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  11. <title>BLISS Opens Eco-Friendly Car Wash in the City of Covina | Auto Excelsior</title>
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  31. <title>BLISS Opens Eco-Friendly Car Wash in the City of Covina</title>
  32. <link>https://autoexcelsior.com/bliss-opens-eco-friendly-car-wash-in-the-city-of-covina/52397/</link>
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  35. <pubDate>Thu, 16 May 2024 14:00:00 +0000</pubDate>
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  39. <description><![CDATA[Ten Days of Free Car WashesMural Artist Samuel Hagai Paints Mural Honoring City’s Rich HistoryVahid David Delrahim Donates Water Well To Needy Villages In Africa COVINA, Calif., May 16, 2024 (GLOBE NEWSWIRE) &#8212; Southern California-based BLISS Car Wash has opened its 11th eco-friendly state-of-the-art car wash. The new environmentally-focused car wash at 744 N. Grand Ave [&#8230;]]]></description>
  40. <content:encoded><![CDATA[<p align="center"><strong>Ten Days of Free Car Washes</strong><br /><strong>Mural Artist Samuel Hagai Paints Mural Honoring City’s Rich History</strong><br /><strong>Vahid David Delrahim Donates Water Well To Needy Villages In Africa</strong></p>
  41. <p>COVINA, Calif., May 16, 2024 (GLOBE NEWSWIRE) &#8212; Southern California-based BLISS Car Wash has opened its 11<sup>th</sup> eco-friendly state-of-the-art car wash. The new environmentally-focused car wash at 744 N. Grand Ave in Covina features two lanes, making it easier and faster for guests and members to check in. Starting today, as part of the grand opening celebration, <strong>BLISS is offering ten days of free car washes, and you can sign up to get 30 days of free unlimited car washes.</strong></p>
  42. <p>Renowned artist and surrealist painter Samuel Hagai has painted the car wash tunnel building with a captivating mural, paying homage to the City of Covina. This stunning artwork celebrates the City’s vibrant history and honors the indigenous roots of the KIZH Nation Gabrieleno Band of Mission Indians. With meticulous detail, the mural transports viewers to a time before the arrival of Spanish colonizers in 1769, capturing the tranquil beauty of nature with its lush oak trees, meandering rivers, and the quaint allure of indigenous homes. The captivating artwork celebrates the City’s legacy and seamlessly weaves its past and present, offering a visual narrative of Covina’s journey to becoming the thriving community it is today. From iconic landmarks to cultural highlights, the mural is a testament to Covina’s enduring spirit and vibrant identity. To view the mural being painted, click here.</p>
  43. <p>“At BLISS, our dedication to water conservation and eco-friendly products means that cars are washed in a wash tunnel equipped with the latest technology that meticulously cleans each vehicle using less than 24 gallons of fresh water,” said Ash Delrahim, Vice President of Operations at BLISS. “Depending on which package our guests and members choose, carnauba wax, ceramic seal, and tire dressing are applied to ensure that every nook and cranny is sparkling. We have DIY vacuum stations where customers can clean the inside of their cars.”</p>
  44. <p>In keeping with his commitment, BLISS CEO and Founder Vahid David Delrahim donated a new freshwater well to the nonprofit Wells Bring Hope, as he does with each new eco-friendly car wash opening. Delrahim has been working with the nonprofit for several years in its mission to bring safe water to rural villages in Niger, West Africa.</p>
  45. <p><strong>Water Conservation at BLISS</strong><br />Despite our significant rainfall, Vahid David Delrahim recognizes that California must remain water-wise. “At BLISS Car Wash, we are committed to using eco-friendly car washes to help with water conservation in California. We use technology that constantly monitors fresh water usage, keeping it down to approximately 24 gallons of fresh water used to wash each car and using 70 percent reclaimed water. BLISS also uses biodegradable cleaning products and utilizes low-energy-consuming machinery in its express car washes, which helps lower its carbon footprint and impact on the planet.”</p>
  46. <p><strong>About BLISS Car Wash</strong><br />BLISS Car Wash offers premium unlimited car wash memberships at a great value. We are a refreshing car wash experience because we ensure that your car is cleaned responsibly, using cleaning products that are biodegradable and safe for the environment. We are water warriors, so we fight to protect it at every turn and closely monitor our usage. For more information about BLISS and our new car wash in the City of Industry, visit www.blisscarwash.com.</p>
  47. <p><strong>Media Contact: </strong><br />Ash Delrahim, Ash@blisscarwash.com</p>
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  56. <title>Kandi Technologies Reports First Quarter 2024 Financial Results</title>
  57. <link>https://autoexcelsior.com/kandi-technologies-reports-first-quarter-2024-financial-results/52398/</link>
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  60. <pubDate>Thu, 16 May 2024 11:00:00 +0000</pubDate>
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  64. <description><![CDATA[Solid Start to the Year with Net Income of $0.8 million, up 27.6% YoY Significant Return of Capital to Shareholders via 564,302 Shares Repurchased JINHUA, CHINA, May 16, 2024 (GLOBE NEWSWIRE) &#8212; Kandi Technologies Group, Inc. (the “Company”, “we” or “Kandi”) (NASDAQ GS: KNDI), today announced its financial results for the first quarter of 2024. [&#8230;]]]></description>
  65. <content:encoded><![CDATA[<p align="center"><em>Solid Start to the Year with Net Income of $0.8 million, up 27.6% YoY</em></p>
  66. <p align="center"><em>Significant Return of Capital to Shareholders via 564,302 Shares Repurchased</em></p>
  67. <p align="justify">JINHUA, CHINA, May 16, 2024 (GLOBE NEWSWIRE) &#8212; Kandi Technologies Group, Inc. (the “Company”, “we” or “Kandi”) (NASDAQ GS: KNDI), today announced its financial results for the first quarter of 2024.</p>
  68. <p align="justify"><strong><u>First Quarter Highlights</u></strong></p>
  69. <ul type="disc">
  70. <li style="margin-bottom:6pt;">Continued expansion of sales channels, with the Company’s products available in a greater number of large chains and distributors across the U.S. compared to 2023, laying a solid foundation for peak season sales.</li>
  71. <li style="margin-bottom:6pt; text-align:justify;">Total revenues of $20.7 million compared to $22.9 million in the same period of 2023.</li>
  72. <li style="margin-bottom:6pt;">Net income was $0.8 million, or $0.01 per fully diluted share, representing a 27.6% increase from the net income of $0.6 million, or $0.01 per fully diluted share, for the same period in 2023.</li>
  73. <li style="margin-bottom:6pt;">Robust balance sheet with 230.7 million in cash and equivalents, restricted cash, and certificate of deposit as of March 31, 2024. Working Capital was $264.0 million as of March 31, 2024.</li>
  74. <li style="margin-bottom:6pt;">During the quarter, the Company repurchased 564,302 shares of its common stock.
  75. </li>
  76. </ul>
  77. <p align="justify">Dr. Xueqin Dong, CEO of Kandi commented, “In light of our sales strategy adjustments, although there was slight fluctuation in sales and overall revenue in the first quarter, our expansion in the North American market has progressed smoothly through partnerships with large nationwide chains. We have also made progress in the Southeast Asian and European markets, preparing well for the peak sales season. We take pride in our stable balance sheet and sound financial condition. Furthermore, we repurchased 564,302 shares in the first quarter, demonstrating our confidence in the future development of the company.”</p>
  78. <p align="justify">Dr. Dong continued, “We are actively enhancing our product portfolio. In the first quarter our rechargeable AA batteries hit the market. Moving forward, we will launch starter batteries as well as a variety of more competitive all-electric off-road vehicle products and electric water sports products. We believe these new offerings will significantly boost our sales. Concurrently, we will soon introduce our limited-edition golf cart collection. This exclusive series, developed in collaboration with the National Football League and Lowe&#8217;s, features branding for all 32 NFL teams. This strategy not only demonstrates our confidence in the company&#8217;s future growth but also our firm commitment to enhancing shareholder value. We trust that our shareholders will understand and support our strategy.”</p>
  79. <p><strong><u>Q1 2024 Key Financial Results</u></strong></p>
  80. <p><em>Net Revenues and Gross Profit (in USD millions)</em></p>
  81. <table style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; border-collapse: collapse; width:100%; border-collapse:collapse ;">
  82. <tr>
  83. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; "> </td>
  84. <td colspan="3" style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">Q1 2024</td>
  85. <td colspan="3" style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">Q1 2023</td>
  86. <td colspan="2" style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">Y-o-Y%</td>
  87. </tr>
  88. <tr>
  89. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; ">Net Revenues</td>
  90. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">$</td>
  91. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">20.7</td>
  92. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: middle ; "> </td>
  93. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">$</td>
  94. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">22.9</td>
  95. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: middle ; "> </td>
  96. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">-9.6</td>
  97. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: middle ; ">%</td>
  98. </tr>
  99. <tr>
  100. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; ">Gross Profit</td>
  101. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">$</td>
  102. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">7.1</td>
  103. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: middle ; "> </td>
  104. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">$</td>
  105. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">8.0</td>
  106. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: middle ; "> </td>
  107. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">-11.3</td>
  108. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: middle ; ">%</td>
  109. </tr>
  110. <tr>
  111. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; ">Gross Margin%</td>
  112. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; "> </td>
  113. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">34.5</td>
  114. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: middle ; ">%</td>
  115. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; "> </td>
  116. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">35.1</td>
  117. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: middle ; ">%</td>
  118. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">&#8211;</td>
  119. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: middle ; "> </td>
  120. </tr>
  121. </table>
  122. <ul type="disc">
  123. <li style="margin-top:5pt; margin-bottom:12pt; text-align:justify;">Total net revenues in the first quarter of 2024 were $20.7 million compared to $22.9 million in the same period of 2023, representing a decrease of 9.6%, mainly due to a slight drop in sales of off-road vehicles and lithium-ion cells caused by transition of sales approach and consolidation of sales channels.</li>
  124. <li style="margin-top:5pt; margin-bottom:12pt; text-align:justify;">Cost of goods sold in the first quarter of 2024 was $13.6 million compared to $14.8 million in the same period of 2023, representing a decrease of 8.6%. The decrease was primarily due to the corresponding decrease in sales.</li>
  125. <li style="margin-top:5pt; margin-bottom:12pt; text-align:justify;">Gross profit in the first quarter of 2024 amounted to $7.1 million, down from $8.0 million in the same period of 2023, reflecting a decrease of 11.3%. The decline was aligned with the decrease of net revenue. Overall, our gross margin for the first quarter stood at 34.5%, comparable to 35.1% for the same period of 2023.
