt/.\n©2022 InvestorPlace Media, LLC\n\n\n\n\n\nSponsored Headlines\n\n\n\n\n\n\n\n\n\n\n\n\n\t\t\t\t\tMore from InvestorPlace\t\t\t\t\n\n\n\n\n\n\n\n\n\n\n\n\t\t\t\t\t\t\t\t\tStocks to Buy\t\t\t\t\t\t\t\t\n\n\n\n\t\t\t\t\t\t\t\tBet on the Long-Term Bull Case With Livent Stock\t\t\t\t\t\t\t\n\n\n\n\t\t\t\t\t\t\tBy Louis Navellier and the InvestorPlace Research Staff\n\n\t\t\t\t\t\t\t\tNov 1, 2022\t\t\t\t\t\t\t\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\t\t\t\t\t\t\t\tMarket Analysis\t\t\t\t\t\t\t\t\n\n\n\n\t\t\t\t\t\t\t\tHow Much Higher Can We Go?\t\t\t\t\t\t\t\n\n\n\n\t\t\t\t\t\t\tBy Jeff Remsburg\n\n\t\t\t\t\t\t\t\tNov 1, 2022\t\t\t\t\t\t\t\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\t\t\t\t\t\t\t\tMarket Analysis\t\t\t\t\t\t\t\t\n\n\n\n\t\t\t\t\t\t\t\tThe 3 Catalysts Driving a Surging Market\t\t\t\t\t\t\t\n\n\n\n\t\t\t\t\t\t\tBy John Jagerson and Wade Hansen\n\n\t\t\t\t\t\t\t\tNov 1, 2022","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9984038537,"gmtCreate":1667485757930,"gmtModify":1676537925992,"author":{"id":"3567568181731083","authorId":"3567568181731083","name":"John79","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3567568181731083","authorIdStr":"3567568181731083"},"htmlText":"Where the money come from?&nbsp;","listText":"Where the money come from?&nbsp;","text":"Where the money come from?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9984038537","repostId":2280811415,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":1,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2280811415"}