Exhibit 99.1

Mullen Automotive Provides Fiscal Third Quarter Results and Current Business Update

Mullen Automotive, Inc. Announces Major Milestones of Moving from Protype to Production for Class 3 Commercial Vehicles and Recording First Revenues

BREA, Calif. — August 14, 2023 — Mullen Automotive, Inc. (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today announced financial results for its fiscal third quarter for the three and nine months ended June 30, 2023.

Recent Company Updates:

The Board of Directors of the Company has authorized a stock buyback program, pursuant to which the Company may, until December 31, 2023, purchase up to $25 million in shares of its outstanding common stock. The shares may be repurchased, from time to time, in the open market or in privately negotiated transactions depending upon market conditions and other factors, and in accordance with applicable regulations of the Securities and Exchange Commission. The authorization of the stock buyback program does not obligate the Company to purchase any shares and may be terminated or amended by the Board at any time prior to its expiration date.

The Company ended fiscal third quarter on June 30, 2023, with stockholders’ equity of $351.8 million, compared to $157.0 million on Sept 30, 2022, which represents an increase of 124%.

During the quarter ended June 30, 2023, the Company successfully secured $100 million in funding from its Series D preferred stock investors which completes all remaining investment obligations to the Series D holders. With this latest investment, the Company’s cash and cash equivalents exceed $200 million as of July 3, 2023, bolstering our liquidity and supporting our move from prototype to production for commercial vehicles.

During the quarter ended June 30, 2023, the Company recorded its first revenues on the sale of Campus EV Cargo Vans.

The Company will host a commercial EV production launch event on August 24, 2023. This event will commemorate the production of our first Class 3 commercial vehicles and showcase the Tunica, Mississippi commercial assembly plant. Select media, customers, dealers, suppliers, and local government leadership have indicated plans to attend.

Mullen will be resuming its Mullen “Strikingly Different” tour this summer, featuring additional EV vehicles, including the Mullen FIVE EV Crossover, FIVE RS High Performance EV Crossover, Mullen GT Electric Sports Car, Mullen ONE Commercial Class 1 EV Cargo Van, Mullen THREE Commercial Class 3 Electric Truck, and Bollinger B2 Pickup Truck. The second stage of the tour starts on August 20, 2023, in Austin, Texas and will span multiple U.S. cities, showcasing Mullen’s cutting-edge electric vehicles to a broad audience.

In July 2023, Mullen announced that Bollinger Motors, in which the Company holds a majority ownership, has received final approval for a $3 million grant from the state of Michigan. This grant aims to promote job creation and economic development, further solidifying Mullen’s commitment to driving progress and growth in the electric vehicle industry.

Mullen implemented a 1-for-9 reverse stock split (“Reverse Stock Split”) of its common stock on August 11, 2023, in an effort to regain compliance with Nasdaq’s $1.00 minimum bid price requirement for a period in excess of ten to twenty consecutive business days.

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During the quarter ended June 30, 2023, Mullen delivered the first dealer demonstrator Mullen-GO™ Commercial Urban Delivery EV to Newgate Motor Group and subsequently received a 30-unit purchase order for their sales region of Ireland and the UK. The Company expects further sales growth with Newgate and other distributors in Europe.

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Commenting on the third quarter and recent developments, CEO David Michery said, “We are very proud to report Mullen’s move from prototype to production for our Class 3 commercial vehicle. This milestone marks the next phase of our journey towards transforming the electric vehicle landscape and driving sustainable mobility solutions.”

Tunica, MS Assembly Facility

Mullen Class 1 and Class 3 commercial vehicles will be assembled in Tunica, MS

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Mishawaka, IN Manufacturing Plant 

Home to Mullen FIVE and Bollinger B1 and B2 

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Bollinger Motors - Oak Park, MI

Class 4 – 6 Commercial Vehicles | Bollinger B1 SUV and B2 Pick Up Truck

Mullen Commercial Vehicle Program - Troy, MI

Class 1 and 3 Commercial Vehicles

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Mullen Consumer Vehicle Program - Irvine, CA 

Mullen FIVE EV Crossover Program

Mullen-GO

Mullen’s urban commercial delivery vehicle, which is designed to bridge the gap between the growing demand for quick deliveries and space constraints in dense cities throughout Europe.