  126. </li>
  127. </ul>
  128. <p><em>Operating Loss (in USD millions)</em></p>
  129. <table style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; border-collapse: collapse; width:100%; border-collapse:collapse ;">
  130. <tr>
  131. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; "> </td>
  132. <td colspan="3" style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">Q1 2024</td>
  133. <td colspan="3" style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">Q1 2023</td>
  134. <td colspan="2" style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">Y-o-Y%</td>
  135. </tr>
  136. <tr>
  137. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; ">Operating Expenses</td>
  138. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">$</td>
  139. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">(10.2</td>
  140. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: middle ; ">)</td>
  141. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">$</td>
  142. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">(10.3</td>
  143. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: middle ; ">)</td>
  144. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">-0.5</td>
  145. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: middle ; ">%</td>
  146. </tr>
  147. <tr>
  148. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; ">Loss from Operations</td>
  149. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">$</td>
  150. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">(3.1</td>
  151. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: middle ; ">)</td>
  152. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">$</td>
  153. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">(2.2</td>
  154. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: middle ; ">)</td>
  155. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">38.0</td>
  156. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: middle ; ">%</td>
  157. </tr>
  158. <tr>
  159. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; ">Operating Margin%</td>
  160. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; "> </td>
  161. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">-14.9</td>
  162. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: middle ; ">%</td>
  163. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; "> </td>
  164. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">-9.8</td>
  165. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: middle ; ">%</td>
  166. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">&#8211; </td>
  167. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: middle ; "> </td>
  168. </tr>
  169. </table>
  170. <ul type="disc">
  171. <li style="margin-top:5pt; margin-bottom:12pt; text-align:justify;">Research and development expenses totaled $0.90 million for the first quarter of 2024, marking a 2.6% increase from the $0.88 million recorded for the same period in 2023.</li>
  172. <li style="margin-top:5pt; margin-bottom:12pt; text-align:justify;">Selling and distribution expenses totaled $3.0 million for the first quarter of 2024, reflecting a 66.0% increase from $1.8 million for the same period in 2023. The increase was mainly due to a higher freight expense incurred by SC Autosports to cover the increasing stores located in more regions in US that we are working with.</li>
  173. <li style="margin-top:5pt; margin-bottom:12pt; text-align:justify;">General and administrative expenses totaled $6.3 million for the first quarter of 2024, representing a 17.0% decrease from $7.6 million for the same period in 2023. The decrease was mainly due to a decrease in inventory obsolescence reserve and stock compensation expense.
  174. </li>
  175. </ul>
  176. <p><em>Net Income (in USD millions)</em></p>
  177. <table style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; border-collapse: collapse; width:100%; border-collapse:collapse ;">
  178. <tr>
  179. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; "> </td>
  180. <td colspan="2" style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">Q1 2024</td>
  181. <td colspan="2" style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">Q1 2023</td>
  182. <td colspan="2" style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">Y-o-Y%</td>
  183. </tr>
  184. <tr>
  185. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; ">Net Income</td>
  186. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">$</td>
  187. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">0.8</td>
  188. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">$</td>
  189. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">0.6</td>
  190. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">27.6</td>
  191. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: middle ; ">%</td>
  192. </tr>
  193. <tr>
  194. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; ">Net Income per Share, Basic and Diluted</td>
  195. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">$</td>
  196. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">0.01</td>
  197. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">$</td>
  198. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">0.01</td>
  199. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">&#8211;</td>
  200. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: middle ; "> </td>
  201. </tr>
  202. </table>
  203. <ul type="disc">
  204. <li style="margin-top:5pt; margin-bottom:5pt;">Net income was $0.8 million, compared with a net income of $0.6 million for the same period of 2023.</li>
  205. </ul>
  206. <p><strong><u>First Quarter 2024 Conference Call Details</u></strong></p>
  207. <p>The Company has scheduled a conference call and live webcast to discuss its financial results at 8:00 A.M. Eastern Time (8:00 P.M. Beijing Time) on Thursday, May 16, 2024. Management will deliver prepared remarks to be followed by a question-and-answer session.</p>
  208. <p>The dial-in details for the conference call are as follows:</p>
  209. <ul type="disc">
  210. <li style="margin-top:5pt; margin-bottom:5pt;">Toll-free dial-in number: +1-877-407-3982</li>
  211. <li style="margin-top:5pt; margin-bottom:5pt;">International dial-in number: + 1-201-493-6780</li>
  212. <li style="margin-top:5pt; margin-bottom:5pt;">Webcast and replay: https://viavid.webcasts.com/starthere.jsp?ei=1671990&amp;tp_key=2fdad09fd9
  213. </li>
  214. </ul>
  215. <p>The live audio webcast of the call can also be accessed by visiting Kandi&#8217;s Investor Relations page on the Company&#8217;s website at <u>http://www.kandivehicle.com</u>. An archive of the webcast will be available on the Company&#8217;s website following the live call.</p>
  216. <p><strong>About Kandi Technologies Group, Inc.</strong></p>
  217. <p>Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua New Energy Vehicle Town，Zhejiang Province, is engaged in the research, development, manufacturing, and sales of various vehicular products. Kandi conducts its primary business operations through its wholly-owned subsidiary, Zhejiang Kandi Technologies Group Co., Ltd. (“Zhejiang Kandi Technologies”), formerly, Zhejiang Kandi Vehicles Co., Ltd. and its subsidiaries including Kandi Electric Vehicles (Hainan) Co., Ltd. and SC Autosports, LLC (d/b/a Kandi America), the wholly-owned subsidiary of Kandi in the United States, and its wholly-owned subsidiary, Kandi America Investment, LLC. Zhejiang Kandi Technologies has established itself as one of China&#8217;s leading manufacturers of pure electric vehicle parts and off-road vehicles.</p>
  218. <p><strong>Safe Harbor Statement</strong></p>
  219. <p>This press release contains certain statements that may include &#8220;forward-looking statements.&#8221; All statements other than statements of historical fact included herein are &#8220;forward-looking statements.&#8221; These forward-looking statements are often identified by the use of forward-looking terminology such as &#8220;believes,&#8221;&#8221;expects&#8221; or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company&#8217;s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company&#8217;s periodic reports that are filed with the Securities and Exchange Commission and available on the SEC&#8217;s website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the applicable securities laws, the Company does not assume a duty to update these forward-looking statements.</p>
  220. <p>Follow us on Twitter: @ Kandi_Group</p>
  221. <p><strong>Contacts:</strong></p>
  222. <p><strong>Kandi Technologies Group, Inc.</strong><br />Ms. Kewa Luo<br />+1 (212) 551-3610<br /><u>IR@kandigroup.com</u> </p>
  223. <p><strong>The Blueshirt Group</strong><br />Mr. Gary Dvorchak, CFA<br /><u>gary@blueshirtgroup.co</u>   </p>
  224. <p></p>
  225. </p>
  226. <p><img src='https://ml.globenewswire.com/media/ZWUzNzM1YzAtNGQyNy00MmUyLTkxN2QtZjM2YTU0YjM4NGY1LTUwMDA2OTkzNw==/tiny/Kandi-Technologies-Group-Inc-.png' referrerpolicy='no-referrer-when-downgrade' /></p>
  227. ]]></content:encoded>
  231. </item>
  232. <item>
  233. <title>Renault Group : Information relating to the total number of voting rights and share capital &#8211; April 30, 2024</title>
  234. <link>https://autoexcelsior.com/renault-group-information-relating-to-the-total-number-of-voting-rights-and-share-capital-april-30-2024/52395/</link>
  236. <dc:creator><![CDATA[GlobeNewswire]]></dc:creator>
  237. <pubDate>Wed, 15 May 2024 15:45:00 +0000</pubDate>
  238. <category><![CDATA[Brand Post]]></category>
  239. <guid isPermaLink="false">https://autoexcelsior.com/renault-group-information-relating-to-the-total-number-of-voting-rights-and-share-capital-april-30-2024</guid>
  240.  
  241. <description><![CDATA[<div style="margin-bottom:20px;"><img width="2056" height="930" src="https://autoexcelsior.com/wp-content/uploads/2024/05/renault-group-information-relating-to-the-total-number-of-voting-rights-and-share-capital-april-30-2024.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" fetchpriority="high" srcset="https://autoexcelsior.com/wp-content/uploads/2024/05/renault-group-information-relating-to-the-total-number-of-voting-rights-and-share-capital-april-30-2024.jpg 2056w, https://autoexcelsior.com/wp-content/uploads/2024/05/renault-group-information-relating-to-the-total-number-of-voting-rights-and-share-capital-april-30-2024-300x136.jpg 300w, https://autoexcelsior.com/wp-content/uploads/2024/05/renault-group-information-relating-to-the-total-number-of-voting-rights-and-share-capital-april-30-2024-1024x463.jpg 1024w, https://autoexcelsior.com/wp-content/uploads/2024/05/renault-group-information-relating-to-the-total-number-of-voting-rights-and-share-capital-april-30-2024-768x347.jpg 768w, https://autoexcelsior.com/wp-content/uploads/2024/05/renault-group-information-relating-to-the-total-number-of-voting-rights-and-share-capital-april-30-2024-1536x695.jpg 1536w, https://autoexcelsior.com/wp-content/uploads/2024/05/renault-group-information-relating-to-the-total-number-of-voting-rights-and-share-capital-april-30-2024-2048x926.jpg 2048w" sizes="(max-width: 2056px) 100vw, 2056px" /></div>Disclosure of the total number of voting rights and shares, provided pursuant to article L. 233-8 II of the French Commercial Code and the Article 223-16 of the Règlement général de l’Autorité des marchés financiers  (Regulation of the French stock market authority) Company name of the issuer:         Renault SA 122 &#8211; 122 bis Avenue du Général [&#8230;]]]></description>
  242. <content:encoded><![CDATA[<div style="margin-bottom:20px;"><img width="2056" height="930" src="https://autoexcelsior.com/wp-content/uploads/2024/05/renault-group-information-relating-to-the-total-number-of-voting-rights-and-share-capital-april-30-2024.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" srcset="https://autoexcelsior.com/wp-content/uploads/2024/05/renault-group-information-relating-to-the-total-number-of-voting-rights-and-share-capital-april-30-2024.jpg 2056w, https://autoexcelsior.com/wp-content/uploads/2024/05/renault-group-information-relating-to-the-total-number-of-voting-rights-and-share-capital-april-30-2024-300x136.jpg 300w, https://autoexcelsior.com/wp-content/uploads/2024/05/renault-group-information-relating-to-the-total-number-of-voting-rights-and-share-capital-april-30-2024-1024x463.jpg 1024w, https://autoexcelsior.com/wp-content/uploads/2024/05/renault-group-information-relating-to-the-total-number-of-voting-rights-and-share-capital-april-30-2024-768x347.jpg 768w, https://autoexcelsior.com/wp-content/uploads/2024/05/renault-group-information-relating-to-the-total-number-of-voting-rights-and-share-capital-april-30-2024-1536x695.jpg 1536w, https://autoexcelsior.com/wp-content/uploads/2024/05/renault-group-information-relating-to-the-total-number-of-voting-rights-and-share-capital-april-30-2024-2048x926.jpg 2048w" sizes="(max-width: 2056px) 100vw, 2056px" /></div><p align="center" style="padding-left:4pt;"><strong>Disclosure of the total number of voting rights and shares, provided pursuant to article L. 233-8 II of the French Commercial Code and the Article 223-16 of </strong><br /><strong>the </strong><strong><em>Règlement général de l’Autorité des marchés financiers</em></strong>  <br /><strong>(Regulation of the French stock market authority) </strong></p>
  243. <p><strong>Company name of the issuer: </strong>        Renault SA <br />122 &#8211; 122 bis Avenue du Général Leclerc <br />92100 Boulogne-Billancourt </p>
  244. <p>(ISIN code FR0000131906 – RNO) </p>
  245. <table align="center" style="border-collapse: collapse; width:460.8pt; border-collapse:collapse ;">
  246. <tr>
  247. <td style="width:113px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; "><strong>Date</strong></td>
  248. <td style="width:112px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; "> </p>
  249. <p><strong>Total number of issued shares</strong></p>
  250. <p> </td>
  251. <td style="width:389.4px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; "> </p>
  252. <p><strong>Total number of voting rights </strong></td>
  253. </tr>
  254. <tr>
  255. <td rowspan="2" style="width:113px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; text-align: center ; vertical-align: middle; ">April 30, 2024</p>
  256. <p> </td>
  257. <td rowspan="2" style="width:112px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; "> </p>
  258. <p>295,722,284</p>
  259. <p> </td>
  260. <td style="width:389.4px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; "> </p>
  261. <p>Theoretical number of voting rights<sup>(1)</sup> : 400,614,117</p>
  262. <p> </td>
  263. </tr>
  264. <tr>
  265. <td style="width:389.4px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; ">Exercisable number of voting rights<sup>(2)</sup> : 431,271,785</td>
  266. </tr>
  267. </table>
  268. <p align="justify">(1)   Pursuant to Article 223-11 of the <em>Règlement général de l’Autorité des marchés financiers</em>, number calculated on the basis of all shares to which voting rights are attached, including shares for which voting rights have been suspended (treasury shares, liquidity contract, etc.). </p>
  269. <p>(2)   Number calculated on the basis of the theoretical number of voting rights, less the shares for which voting rights have been suspended (treasury shares, liquidity contract, etc.). </p>
  270. <p />
  271. <p id="gnw_attachments_section-header"> <strong>Attachment</strong> </p>
  272. <ul id="gnw_attachments_section-items">
  273. <li> April 2024 &#8211; Disclosure number of shares and voting rights </li>
  274. </ul>
  275. <p><img src='https://ml-eu.globenewswire.com/media/NWY5OTFlNDQtNjUzOS00ZDFhLWFjZmYtNGQ3OTc4MmU0YzI4LTEwMTEwOTY=/tiny/RENAULT.png' referrerpolicy='no-referrer-when-downgrade' /></p>
  276. ]]></content:encoded>
  280. </item>
  281. <item>
  282. <title>Mullen Continues Commercial EV Dealer Expansion in Midwest with Ziegler Truck Group and Pacific Northwest with Range Truck Group</title>
  283. <link>https://autoexcelsior.com/mullen-continues-commercial-ev-dealer-expansion-in-midwest-with-ziegler-truck-group-and-pacific-northwest-with-range-truck-group/52393/</link>
  285. <dc:creator><![CDATA[GlobeNewswire]]></dc:creator>
  286. <pubDate>Wed, 15 May 2024 13:00:00 +0000</pubDate>
  287. <category><![CDATA[Brand Post]]></category>
  288. <guid isPermaLink="false">https://autoexcelsior.com/mullen-continues-commercial-ev-dealer-expansion-in-midwest-with-ziegler-truck-group-and-pacific-northwest-with-range-truck-group</guid>
  289.  
