Brea-based Mullen Automotive Inc. (Nasdaq: MULN), an emerging electric vehicle manufacturer, said it has bolstered its balance sheet with $4 million in funding over the past week.
That was achieved through a combination of the initial drawdown of $2.5 million under a $30 million equity line from Esousa Holdings, LLC and debt financing from existing shareholders, bringing the total funding received over the past two months to more than $40 million.
“This financing represents one of several financial avenues that the company is pursuing to address the growth and demand for our electric vehicles,” said David Michery, CEO and chairman of Mullen Automotive.
Mullen recently announced a series of key partnerships with ARRK, Dürr and DSA Systems for automotive engineering, vehicle production systems, and Over the Air (OTA) and vehicle system diagnostics, respectively.
Shares in Mullen Automotive fell 13% to $2.23 apiece for a market cap of $56.4 million after the announcement.