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Mullen Automotive closes $105M Electric Last Mile deal

Mullen Automotive, Inc (NASDAQ:MULN) announced the official closure of its deal to acquire the defunct EV manufacturer Electric Last Mile Solutions (OTC:ELMSQ) on Thursday.

The $105M all-cash deal includes the acquisition of all IP and inventory belonging to ELMS, including its Mishawaka, Indiana, factory. The plant is projected to be utilized to produce the Mullen FIVE SUV and the Bollinger B1 and B2 platforms.

“I have been working on this plan for many years, putting in place the strategic and critical enablers to be a dominant competitor in the EV market,” Mullen CEO David Michery said. “Successfully completing this asset acquisition moves Mullen into an all-new position with IP, plants and product platforms that no other competitor can offer to both retail and commercial customers. We have everything we need to launch the Mullen and Bollinger EVs product lineup.”

Shares of the California-based EV startup rose 12.55% in premarket trading, bouncing off the 52-week low marked on Wednesday.