  290. <description><![CDATA[<div style="margin-bottom:20px;"><img width="400" height="400" src="https://autoexcelsior.com/wp-content/uploads/2024/05/mullen-continues-commercial-ev-dealer-expansion-in-midwest-with-ziegler-truck-group-and-pacific-northwest-with-range-truck-group.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" srcset="https://autoexcelsior.com/wp-content/uploads/2024/05/mullen-continues-commercial-ev-dealer-expansion-in-midwest-with-ziegler-truck-group-and-pacific-northwest-with-range-truck-group.jpg 400w, https://autoexcelsior.com/wp-content/uploads/2024/05/mullen-continues-commercial-ev-dealer-expansion-in-midwest-with-ziegler-truck-group-and-pacific-northwest-with-range-truck-group-300x300.jpg 300w, https://autoexcelsior.com/wp-content/uploads/2024/05/mullen-continues-commercial-ev-dealer-expansion-in-midwest-with-ziegler-truck-group-and-pacific-northwest-with-range-truck-group-150x150.jpg 150w, https://autoexcelsior.com/wp-content/uploads/2024/05/mullen-continues-commercial-ev-dealer-expansion-in-midwest-with-ziegler-truck-group-and-pacific-northwest-with-range-truck-group-100x100.jpg 100w" sizes="(max-width: 400px) 100vw, 400px" /></div>Initial Vehicle Orders to Follow BREA, Calif., May 15, 2024 (GLOBE NEWSWIRE) &#8212; via IBN &#8212; Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announces today the addition of zero-emissions commercial vehicle dealers, Minnesota-based Ziegler Truck Group (“Ziegler” or “ZTG”) and Washington-based Range Truck Group (“Range” or “RTG”), a [&#8230;]]]></description>
  291. <content:encoded><![CDATA[<div style="margin-bottom:20px;"><img width="400" height="400" src="https://autoexcelsior.com/wp-content/uploads/2024/05/mullen-continues-commercial-ev-dealer-expansion-in-midwest-with-ziegler-truck-group-and-pacific-northwest-with-range-truck-group.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://autoexcelsior.com/wp-content/uploads/2024/05/mullen-continues-commercial-ev-dealer-expansion-in-midwest-with-ziegler-truck-group-and-pacific-northwest-with-range-truck-group.jpg 400w, https://autoexcelsior.com/wp-content/uploads/2024/05/mullen-continues-commercial-ev-dealer-expansion-in-midwest-with-ziegler-truck-group-and-pacific-northwest-with-range-truck-group-300x300.jpg 300w, https://autoexcelsior.com/wp-content/uploads/2024/05/mullen-continues-commercial-ev-dealer-expansion-in-midwest-with-ziegler-truck-group-and-pacific-northwest-with-range-truck-group-150x150.jpg 150w, https://autoexcelsior.com/wp-content/uploads/2024/05/mullen-continues-commercial-ev-dealer-expansion-in-midwest-with-ziegler-truck-group-and-pacific-northwest-with-range-truck-group-100x100.jpg 100w" sizes="(max-width: 400px) 100vw, 400px" /></div><p><em>Initial Vehicle Orders to Follow</em></p>
  292. <p align="left">BREA, Calif., May 15, 2024 (GLOBE NEWSWIRE) &#8212; via IBN &#8212; <u>Mullen Automotive, Inc.</u> (NASDAQ: <u>MULN</u>) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announces today the addition of zero-emissions commercial vehicle dealers, Minnesota-based Ziegler Truck Group (“Ziegler” or “ZTG”) and Washington-based Range Truck Group (“Range” or “RTG”), a part of the Ziegler Companies distribution network. As Mullen’s new franchise partners, RTG and ZTG will cover national and regional fleet opportunities for Mullen commercial EVs with a focus on the Pacific Northwest and upper Midwest regions of the United States.</p>
  293. <p>With a 110-year legacy of selling and servicing premier brands in construction and agriculture equipment, Ziegler and Range Truck Group, independent entities as part of the Ziegler Companies portfolio, are focused on delivering advanced infrastructure and cutting-edge zero-emissions solutions to the commercial transportation sector. Ziegler Companies, a family-owned equipment dealer since 1914, is a group of industry pioneers and now leading providers of zero-emissions commercial trucks. Leveraging its vast network and industry expertise, Ziegler and Range help with every aspect of fleet integration by empowering customers with top-notch transition planning, sales, service, and support.</p>
  294. <p>ZTG is an approved California Air Resource Board (“CARB”) <u>HVIP dealer</u> and will offer Mullen’s full line of all-electric commercial vehicles, the Mullen ONE, Class 1 EV cargo van and Mullen THREE, Class 3 EV cab chassis truck, which is <u>HVIP approved and provides up to $45,000 cash voucher at time of purchase</u>. Ziegler will be able to provide HVIP point-of-sale vouchers for the Mullen THREE, which when combined with the available $7,500 federal tax credit, the net effective cost of the Mullen THREE could be less than $17,000. A copy of Mullen’s Class 3 HVIP approval can be found <u>here</u>.</p>
  295. <p>“We’re building a portfolio of zero-emissions vehicles to help our customers seamlessly navigate the transition of their fleet,” said Johannes Ariens, representing both RTG and ZTG. “Our customers are ready to explore, test and pilot vehicles, and with Mullen, we’re able to get them on the road to zero-emissions faster with low-barrier price points and with the support and reliability we’ve been collectively providing for over 110 years as a legacy dealer organization.”</p>
  296. <p>“This partnership signifies an additional step forward for Mullen as it broadens our reach and strengthens our foothold in the growing commercial EV market,” said David Michery, CEO and chairman of Mullen Automotive. “Range and Ziegler’s extensive network of dealerships and proven track record in the commercial vehicle industry will be invaluable as we work together to deliver our electric cargo vans and trucks to businesses across the nation.”</p>
  297. <p><strong>About Ziegler Truck Group and Range Truck Group</strong><br />RTG and ZTG are trusted partners on the road to zero emissions backed by innovative energy solutions that remove traditional roadblocks to getting there. Together, we provide comprehensive solutions customized to the needs of our customers—including a portfolio of zero-emissions vehicles, access to flexible charging options and a team of specialists ready to help accelerate the transition.</p>
  298. <p>To learn more, visit <u>www.ZieglerTruck.com</u><u>.</u></p>
  299. <p><strong>About Mullen</strong><br />Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of commercial electric vehicles (“EVs”) with two United States-based vehicle plants located in Tunica, Mississippi, (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. In September 2023, Mullen received IRS approval for federal EV tax credits on its commercial vehicles with a Qualified Manufacturer designation that offers eligible customers up to $7,500 per vehicle. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck are California Air Resource Board (“CARB”) and EPA certified and available for sale in the U.S. Recently CARB issued HVIP approval on the Mullen THREE, Class 3 EV truck, providing up to $45,000 cash voucher at time of vehicle purchase. The Company has also recently expanded its commercial dealer network with the addition of Pritchard EV, National Auto Fleet Group, Ziegler Truck Group and Range Truck Group, providing sales and service coverage in key Midwest, West Coast and Pacific Northwest markets. The Company also recently announced Foreign Trade Zone (“FTZ”) status approval for its Tunica, Mississippi, commercial vehicle manufacturing center. FTZ approval provides a number of benefits, including deferment of duties owed and elimination of duties on exported vehicles.</p>
  300. <p>To learn more about the Company, visit <u>www.MullenUSA.com</u>.</p>
  301. <p><strong>Forward-Looking Statements</strong><br />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 &#8220;continue,&#8221; &#8220;will,&#8221; &#8220;may,&#8221; &#8220;could,&#8221; &#8220;should,&#8221; &#8220;expect,&#8221; &#8220;expected,&#8221; &#8220;plans,&#8221; &#8220;intend,&#8221; &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;predict,&#8221; &#8220;potential&#8221; 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 two new dealerships will be successful in selling Mullen’s vehicles, what governmental voucher and other incentives will be in place when purchasers buy vehicles and the resultant final vehicle costs to purchasers; and whether ZTG and RTG will get purchase orders for Mullen vehicles from government agencies. 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&#8217;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) 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.</p>
  302. <p><strong>Contact</strong>:<br />Mullen Automotive, Inc.<br />+1 (714) 613-1900<br /><u>www.MullenUSA.com</u></p>
  303. <p><strong>Corporate Communications:</strong><br />InvestorBrandNetwork (IBN)<br /> Los Angeles, California<br /> <u>www.InvestorBrandNetwork.com</u><br /> 310.299.1717 Office<br /> <u>Editor@InvestorBrandNetwork.com</u></p>
  304. <p><img src='https://ml.globenewswire.com/media/MmZjYTZmMjgtMmExNi00MTFhLWExYTgtMjE1YzhjZWFhNWI3LTUwMDA3NDUwOQ==/tiny/Mullen-Automotive-Inc-.png' referrerpolicy='no-referrer-when-downgrade' /></p>
  305. ]]></content:encoded>
  309. </item>
  310. <item>
  311. <title>Mullen Reports Q2 2024 Fiscal Quarter Results</title>
  312. <link>https://autoexcelsior.com/mullen-reports-q2-2024-fiscal-quarter-results/52387/</link>
  314. <dc:creator><![CDATA[GlobeNewswire]]></dc:creator>
  315. <pubDate>Tue, 14 May 2024 18:00:00 +0000</pubDate>
  316. <category><![CDATA[Brand Post]]></category>
  317. <guid isPermaLink="false">https://autoexcelsior.com/mullen-reports-q2-2024-fiscal-quarter-results</guid>
  318.  
