Mullen Technologies has announced the filing for another round of funding for its all-electric sedan, the Mullen 700e. The $500 million Regulation D is the second round of funding, succeeding Mullen’s initial $50 million registration for seed capital, asset acquisition and operation development.
“Mullen is now in the pre-manufacturing stage in the continued growth of the company and implementation of the battery technology,” stated David Michery, CEO of Mullen. “Mullen has now had a fourth increase in share price, which started three years ago at $0.20 per share, but currently sits at $5.00 per share for the time being.”
Mullen is actively raising capital to facilitate the manufacturing and facility development for manufacturing the all-new 2018 700e in the southwestern US. A battery manufacturing facility for newly acquired battery technology is also being planned for the same geographical area.
Through this funding, Mullen will attempt to revive Coda, a California-based electric car startup that it acquired after the company filed for bankruptcy in 2013.