Mullen Advanced Energy Operations

Mullen Automotive forms Mullen Advanced Energy Operations, LLC (“MAEO”), in partnership with Global EV Technology, Inc. and EV Technologies, LLC (collectively, “EVT”)

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Financial Results

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Following is our unaudited Condensed Consolidated Balance Sheets, unaudited Condensed Consolidated Statements of Operations and unaudited Condensed Consolidated Statement of Cash Flows for the quarter ended June 30, 2023. Shares of common stock issued and outstanding and additional paid-in capital have been adjusted retroactively to reflect the 1-for-9 reverse stock split effective on August 11, 2023.

Cash flow is the focus of this financial narrative, and the goal is to point out the significant amount of non-cash operating expenses contributing to the GAAP (Generally Accepted Accounting Principles) losses reported for the three and nine months ended June 30, 2023.  

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Although we benefited from increased cash flow during the three and nine months ended June 30, 2023, we also recorded significant amount of non-cash operating expenses contributing to the GAAP (Generally Accepted Accounting Principles) losses. The presentation below specifically addresses the cash flow statement adjustments to reconcile from GAAP to cash flow totaling $272.0 million and $698.4 million for the three and nine months ended June 30, 2023, respectively.

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Three Months Ended June 30, 2023

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The net loss attributable to common stockholders after preferred dividends was $308.9 million, or $11.14 net loss per share, for the three months ended June 30, 2023, as compared to a net loss attributable to common stockholders after preferred dividends of $7.1 million, or $4.26 loss per share, for the three months ended June 30, 2022.  

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The Consolidated Statement of Cash Flows detail provides the amount of cash spent during the quarter. The net cash used in operating activities was $46.1 million for the three months ended June 30, 2023:  

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There was $272.0 million of non-cash expenses included in the GAAP net loss for the three months ended June 30, 2023.  In addition, investment in working capital (changes in operating assets and liabilities) was $6.6 million for the three months ended June 30, 2023.

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Nine Months Ended June 30, 2023

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The net loss attributable to common stockholders after preferred dividends was $792.7 million, or $55.44 loss per share, for the nine months ended June 30, 2023, as compared to a net loss attributable to common stockholders after preferred dividends of $523.1 million, or $694.20 loss per share, for the nine months ended June 30, 2022.  

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Considering the $698.4 million of non-cash expenses, it is useful to review the Consolidated Statement of Cash Flows to better understand the cash expenditures for the nine months ended June 30, 2023.  

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Net cash used in operating activities was $113.6 million for the nine months ended June 30, 2023:

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Operating cash flow for the nine months ended June 30, 2023, was $113.6 million which was comprised of $698.4 million of non-cash addbacks to reconcile net loss before accrued preferred dividends and noncontrolling interest to net cash used in operating activities.  Additionally, we invested $5.3 million into working capital (change in operating assets and liabilities).  

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MULLEN AUTOMOTIVE INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)

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MULLEN AUTOMOTIVE INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)

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MULLEN AUTOMOTIVE INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)

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About Mullen:

Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in two Company-owned United States-based assembly plants. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover, Mullen Commercial Class 1 and 3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. On September 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec 1, 2022, Mullen closed on the acquisition of all of Electric Last Mile Solutions’ (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana.

For more information, please visit www.MullenUSA.com.  Mullen uses its investor.mullenusa.com webpage and links as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Forward-Looking Statements

Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” and “estimate,” “predict,” “potential” and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to: whether the  ELMS and Bollinger transactions will prove successful, whether the Mullen-GO (formerly I-GO initiatives) in the UK and Ireland or elsewhere in Europe will prove successful, whether the respective parties obligations under the  Randy Marion Automotive Group purchase order will be met and revenues will be received when expected, delays in the anticipated design, certification, manufacturing, or delivery of vehicles, whether the second leg of  the “Strikingly Different” test-drive tour event will take place within the time frame expected; or whether development of the Mullen FIVE RS will be implemented in time for the anticipated second part of the test-drive tour. Additional examples of such risks and uncertainties include, but are not limited to: (i) Mullen’s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen’s ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen’s ability to successfully expand in existing markets and enter new markets; (iv) Mullen’s ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Mullen’s business; (viii) changes in government licensing and regulation that may adversely affect Mullen’s business; (ix) the risk that changes in consumer behavior could adversely affect Mullen’s business; (x) Mullen’s ability to protect its intellectual property; and (xi) Mullen’s ability to maintain compliance with continued listing requirements of the NASDAQ Capital Market; and (xii) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions, and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen’s plans and expectations as of any subsequent date.

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Contact:

Mullen Automotive, Inc.

+1 (714) 613-1900

www.MullenUSA.com

Investor Relations Contact

investor@Mullenusa.com

Media Contact

media@Mullenusa.com