  319. <description><![CDATA[<div style="margin-bottom:20px;"><img width="400" height="400" src="https://autoexcelsior.com/wp-content/uploads/2024/05/mullen-reports-q2-2024-fiscal-quarter-results.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://autoexcelsior.com/wp-content/uploads/2024/05/mullen-reports-q2-2024-fiscal-quarter-results.jpg 400w, https://autoexcelsior.com/wp-content/uploads/2024/05/mullen-reports-q2-2024-fiscal-quarter-results-300x300.jpg 300w, https://autoexcelsior.com/wp-content/uploads/2024/05/mullen-reports-q2-2024-fiscal-quarter-results-150x150.jpg 150w, https://autoexcelsior.com/wp-content/uploads/2024/05/mullen-reports-q2-2024-fiscal-quarter-results-100x100.jpg 100w" sizes="(max-width: 400px) 100vw, 400px" /></div>Positive stockholders’ equity of $117,414,643 as of March 31, 2024 Company has additional $150 million in capital commitments to support the scaling of commercial EV operations BREA, Calif., May 14, 2024 (GLOBE NEWSWIRE) &#8212; &#8212; via IBN &#8212; Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, today announces financial [&#8230;]]]></description>
  320. <content:encoded><![CDATA[<div style="margin-bottom:20px;"><img width="400" height="400" src="https://autoexcelsior.com/wp-content/uploads/2024/05/mullen-reports-q2-2024-fiscal-quarter-results.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://autoexcelsior.com/wp-content/uploads/2024/05/mullen-reports-q2-2024-fiscal-quarter-results.jpg 400w, https://autoexcelsior.com/wp-content/uploads/2024/05/mullen-reports-q2-2024-fiscal-quarter-results-300x300.jpg 300w, https://autoexcelsior.com/wp-content/uploads/2024/05/mullen-reports-q2-2024-fiscal-quarter-results-150x150.jpg 150w, https://autoexcelsior.com/wp-content/uploads/2024/05/mullen-reports-q2-2024-fiscal-quarter-results-100x100.jpg 100w" sizes="(max-width: 400px) 100vw, 400px" /></div><p align="center"><strong><em>Positive stockholders’ equity of $117,414,643 as of March 31, 2024</em></strong></p>
  321. <p align="center"><strong><em>Company has</em></strong> <strong><em>additional $150 million in capital commitments to support the scaling of commercial EV operations</em></strong></p>
  322. <p align="justify">BREA, Calif., May 14, 2024 (GLOBE NEWSWIRE) &#8212; &#8212; via IBN &#8212; Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, today announces financial results for the three and six months ended March 31, 2024, and a business update.</p>
  323. <p align="justify">Commenting on the results for the three and six months ended March 31, 2024, and recent Company developments, CEO and chairman David Michery stated,</p>
  324. <p align="justify">“Our Company continues to grow despite difficult market conditions and I am thankful to our team and the effort put forth in getting our EVs into the market and onto U.S. roads. We continue to drive forward and remain laser-focused on scaling our commercial EV business. Today, we announced an additional $150 million in capital commitments to support our commercial EV operations.”</p>
  325. <p align="justify"><strong>Recent Highlights Include </strong></p>
  326. <ul type="disc">
  327. <li>In May 2024, the Company received approval from the Department of Commerce for Foreign Trade Zone status at its Tunica, Mississippi, commercial vehicle manufacturing facility.</li>
  328. <li>In May 2024, the Company expanded its retail commercial dealer network with addition of Pritchard EVs and National Auto Fleet Group, adding both national and regional fleet focus in the Midwest and West Coast.</li>
  329. <li>In April 2024, Mullen received California Air Resource Board’s (“CARB”) HVIP approval for the Mullen THREE, Class 3 EV truck, providing up to $45,000 in a cash voucher at time of vehicle purchase.</li>
  330. <li>In April 2024, the Company received CARB approval on the 2025 Mullen Class 3 EV truck.</li>
  331. </ul>
  332. <p align="justify"><strong>Mullen Class 1 and 3 Commercial Vehicles</strong></p>
  333. <ul type="disc">
  334. <li style="text-align:justify;">Mullen opened the Dominican Republic and Caribbean markets with Grupo Cavel for commercial EVs and began initial shipment of vehicles in April 2024.</li>
  335. <li style="text-align:justify;">Tunica recently built 500<sup>th</sup> commercial vehicle and continues to build Class 1 and Class 3 vehicles.</li>
  336. <li>Mullen announced the completion of a new light-weight service truck body, targeted for utility and municipality customers, for the All-Electric Mullen THREE. The vehicles are available now and were developed in collaboration with Phenix Truck Bodies &amp; Van Equipment and Knapheide Manufacturing.</li>
  337. <li>In February 2024, the Company began Class 1 EV cargo van road testing with the integrated solid-state polymer battery pack in Troy, Michigan, with actual road tests resulting in 86% increase in vehicle range, from 110 miles to 205 miles.</li>
  338. <li>After successful road testing, Company is moving to production pack design with multiple packs being produced for vehicle-level testing, including environmental and durability.</li>
  339. </ul>
  340. <p align="justify"><strong>Bollinger Motors &#8211; Oak Park, Michigan</strong><br />Class 4 – 6 Commercial Vehicles</p>
  341. <ul type="disc">
  342. <li style="text-align:justify;">Bollinger recently announced new retail dealers, including LaFontaine Automotive Group, Nacarato Truck Centers, and Nuss Truck and Equipment, covering initial states of Michigan, Florida, Georgia, Kentucky, Maryland and Minnesota.</li>
  343. <li style="text-align:justify;">In February, Bollinger received IRS Approval for $40,000 Commercial EV Tax Credit.</li>
  344. <li style="text-align:justify;">In January, Bollinger Motors received first vehicle orders for 40 B4, Class 4 EV trucks for a combined total order valued at approximately $6.0 million.</li>
  345. <li style="text-align:justify;">The Company expects to begin B4, Class 4 vehicle deliveries in the second half of 2024.</li>
  346. </ul>
  347. <p align="justify"><strong>Mullen Consumer Vehicle Program &#8211; Irvine,</strong><strong> California </strong><br />Mullen FIVE EV Crossover Program</p>
  348. <ul type="disc">
  349. <li>Development and production of the high-performance Mullen FIVE RS (“FIVE RS” or “RS”) limited-edition has been fast-tracked for completion and launch in Q4 2025 in the European market. This vehicle will be a limited production run delivering over 200-plus mph and 1.95 sec 0-60 mph.</li>
  350. <li>The Company debuted the high-performance Mullen FIVE RS on Jan. 9, 2024, at CES 2024 in Las Vegas.</li>
  351. </ul>
  352. <p align="justify"><strong>Mullen High Energy Facility &#8211; Fullerton, California</strong></p>
  353. <ul type="disc">
  354. <li>In January 2024, Mullen Advanced Energy, LLC submitted a pre-application to the U.S. Department of Energy (“DOE”) Advanced Technology Vehicles Manufacturing (“ATVM”) Loan Program to support its expansion into domestic battery material processing and manufacturing.</li>
  355. <li>In January 2024, The Company submitted a grant funding opportunity to DOE for domestic battery materials processing.</li>
  356. <li>The Company opened the Fullerton facility in 2023 and is focused on reducing reliance on foreign battery components.</li>
  357. </ul>
  358. <p align="justify"><strong>Solid-State Polymer Battery Pack Update</strong></p>
  359. <ul type="disc">
  360. <li>In February 2024, the Company began Class 1 EV cargo van road testing with the integrated solid-state polymer battery pack in Troy, Michigan. Actual road tests resulted in 86% increase in vehicle range, from 110 miles to 205 miles.</li>
  361. <li>After successful road testing, Company is moving to production pack design with multiple packs being produced for vehicle-level testing, including environmental and durability.</li>
  362. </ul>
  363. <p align="justify"><strong>Financial Results – Three and Six Months Ended March 31, 2024</strong></p>
  364. <p align="justify">For the six months ended March 31, 2024, we delivered 362 vehicles valued at $16.3 million. The Company has deferred the revenue and accounts receivable recognition until invoices are paid and the return provision on the vehicles are nullified by the dealer’s sale of vehicle to the end user.</p>
  365. <table style="border-collapse: collapse; width:100%; border-collapse:collapse ;">
  366. <tr>
  367. <td colspan="16" style="vertical-align: bottom ; "><strong>Invoiced during the 6 months ended March 31, 2024 (in thousand dollars)</strong></p>
  368. </td>
  369. <td style="vertical-align: bottom ; "> </td>
  370. </tr>
  371. <tr>
  372. <td style="vertical-align: bottom ; ">Type</td>
  373. <td style="vertical-align: bottom ; "> </td>
  374. <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; ">Units invoiced</td>
  375. <td style="vertical-align: bottom ; "> </td>
  376. <td style="vertical-align: bottom ; "> </td>
  377. <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; ">Amount invoiced</td>
  378. <td style="vertical-align: bottom ; "> </td>
  379. <td style="vertical-align: bottom ; "> </td>
  380. <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; ">Cash received</td>
  381. <td style="vertical-align: bottom ; "> </td>
  382. <td style="vertical-align: bottom ; "> </td>
  383. <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; ">Revenue recognized</td>
  384. <td style="vertical-align: bottom ; "> </td>
  385. </tr>
  386. <tr>
  387. <td style="max-width:40%; width:40%; min-width:40%;;vertical-align: bottom ; ">Mullen 3 (UU)</td>
  388. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "> </td>
  389. <td style="max-width:2%; width:2%; min-width:2%;;vertical-align: bottom ; "> </td>
  390. <td style="max-width:11%; width:11%; min-width:11%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">131</td>
  391. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "> </td>
  392. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "> </td>
  393. <td style="max-width:2%; width:2%; min-width:2%;;vertical-align: bottom ; ">$</td>
  394. <td style="max-width:11%; width:11%; min-width:11%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">8,543.8</td>
  395. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "> </td>
  396. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "> </td>
  397. <td style="max-width:2%; width:2%; min-width:2%;;vertical-align: bottom ; ">$</td>
  398. <td style="max-width:11%; width:11%; min-width:11%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">652.2</td>
  399. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "> </td>
  400. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "> </td>
  401. <td style="max-width:2%; width:2%; min-width:2%;;vertical-align: bottom ; ">$</td>
  402. <td style="max-width:11%; width:11%; min-width:11%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  403. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "> </td>
  404. </tr>
  405. <tr>
  406. <td style="vertical-align: bottom ; ">Urban Delivery (UD1)</td>
  407. <td style="vertical-align: bottom ; "> </td>
  408. <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  409. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">231</td>
  410. <td style="vertical-align: bottom ; "> </td>
  411. <td style="vertical-align: bottom ; "> </td>
  412. <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  413. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">7,769.4</td>
  414. <td style="vertical-align: bottom ; "> </td>
  415. <td style="vertical-align: bottom ; "> </td>
  416. <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  417. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">33.3</td>
  418. <td style="vertical-align: bottom ; "> </td>
  419. <td style="vertical-align: bottom ; "> </td>
  420. <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  421. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">33.3</td>
  422. <td style="vertical-align: bottom ; "> </td>
  423. </tr>
  424. <tr>
  425. <td style="vertical-align: bottom ; ">Total</td>
  426. <td style="vertical-align: bottom ; "> </td>
  427. <td style="border-bottom: double black 3pt ; vertical-align: bottom ; "> </td>
  428. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">362</td>
  429. <td style="vertical-align: bottom ; "> </td>
  430. <td style="vertical-align: bottom ; "> </td>
  431. <td style="border-bottom: double black 3pt ; vertical-align: bottom ; ">$</td>
  432. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">16,313.2</td>
  433. <td style="vertical-align: bottom ; "> </td>
  434. <td style="vertical-align: bottom ; "> </td>
  435. <td style="border-bottom: double black 3pt ; vertical-align: bottom ; ">$</td>
  436. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">685.5</td>
  437. <td style="vertical-align: bottom ; "> </td>
  438. <td style="vertical-align: bottom ; "> </td>
  439. <td style="border-bottom: double black 3pt ; vertical-align: bottom ; ">$</td>
  440. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">33.3</td>
  441. <td style="vertical-align: bottom ; "> </td>
  442. </tr>
  443. </table>
  444. <p align="justify">The total cash spent (Operating and Investing cash flows) for the six months ended March 31, 2024, and 2023, was $120.9 million and $165.0 million, respectively.</p>
  445. <table style="border-collapse: collapse; width:100%; border-collapse:collapse ;">
  446. <tr>
  447. <td style="vertical-align: bottom ; "> </td>
  448. <td style="vertical-align: bottom ; "> </td>
  449. <td colspan="7" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Six months ended March 31,</strong></td>
  450. </tr>
  451. <tr>
  452. <td style="vertical-align: bottom ; "> </td>
  453. <td style="vertical-align: bottom ; "> </td>
  454. <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>2024</strong></td>
  455. <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  456. <td style="vertical-align: bottom ; "> </td>
  457. <td colspan="3" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>2023</strong></td>
  458. </tr>
  459. <tr>
  460. <td style="max-width:70%; width:70%; min-width:70%;;vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">Net loss</td>
  461. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "> </td>
  462. <td style="max-width:2%; width:2%; min-width:2%;;vertical-align: bottom ; ">$</td>
  463. <td style="max-width:11%; width:11%; min-width:11%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(235,355,627</td>
  464. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; ">)</td>
  465. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "> </td>
  466. <td style="max-width:2%; width:2%; min-width:2%;;vertical-align: bottom ; ">$</td>
  467. <td style="max-width:11%; width:11%; min-width:11%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(495,369,280</td>
  468. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; ">)</td>
  469. </tr>
  470. <tr>
  471. <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">Non-cash adjustments</td>
  472. <td style="vertical-align: bottom ; "> </td>
  473. <td style="vertical-align: bottom ; "> </td>
  474. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">135,101,417</td>
  475. <td style="vertical-align: bottom ; "> </td>
  476. <td style="vertical-align: bottom ; "> </td>
  477. <td style="vertical-align: bottom ; "> </td>
  478. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">424,626,754</td>
  479. <td style="vertical-align: bottom ; "> </td>
  480. </tr>
  481. <tr>
  482. <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">Working capital investment</td>
  483. <td style="vertical-align: bottom ; "> </td>
  484. <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  485. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(8,218,766</td>
  486. <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">)</td>
  487. <td style="vertical-align: bottom ; "> </td>
  488. <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  489. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,175,141</td>
  490. <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  491. </tr>
  492. <tr>
  493. <td style="vertical-align: middle; text-align: left; padding-left: 25.0px; vertical-align: bottom ; ">Net cash used in operating activities</td>
  494. <td style="vertical-align: bottom ; "> </td>
  495. <td style="vertical-align: bottom ; "> </td>
  496. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(108,472,976</td>
  497. <td style="vertical-align: bottom ; ">)</td>
  498. <td style="vertical-align: bottom ; "> </td>
  499. <td style="vertical-align: bottom ; "> </td>
  500. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(67,567,385</td>
  501. <td style="vertical-align: bottom ; ">)</td>
  502. </tr>
  503. <tr>
  504. <td style="vertical-align: middle; text-align: left; padding-left: 25.0px; vertical-align: bottom ; ">Net cash used in investing activities</td>
  505. <td style="vertical-align: bottom ; "> </td>
  506. <td style="vertical-align: bottom ; "> </td>
  507. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(12,470,001</td>
  508. <td style="vertical-align: bottom ; ">)</td>
  509. <td style="vertical-align: bottom ; "> </td>
  510. <td style="vertical-align: bottom ; "> </td>
  511. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(97,420,097</td>
  512. <td style="vertical-align: bottom ; ">)</td>
  513. </tr>
  514. <tr>
  515. <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Cash spent</td>
  516. <td style="vertical-align: bottom ; "> </td>
  517. <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; vertical-align: bottom ; ">$</td>
  518. <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(120,942,977</td>
  519. <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; vertical-align: bottom ; ">)</td>
  520. <td style="vertical-align: bottom ; "> </td>
  521. <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; vertical-align: bottom ; ">$</td>
  522. <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(164,987,482</td>
  523. <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; vertical-align: bottom ; ">)</td>
  524. </tr>
  525. </table>
  526. <p align="justify">The detail of non-cash adjustments to the Consolidated Statements of Cash Flows are as follows:</p>
  527. <table style="border-collapse: collapse; width:100%; border-collapse:collapse ;">
  528. <tr>
  529. <td style="vertical-align: bottom ; "> </td>
  530. <td style="vertical-align: bottom ; "> </td>
  531. <td colspan="7" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Six months ended March 31,</strong></td>
  532. </tr>
  533. <tr>
  534. <td style="vertical-align: bottom ; "> </td>
  535. <td style="vertical-align: bottom ; "> </td>
  536. <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>2024</strong></td>
  537. <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  538. <td style="vertical-align: bottom ; "> </td>
  539. <td colspan="3" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>2023</strong></td>
  540. </tr>
  541. <tr>
  542. <td style="max-width:70%; width:70%; min-width:70%;;vertical-align: bottom ; ">Non-cash expenses and gains during the period:</td>
  543. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "> </td>
  544. <td style="max-width:2%; width:2%; min-width:2%;;vertical-align: bottom ; "> </td>
  545. <td style="max-width:11%; width:11%; min-width:11%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td>
  546. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "> </td>
  547. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "> </td>
  548. <td style="max-width:2%; width:2%; min-width:2%;;vertical-align: bottom ; "> </td>
  549. <td style="max-width:11%; width:11%; min-width:11%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td>
  550. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "> </td>
  551. </tr>
  552. <tr>
  553. <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">Stock-based compensation</td>
  554. <td style="vertical-align: bottom ; "> </td>
  555. <td style="vertical-align: bottom ; ">$</td>
  556. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">15,609,276</td>
  557. <td style="vertical-align: bottom ; "> </td>
  558. <td style="vertical-align: bottom ; "> </td>
  559. <td style="vertical-align: bottom ; ">$</td>
  560. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">60,303,367</td>
  561. <td style="vertical-align: bottom ; "> </td>
  562. </tr>
  563. <tr>
  564. <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">Revaluation of derivative liabilities</td>
  565. <td style="vertical-align: bottom ; "> </td>
  566. <td style="vertical-align: bottom ; "> </td>
  567. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,106,223</td>
  568. <td style="vertical-align: bottom ; "> </td>
  569. <td style="vertical-align: bottom ; "> </td>
  570. <td style="vertical-align: bottom ; "> </td>
  571. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">89,221,391</td>
  572. <td style="vertical-align: bottom ; "> </td>
  573. </tr>
  574. <tr>
  575. <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">Depreciation and amortization</td>
  576. <td style="vertical-align: bottom ; "> </td>
  577. <td style="vertical-align: bottom ; "> </td>
  578. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">14,310,450</td>
  579. <td style="vertical-align: bottom ; "> </td>
  580. <td style="vertical-align: bottom ; "> </td>
  581. <td style="vertical-align: bottom ; "> </td>
  582. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">8,523,682</td>
  583. <td style="vertical-align: bottom ; "> </td>
  584. </tr>
  585. <tr>
  586. <td style="vertical-align: bottom ; ">Issuance of warrants to suppliers</td>
  587. <td style="vertical-align: bottom ; "> </td>
  588. <td style="vertical-align: bottom ; "> </td>
  589. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  590. <td style="vertical-align: bottom ; "> </td>
  591. <td style="vertical-align: bottom ; "> </td>
  592. <td style="vertical-align: bottom ; "> </td>
  593. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">6,814,000</td>
  594. <td style="vertical-align: bottom ; "> </td>
  595. </tr>
  596. <tr>
  597. <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">Deferred income taxes</td>
  598. <td style="vertical-align: bottom ; "> </td>
  599. <td style="vertical-align: bottom ; "> </td>
  600. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(3,891,300</td>
  601. <td style="vertical-align: bottom ; ">)</td>
  602. <td style="vertical-align: bottom ; "> </td>
  603. <td style="vertical-align: bottom ; "> </td>
  604. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(901,999</td>
  605. <td style="vertical-align: bottom ; ">)</td>
  606. </tr>
  607. <tr>
  608. <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">Other financing costs &#8211; initial recognition of derivative liabilities</td>
  609. <td style="vertical-align: bottom ; "> </td>
  610. <td style="vertical-align: bottom ; "> </td>
  611. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  612. <td style="vertical-align: bottom ; "> </td>
  613. <td style="vertical-align: bottom ; "> </td>
  614. <td style="vertical-align: bottom ; "> </td>
  615. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">255,960,025</td>
  616. <td style="vertical-align: bottom ; "> </td>
  617. </tr>
  618. <tr>
  619. <td style="vertical-align: bottom ; ">Impairment of goodwill</td>
  620. <td style="vertical-align: bottom ; "> </td>
  621. <td style="vertical-align: bottom ; "> </td>
  622. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">28,846,832</td>
  623. <td style="vertical-align: bottom ; "> </td>
  624. <td style="vertical-align: bottom ; "> </td>
  625. <td style="vertical-align: bottom ; "> </td>
  626. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  627. <td style="vertical-align: bottom ; "> </td>
  628. </tr>
  629. <tr>
  630. <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">Impairment of right-of-use assets</td>
  631. <td style="vertical-align: bottom ; "> </td>
  632. <td style="vertical-align: bottom ; "> </td>
  633. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,167,608</td>
  634. <td style="vertical-align: bottom ; "> </td>
  635. <td style="vertical-align: bottom ; "> </td>
  636. <td style="vertical-align: bottom ; "> </td>
  637. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  638. <td style="vertical-align: bottom ; "> </td>
  639. </tr>
  640. <tr>
  641. <td style="vertical-align: bottom ; ">Impairment of intangible assets</td>
  642. <td style="vertical-align: bottom ; "> </td>
  643. <td style="vertical-align: bottom ; "> </td>
  644. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">73,447,067</td>
  645. <td style="vertical-align: bottom ; "> </td>
  646. <td style="vertical-align: bottom ; "> </td>
  647. <td style="vertical-align: bottom ; "> </td>
  648. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  649. <td style="vertical-align: bottom ; "> </td>
  650. </tr>
  651. <tr>
  652. <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">Non-cash interest and other operating activities</td>
  653. <td style="vertical-align: bottom ; "> </td>
  654. <td style="vertical-align: bottom ; "> </td>
  655. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">216,021</td>
  656. <td style="vertical-align: bottom ; "> </td>
  657. <td style="vertical-align: bottom ; "> </td>
  658. <td style="vertical-align: bottom ; "> </td>
  659. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(1,745,882</td>
  660. <td style="vertical-align: bottom ; ">)</td>
  661. </tr>
  662. <tr>
  663. <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">Loss/(gain) on assets disposal</td>
  664. <td style="vertical-align: bottom ; "> </td>
  665. <td style="vertical-align: bottom ; "> </td>
  666. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">323,865</td>
  667. <td style="vertical-align: bottom ; "> </td>
  668. <td style="vertical-align: bottom ; "> </td>
  669. <td style="vertical-align: bottom ; "> </td>
  670. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  671. <td style="vertical-align: bottom ; "> </td>
  672. </tr>
  673. <tr>
  674. <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">Loss/(gain) on extinguishment of debt</td>
  675. <td style="vertical-align: bottom ; "> </td>
  676. <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  677. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(34,625</td>
  678. <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">)</td>
  679. <td style="vertical-align: bottom ; "> </td>
  680. <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  681. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">6,452,170</td>
  682. <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  683. </tr>
  684. <tr>
  685. <td style="vertical-align: bottom ; ">Total</td>
  686. <td style="vertical-align: bottom ; "> </td>
  687. <td style="border-bottom: double black 3pt ; vertical-align: bottom ; ">$</td>
  688. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">135,101,417</td>
  689. <td style="border-bottom: double black 3pt ; vertical-align: bottom ; "> </td>
  690. <td style="vertical-align: bottom ; "> </td>
  691. <td style="border-bottom: double black 3pt ; vertical-align: bottom ; ">$</td>
  692. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">424,626,754</td>
  693. <td style="border-bottom: double black 3pt ; vertical-align: bottom ; "> </td>
  694. </tr>
  695. </table>
  696. <p align="justify"> We invested an additional $8.2 million and recovered $3.2 million in working capital during the six months ended March 31, 2024, and 2023, respectively. Details of changes in working capital are as follows:</p>
  697. <table style="border-collapse: collapse; width:100%; border-collapse:collapse ;">
  698. <tr>
  699. <td style="vertical-align: bottom ; "> </td>
  700. <td style="vertical-align: bottom ; "> </td>
  701. <td colspan="7" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Six months ended March 31,</strong></td>
  702. </tr>
  703. <tr>
  704. <td style="vertical-align: bottom ; "> </td>
  705. <td style="vertical-align: bottom ; "> </td>
  706. <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>2024</strong></td>
  707. <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  708. <td style="vertical-align: bottom ; "> </td>
  709. <td colspan="3" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>2023</strong></td>
  710. </tr>
  711. <tr>
  712. <td style="max-width:70%; width:70%; min-width:70%;;vertical-align: bottom ; ">Changes in operating assets and liabilities:</td>
  713. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "> </td>
  714. <td style="max-width:2%; width:2%; min-width:2%;;vertical-align: bottom ; "> </td>
  715. <td style="max-width:11%; width:11%; min-width:11%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td>
  716. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "> </td>
  717. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "> </td>
  718. <td style="max-width:2%; width:2%; min-width:2%;;vertical-align: bottom ; "> </td>
  719. <td style="max-width:11%; width:11%; min-width:11%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td>
  720. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "> </td>
  721. </tr>
  722. <tr>
  723. <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">Accounts receivable</td>
  724. <td style="vertical-align: bottom ; "> </td>
  725. <td style="vertical-align: bottom ; ">$</td>
  726. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">671,750</td>
  727. <td style="vertical-align: bottom ; "> </td>
  728. <td style="vertical-align: bottom ; "> </td>
  729. <td style="vertical-align: bottom ; ">$</td>
  730. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  731. <td style="vertical-align: bottom ; "> </td>
  732. </tr>
  733. <tr>
  734. <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">Inventories</td>
  735. <td style="vertical-align: bottom ; "> </td>
  736. <td style="vertical-align: bottom ; "> </td>
  737. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(16,154,711</td>
  738. <td style="vertical-align: bottom ; ">)</td>
  739. <td style="vertical-align: bottom ; "> </td>
  740. <td style="vertical-align: bottom ; "> </td>
  741. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  742. <td style="vertical-align: bottom ; "> </td>
  743. </tr>
  744. <tr>
  745. <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">Prepaids and other assets</td>
  746. <td style="vertical-align: bottom ; "> </td>
  747. <td style="vertical-align: bottom ; "> </td>
  748. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(726,490</td>
  749. <td style="vertical-align: bottom ; ">)</td>
  750. <td style="vertical-align: bottom ; "> </td>
  751. <td style="vertical-align: bottom ; "> </td>
  752. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(8,271,388</td>
  753. <td style="vertical-align: bottom ; ">)</td>
  754. </tr>
  755. <tr>
  756. <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">Accounts payable</td>
  757. <td style="vertical-align: bottom ; "> </td>
  758. <td style="vertical-align: bottom ; "> </td>
  759. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">9,523,141</td>
  760. <td style="vertical-align: bottom ; "> </td>
  761. <td style="vertical-align: bottom ; "> </td>
  762. <td style="vertical-align: bottom ; "> </td>
  763. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">8,429,257</td>
  764. <td style="vertical-align: bottom ; "> </td>
  765. </tr>
  766. <tr>
  767. <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">Accrued expenses and other liabilities</td>
  768. <td style="vertical-align: bottom ; "> </td>
  769. <td style="vertical-align: bottom ; "> </td>
  770. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(77,010</td>
  771. <td style="vertical-align: bottom ; ">)</td>
  772. <td style="vertical-align: bottom ; "> </td>
  773. <td style="vertical-align: bottom ; "> </td>
  774. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,672,040</td>
  775. <td style="vertical-align: bottom ; "> </td>
  776. </tr>
  777. <tr>
  778. <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">Right-of-use assets and lease liabilities</td>
  779. <td style="vertical-align: bottom ; "> </td>
  780. <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  781. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(1,455,446</td>
  782. <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">)</td>
  783. <td style="vertical-align: bottom ; "> </td>
  784. <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  785. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">345,232</td>
  786. <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  787. </tr>
  788. <tr>
  789. <td style="vertical-align: bottom ; ">Total</td>
  790. <td style="vertical-align: bottom ; "> </td>
  791. <td style="border-bottom: double black 3pt ; vertical-align: bottom ; ">$</td>
  792. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(8,218,766</td>
  793. <td style="border-bottom: double black 3pt ; vertical-align: bottom ; ">)</td>
  794. <td style="vertical-align: bottom ; "> </td>
  795. <td style="border-bottom: double black 3pt ; vertical-align: bottom ; ">$</td>
  796. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,175,141</td>
  797. <td style="border-bottom: double black 3pt ; vertical-align: bottom ; "> </td>
  798. </tr>
  799. </table>
  800. <p align="justify">The net loss attributable to common shareholders after preferred dividends was $193.9 million, or $35.83 net loss per share, for the six months ended March 31, 2024, as compared to a net loss attributable to common shareholders after preferred dividends of $483.8 million, or $6,378.47 loss per share, for the six months ended March 31, 2023. Share counts were adjusted retroactively for reverse stock splits. The net loss for the six months ended March 31, 2024, of $193.9 million included impairment charges totaling $105.5 million mainly due to the uncertainty of future fundings required to support the business and decrease of Company&#8217;s market capitalization. These write-downs include Bollinger goodwill of $28.8 million, intangible assets for Bollinger ($58.3) and ELMS ($15.1) and the write-down of right-of-use assets of $3.2 million.</p>
  801. <p align="justify">Turning to our balance sheets and liquidity, we had $5.3 million and $58.5 million of working capital at March 31, 2024, and Sept. 30, 2023, respectively. Adding back derivative liabilities and liability to issue shares (items settled in stock), the numbers increase to $18.3 million and $133.3 million at March 31, 2024, and Sept. 30, 2023, respectively. We had total cash (including cash equivalents and restricted cash) of $29.8 million at March 31, 2024, versus $155.7 million at Sept. 30, 2023.</p>
  802. <p align="justify">Current notes payable were $2.7 million and $7.5 million as of March 31, 2024, and Sept. 30, 2023, respectively.  During the quarter ended March 31, 2024, we paid off $4.9 million in current notes payable that was secured by a mortgage on our Tunica, Mississippi, facility.  We now own Tunica and Mishawaka facilities debt free.</p>
  803. <p align="justify">Shareholders’ equity was $117.4 million as of March 31, 2024, versus $272.8 million for Sept. 30, 2023. The decrease in stockholders’ equity for the six months ended March 31, 2024, reflects the impairment charges of $105.5 and other operating losses of $129.9 million offset by warrant exercises, stock-based compensation and other equity adjustments.</p>
  804. <p align="justify">Following are our unaudited Consolidated Balance Sheets, Consolidated Statements of Operations and Consolidated Statements of Cash Flows for the three and six months ended March 31, 2024, and 2023.</p>
  805. <p align="justify"></p>
  806. <p align="center"><strong>MULLEN AUTOMOTIVE, INC.</strong><br /><strong>CONSOLIDATED BALANCE SHEETS</strong><br /><strong>(unaudited)</strong></p>
  807. <table style="border-collapse: collapse; width:100%; border-collapse:collapse ;">
  808. <tr>
  809. <td style="vertical-align: bottom ; "> </td>
  810. <td style="vertical-align: bottom ; "> </td>
  811. <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>March 31, 2024</strong></td>
  812. <td style="vertical-align: bottom ; "> </td>
  813. <td style="vertical-align: bottom ; "> </td>
  814. <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Sept. 30, 2023</strong></td>
  815. <td style="vertical-align: bottom ; "> </td>
  816. </tr>
  817. <tr>
  818. <td style="max-width:70%; width:70%; min-width:70%;;vertical-align: bottom ; "><strong>ASSETS</strong></td>
  819. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "> </td>
  820. <td style="max-width:2%; width:2%; min-width:2%;;vertical-align: bottom ; "><strong> </strong></td>
  821. <td style="max-width:11%; width:11%; min-width:11%;;vertical-align: bottom ; "><strong> </strong></td>
  822. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "><strong> </strong></td>
  823. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "> </td>
  824. <td style="max-width:2%; width:2%; min-width:2%;;vertical-align: bottom ; "><strong> </strong></td>
  825. <td style="max-width:11%; width:11%; min-width:11%;;vertical-align: bottom ; "><strong> </strong></td>
  826. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "><strong> </strong></td>
  827. </tr>
  828. <tr>
  829. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; "><strong>CURRENT ASSETS</strong></td>
  830. <td style="vertical-align: bottom ; "> </td>
  831. <td style="vertical-align: bottom ; "><strong> </strong></td>
  832. <td style="vertical-align: bottom ; "><strong> </strong></td>
  833. <td style="vertical-align: bottom ; "><strong> </strong></td>
  834. <td style="vertical-align: bottom ; "> </td>
  835. <td style="vertical-align: bottom ; "><strong> </strong></td>
  836. <td style="vertical-align: bottom ; "><strong> </strong></td>
  837. <td style="vertical-align: bottom ; "><strong> </strong></td>
  838. </tr>
  839. <tr>
  840. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Cash and cash equivalents</td>
  841. <td style="vertical-align: bottom ; "> </td>
  842. <td style="vertical-align: bottom ; ">$</td>
  843. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">22,378,089</td>
  844. <td style="vertical-align: bottom ; "> </td>
  845. <td style="vertical-align: bottom ; "> </td>
  846. <td style="vertical-align: bottom ; ">$</td>
  847. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">155,267,098</td>
  848. <td style="vertical-align: bottom ; "> </td>
  849. </tr>
  850. <tr>
  851. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Restricted cash</td>
  852. <td style="vertical-align: bottom ; "> </td>
  853. <td style="vertical-align: bottom ; "> </td>
  854. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">7,429,572</td>
  855. <td style="vertical-align: bottom ; "> </td>
  856. <td style="vertical-align: bottom ; "> </td>
  857. <td style="vertical-align: bottom ; "> </td>
  858. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">429,372</td>
  859. <td style="vertical-align: bottom ; "> </td>
  860. </tr>
  861. <tr>
  862. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Accounts receivable</td>
  863. <td style="vertical-align: bottom ; "> </td>
  864. <td style="vertical-align: bottom ; "> </td>
  865. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  866. <td style="vertical-align: bottom ; "> </td>
  867. <td style="vertical-align: bottom ; "> </td>
  868. <td style="vertical-align: bottom ; "> </td>
  869. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">671,750</td>
  870. <td style="vertical-align: bottom ; "> </td>
  871. </tr>
  872. <tr>
  873. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Inventory</td>
  874. <td style="vertical-align: bottom ; "> </td>
  875. <td style="vertical-align: bottom ; "> </td>
  876. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">32,961,724</td>
  877. <td style="vertical-align: bottom ; "> </td>
  878. <td style="vertical-align: bottom ; "> </td>
  879. <td style="vertical-align: bottom ; "> </td>
  880. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">16,807,013</td>
  881. <td style="vertical-align: bottom ; "> </td>
  882. </tr>
  883. <tr>
  884. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Prepaid expenses and prepaid inventories</td>
  885. <td style="vertical-align: bottom ; "> </td>
  886. <td style="vertical-align: bottom ; "> </td>
  887. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">26,114,664</td>
  888. <td style="vertical-align: bottom ; "> </td>
  889. <td style="vertical-align: bottom ; "> </td>
  890. <td style="vertical-align: bottom ; "> </td>
  891. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">24,955,223</td>
  892. <td style="vertical-align: bottom ; "> </td>
  893. </tr>
  894. <tr>
  895. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; "><strong>TOTAL CURRENT ASSETS</strong></td>
  896. <td style="vertical-align: bottom ; "> </td>
  897. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong> </strong></td>
  898. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>88,884,049</strong></td>
  899. <td style="vertical-align: bottom ; "> </td>
  900. <td style="vertical-align: bottom ; "> </td>
  901. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong> </strong></td>
  902. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>198,130,456</strong></td>
  903. <td style="vertical-align: bottom ; "> </td>
  904. </tr>
  905. <tr>
  906. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; "> </td>
  907. <td style="vertical-align: bottom ; "> </td>
  908. <td style="vertical-align: bottom ; "> </td>
  909. <td style="vertical-align: bottom ; "> </td>
  910. <td style="vertical-align: bottom ; "> </td>
  911. <td style="vertical-align: bottom ; "> </td>
  912. <td style="vertical-align: bottom ; "> </td>
  913. <td style="vertical-align: bottom ; "> </td>
  914. <td style="vertical-align: bottom ; "> </td>
  915. </tr>
  916. <tr>
  917. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Property, plant, and equipment, net</td>
  918. <td style="vertical-align: bottom ; "> </td>
  919. <td style="vertical-align: bottom ; "> </td>
  920. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">82,803,852</td>
  921. <td style="vertical-align: bottom ; "> </td>
  922. <td style="vertical-align: bottom ; "> </td>
  923. <td style="vertical-align: bottom ; "> </td>
  924. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">82,032,785</td>
  925. <td style="vertical-align: bottom ; "> </td>
  926. </tr>
  927. <tr>
  928. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Intangible assets, net</td>
  929. <td style="vertical-align: bottom ; "> </td>
  930. <td style="vertical-align: bottom ; "> </td>
  931. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">28,812,583</td>
  932. <td style="vertical-align: bottom ; "> </td>
  933. <td style="vertical-align: bottom ; "> </td>
  934. <td style="vertical-align: bottom ; "> </td>
  935. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">104,235,249</td>
  936. <td style="vertical-align: bottom ; "> </td>
  937. </tr>
  938. <tr>
  939. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Related party receivable</td>
  940. <td style="vertical-align: bottom ; "> </td>
  941. <td style="vertical-align: bottom ; "> </td>
  942. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  943. <td style="vertical-align: bottom ; "> </td>
  944. <td style="vertical-align: bottom ; "> </td>
  945. <td style="vertical-align: bottom ; "> </td>
  946. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,250,489</td>
  947. <td style="vertical-align: bottom ; "> </td>
  948. </tr>
  949. <tr>
  950. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Right-of-use assets</td>
  951. <td style="vertical-align: bottom ; "> </td>
  952. <td style="vertical-align: bottom ; "> </td>
  953. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">11,616,450</td>
  954. <td style="vertical-align: bottom ; "> </td>
  955. <td style="vertical-align: bottom ; "> </td>
  956. <td style="vertical-align: bottom ; "> </td>
  957. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">5,249,417</td>
  958. <td style="vertical-align: bottom ; "> </td>
  959. </tr>
  960. <tr>
  961. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Goodwill, net</td>
  962. <td style="vertical-align: bottom ; "> </td>
  963. <td style="vertical-align: bottom ; "> </td>
  964. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  965. <td style="vertical-align: bottom ; "> </td>
  966. <td style="vertical-align: bottom ; "> </td>
  967. <td style="vertical-align: bottom ; "> </td>
  968. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">28,846,832</td>
  969. <td style="vertical-align: bottom ; "> </td>
  970. </tr>
  971. <tr>
  972. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Other noncurrent assets</td>
  973. <td style="vertical-align: bottom ; "> </td>
  974. <td style="vertical-align: bottom ; "> </td>
  975. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,002,815</td>
  976. <td style="vertical-align: bottom ; "> </td>
  977. <td style="vertical-align: bottom ; "> </td>
  978. <td style="vertical-align: bottom ; "> </td>
  979. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">960,502</td>
  980. <td style="vertical-align: bottom ; "> </td>
  981. </tr>
  982. <tr>
  983. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; "><strong>TOTAL ASSETS</strong></td>
  984. <td style="vertical-align: bottom ; "> </td>
  985. <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; vertical-align: bottom ; "><strong>$</strong></td>
  986. <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>214,119,749</strong></td>
  987. <td style="vertical-align: bottom ; "> </td>
  988. <td style="vertical-align: bottom ; "> </td>
  989. <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; vertical-align: bottom ; "><strong>$</strong></td>
  990. <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>421,705,730</strong></td>
  991. <td style="vertical-align: bottom ; "> </td>
  992. </tr>
  993. <tr>
  994. <td style="vertical-align: bottom ; "> </td>
  995. <td style="vertical-align: bottom ; "> </td>
  996. <td style="vertical-align: bottom ; "> </td>
  997. <td style="vertical-align: bottom ; "> </td>
  998. <td style="vertical-align: bottom ; "> </td>
  999. <td style="vertical-align: bottom ; "> </td>
  1000. <td style="vertical-align: bottom ; "> </td>
  1001. <td style="vertical-align: bottom ; "> </td>
  1002. <td style="vertical-align: bottom ; "> </td>
  1003. </tr>
  1004. <tr>
  1005. <td style="vertical-align: bottom ; "><strong>LIABILITIES AND STOCKHOLDERS&#8217; EQUITY</strong></td>
  1006. <td style="vertical-align: bottom ; "> </td>
  1007. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1008. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1009. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1010. <td style="vertical-align: bottom ; "> </td>
  1011. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1012. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1013. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1014. </tr>
  1015. <tr>
  1016. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; "><strong>CURRENT LIABILITIES</strong></td>
  1017. <td style="vertical-align: bottom ; "> </td>
  1018. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1019. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1020. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1021. <td style="vertical-align: bottom ; "> </td>
  1022. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1023. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1024. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1025. </tr>
  1026. <tr>
  1027. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Accounts payable</td>
  1028. <td style="vertical-align: bottom ; "> </td>
  1029. <td style="vertical-align: bottom ; ">$</td>
  1030. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">22,698,645</td>
  1031. <td style="vertical-align: bottom ; "> </td>
  1032. <td style="vertical-align: bottom ; "> </td>
  1033. <td style="vertical-align: bottom ; ">$</td>
  1034. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">13,175,504</td>
  1035. <td style="vertical-align: bottom ; "> </td>
  1036. </tr>
  1037. <tr>
  1038. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Accrued expenses and other current liabilities</td>
  1039. <td style="vertical-align: bottom ; "> </td>
  1040. <td style="vertical-align: bottom ; "> </td>
  1041. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">43,192,512</td>
  1042. <td style="vertical-align: bottom ; "> </td>
  1043. <td style="vertical-align: bottom ; "> </td>
  1044. <td style="vertical-align: bottom ; "> </td>
  1045. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">41,208,929</td>
  1046. <td style="vertical-align: bottom ; "> </td>
  1047. </tr>
  1048. <tr>
  1049. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Dividends payable</td>
  1050. <td style="vertical-align: bottom ; "> </td>
  1051. <td style="vertical-align: bottom ; "> </td>
  1052. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">445,205</td>
  1053. <td style="vertical-align: bottom ; "> </td>
  1054. <td style="vertical-align: bottom ; "> </td>
  1055. <td style="vertical-align: bottom ; "> </td>
  1056. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">401,859</td>
  1057. <td style="vertical-align: bottom ; "> </td>
  1058. </tr>
  1059. <tr>
  1060. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Derivative liabilities</td>
  1061. <td style="vertical-align: bottom ; "> </td>
  1062. <td style="vertical-align: bottom ; "> </td>
  1063. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">5,124,487</td>
  1064. <td style="vertical-align: bottom ; "> </td>
  1065. <td style="vertical-align: bottom ; "> </td>
  1066. <td style="vertical-align: bottom ; "> </td>
  1067. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">64,863,309</td>
  1068. <td style="vertical-align: bottom ; "> </td>
  1069. </tr>
  1070. <tr>
  1071. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Liability to issue shares</td>
  1072. <td style="vertical-align: bottom ; "> </td>
  1073. <td style="vertical-align: bottom ; "> </td>
  1074. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">7,789,786</td>
  1075. <td style="vertical-align: bottom ; "> </td>
  1076. <td style="vertical-align: bottom ; "> </td>
  1077. <td style="vertical-align: bottom ; "> </td>
  1078. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">9,935,950</td>
  1079. <td style="vertical-align: bottom ; "> </td>
  1080. </tr>
  1081. <tr>
  1082. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Lease liabilities, current portion</td>
  1083. <td style="vertical-align: bottom ; "> </td>
  1084. <td style="vertical-align: bottom ; "> </td>
  1085. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,142,350</td>
  1086. <td style="vertical-align: bottom ; "> </td>
  1087. <td style="vertical-align: bottom ; "> </td>
  1088. <td style="vertical-align: bottom ; "> </td>
  1089. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,134,494</td>
  1090. <td style="vertical-align: bottom ; "> </td>
  1091. </tr>
  1092. <tr>
  1093. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Notes payable, current portion</td>
  1094. <td style="vertical-align: bottom ; "> </td>
  1095. <td style="vertical-align: bottom ; "> </td>
  1096. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,717,804</td>
  1097. <td style="vertical-align: bottom ; "> </td>
  1098. <td style="vertical-align: bottom ; "> </td>
  1099. <td style="vertical-align: bottom ; "> </td>
  1100. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">7,461,492</td>
  1101. <td style="vertical-align: bottom ; "> </td>
  1102. </tr>
  1103. <tr>
  1104. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Refundable deposits</td>
  1105. <td style="vertical-align: bottom ; "> </td>
  1106. <td style="vertical-align: bottom ; "> </td>
  1107. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">429,572</td>
  1108. <td style="vertical-align: bottom ; "> </td>
  1109. <td style="vertical-align: bottom ; "> </td>
  1110. <td style="vertical-align: bottom ; "> </td>
  1111. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">429,372</td>
  1112. <td style="vertical-align: bottom ; "> </td>
  1113. </tr>
  1114. <tr>
  1115. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; "><strong>TOTAL CURRENT LIABILITIES</strong></td>
  1116. <td style="vertical-align: bottom ; "> </td>
  1117. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong> </strong></td>
  1118. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>83,540,361</strong></td>
  1119. <td style="vertical-align: bottom ; "> </td>
  1120. <td style="vertical-align: bottom ; "> </td>
  1121. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong> </strong></td>
  1122. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>139,610,909</strong></td>
  1123. <td style="vertical-align: bottom ; "> </td>
  1124. </tr>
  1125. <tr>
  1126. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; "> </td>
  1127. <td style="vertical-align: bottom ; "> </td>
  1128. <td style="vertical-align: bottom ; "> </td>
  1129. <td style="vertical-align: bottom ; "> </td>
  1130. <td style="vertical-align: bottom ; "> </td>
  1131. <td style="vertical-align: bottom ; "> </td>
  1132. <td style="vertical-align: bottom ; "> </td>
  1133. <td style="vertical-align: bottom ; "> </td>
  1134. <td style="vertical-align: bottom ; "> </td>
  1135. </tr>
  1136. <tr>
  1137. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Liability to issue shares, net of current portion</td>
  1138. <td style="vertical-align: bottom ; "> </td>
  1139. <td style="vertical-align: bottom ; "> </td>
  1140. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">526,684</td>
  1141. <td style="vertical-align: bottom ; "> </td>
  1142. <td style="vertical-align: bottom ; "> </td>
  1143. <td style="vertical-align: bottom ; "> </td>
  1144. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,827,889</td>
  1145. <td style="vertical-align: bottom ; "> </td>
  1146. </tr>
  1147. <tr>
  1148. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Lease liabilities, net of current portion</td>
  1149. <td style="vertical-align: bottom ; "> </td>
  1150. <td style="vertical-align: bottom ; "> </td>
  1151. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">12,638,061</td>
  1152. <td style="vertical-align: bottom ; "> </td>
  1153. <td style="vertical-align: bottom ; "> </td>
  1154. <td style="vertical-align: bottom ; "> </td>
  1155. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,566,922</td>
  1156. <td style="vertical-align: bottom ; "> </td>
  1157. </tr>
  1158. <tr>
  1159. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Deferred tax liability</td>
  1160. <td style="vertical-align: bottom ; "> </td>
  1161. <td style="vertical-align: bottom ; "> </td>
  1162. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  1163. <td style="vertical-align: bottom ; "> </td>
  1164. <td style="vertical-align: bottom ; "> </td>
  1165. <td style="vertical-align: bottom ; "> </td>
  1166. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,891,900</td>
  1167. <td style="vertical-align: bottom ; "> </td>
  1168. </tr>
  1169. <tr>
  1170. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; "><strong>TOTAL LIABILITIES</strong></td>
  1171. <td style="vertical-align: bottom ; "> </td>
  1172. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>$</strong></td>
  1173. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>96,705,106</strong></td>
  1174. <td style="vertical-align: bottom ; "> </td>
  1175. <td style="vertical-align: bottom ; "> </td>
  1176. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>$</strong></td>
  1177. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>148,897,620</strong></td>
  1178. <td style="vertical-align: bottom ; "> </td>
  1179. </tr>
  1180. <tr>
  1181. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; "> </td>
  1182. <td style="vertical-align: bottom ; "> </td>
  1183. <td style="vertical-align: bottom ; "> </td>
  1184. <td style="vertical-align: bottom ; "> </td>
  1185. <td style="vertical-align: bottom ; "> </td>
  1186. <td style="vertical-align: bottom ; "> </td>
  1187. <td style="vertical-align: bottom ; "> </td>
  1188. <td style="vertical-align: bottom ; "> </td>
  1189. <td style="vertical-align: bottom ; "> </td>
  1190. </tr>
  1191. <tr>
  1192. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; "><strong>STOCKHOLDERS&#8217; EQUITY</strong></td>
  1193. <td style="vertical-align: bottom ; "> </td>
  1194. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1195. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1196. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1197. <td style="vertical-align: bottom ; "> </td>
  1198. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1199. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1200. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1201. </tr>
  1202. <tr>
  1203. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Preferred stock; $0.001 par value; 127,474,455 preferred shares authorized;</td>
  1204. <td style="vertical-align: bottom ; "> </td>
  1205. <td style="vertical-align: bottom ; "> </td>
  1206. <td style="vertical-align: bottom ; "> </td>
  1207. <td style="vertical-align: bottom ; "> </td>
  1208. <td style="vertical-align: bottom ; "> </td>
  1209. <td style="vertical-align: bottom ; "> </td>
  1210. <td style="vertical-align: bottom ; "> </td>
  1211. <td style="vertical-align: bottom ; "> </td>
  1212. </tr>
  1213. <tr>
  1214. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Preferred Series D; 84,572,538 shares authorized; 363,097 and 363,097 shares issued and outstanding at March 31, 2024, and Sept. 30, 2023, respectively (preference in liquidation of $159,000 and $159,000 at March 31, 2024, and Sept. 30, 2023, respectively).</td>
  1215. <td style="vertical-align: bottom ; "> </td>
  1216. <td style="vertical-align: bottom ; "> </td>
  1217. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">363</td>
  1218. <td style="vertical-align: bottom ; "> </td>
  1219. <td style="vertical-align: bottom ; "> </td>
  1220. <td style="vertical-align: bottom ; "> </td>
  1221. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">363</td>
  1222. <td style="vertical-align: bottom ; "> </td>
  1223. </tr>
  1224. <tr>
  1225. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Preferred Series C; 26,085,378 shares authorized; 1,211,757 and 1,211,757 shares issued and outstanding at March 31, 2024, and Sept. 30, 2023, respectively (preference in liquidation of $10,696,895 and $10,696,895 at March 31, 2024 and Sept. 30, 2023, respectively).</td>
  1226. <td style="vertical-align: bottom ; "> </td>
  1227. <td style="vertical-align: bottom ; "> </td>
  1228. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,212</td>
  1229. <td style="vertical-align: bottom ; "> </td>
  1230. <td style="vertical-align: bottom ; "> </td>
  1231. <td style="vertical-align: bottom ; "> </td>
  1232. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,212</td>
  1233. <td style="vertical-align: bottom ; "> </td>
  1234. </tr>
  1235. <tr>
  1236. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Preferred Series A; 83,859 shares authorized; 648 and 648 shares issued and outstanding at March 31, 2024, and Sept. 30, 2023, respectively (preference in liquidation of $836 and $836 at March 31, 2024, and Sept. 30, 2023, respectively).</td>
  1237. <td style="vertical-align: bottom ; "> </td>
  1238. <td style="vertical-align: bottom ; "> </td>
  1239. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1</td>
  1240. <td style="vertical-align: bottom ; "> </td>
  1241. <td style="vertical-align: bottom ; "> </td>
  1242. <td style="vertical-align: bottom ; "> </td>
  1243. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1</td>
  1244. <td style="vertical-align: bottom ; "> </td>
  1245. </tr>
  1246. <tr>
  1247. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Common stock; $0.001 par value; 5,000,000,000 and 5,000,000,000 shares authorized at March 31, 2024, and Sept. 30, 2023, respectively; and 2,871,707 shares issued and outstanding at March 31, 2024, and Sept. 30, 2023, respectively.</td>
  1248. <td style="vertical-align: bottom ; "> </td>
  1249. <td style="vertical-align: bottom ; "> </td>
  1250. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">7,974</td>
  1251. <td style="vertical-align: bottom ; "> </td>
  1252. <td style="vertical-align: bottom ; "> </td>
  1253. <td style="vertical-align: bottom ; "> </td>
  1254. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,872</td>
  1255. <td style="vertical-align: bottom ; "> </td>
  1256. </tr>
  1257. <tr>
  1258. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Additional paid-in capital</td>
  1259. <td style="vertical-align: bottom ; "> </td>
  1260. <td style="vertical-align: bottom ; "> </td>
  1261. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,151,067,184</td>
  1262. <td style="vertical-align: bottom ; "> </td>
  1263. <td style="vertical-align: bottom ; "> </td>
  1264. <td style="vertical-align: bottom ; "> </td>
  1265. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,071,110,126</td>
  1266. <td style="vertical-align: bottom ; "> </td>
  1267. </tr>
  1268. <tr>
  1269. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Accumulated deficit</td>
  1270. <td style="vertical-align: bottom ; "> </td>
  1271. <td style="vertical-align: bottom ; "> </td>
  1272. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(2,055,988,895</td>
  1273. <td style="vertical-align: bottom ; ">)</td>
  1274. <td style="vertical-align: bottom ; "> </td>
  1275. <td style="vertical-align: bottom ; "> </td>
  1276. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(1,862,162,037</td>
  1277. <td style="vertical-align: bottom ; ">)</td>
  1278. </tr>
  1279. <tr>
  1280. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; "><strong>TOTAL STOCKHOLDERS&#8217; EQUITY ATTRIBUTABLE TO THE COMPANY&#8217;S STOCKHOLDERS</strong></td>
  1281. <td style="vertical-align: bottom ; "> </td>
  1282. <td style="border-top: solid black 1pt ; vertical-align: bottom ; "><strong> </strong></td>
  1283. <td style="border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>95,087,839</strong></td>
  1284. <td style="vertical-align: bottom ; "> </td>
  1285. <td style="vertical-align: bottom ; "> </td>
  1286. <td style="border-top: solid black 1pt ; vertical-align: bottom ; "><strong> </strong></td>
  1287. <td style="border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>208,952,537</strong></td>
  1288. <td style="vertical-align: bottom ; "> </td>
  1289. </tr>
  1290. <tr>
  1291. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Noncontrolling interest</td>
  1292. <td style="vertical-align: bottom ; "> </td>
  1293. <td style="vertical-align: bottom ; "> </td>
  1294. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">22,326,804</td>
  1295. <td style="vertical-align: bottom ; "> </td>
  1296. <td style="vertical-align: bottom ; "> </td>
  1297. <td style="vertical-align: bottom ; "> </td>
  1298. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">63,855,573</td>
  1299. <td style="vertical-align: bottom ; "> </td>
  1300. </tr>
  1301. <tr>
  1302. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; "><strong>TOTAL STOCKHOLDERS&#8217; EQUITY</strong></td>
  1303. <td style="vertical-align: bottom ; "> </td>
  1304. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong> </strong></td>
  1305. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>117,414,643</strong></td>
  1306. <td style="vertical-align: bottom ; "> </td>
  1307. <td style="vertical-align: bottom ; "> </td>
  1308. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong> </strong></td>
  1309. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>272,808,110</strong></td>
  1310. <td style="vertical-align: bottom ; "> </td>
  1311. </tr>
  1312. <tr>
  1313. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; "><strong>TOTAL LIABILITIES AND STOCKHOLDERS&#8217; EQUITY </strong></td>
  1314. <td style="vertical-align: bottom ; "> </td>
  1315. <td style="border-bottom: double black 3pt ; vertical-align: bottom ; "><strong>$</strong></td>
  1316. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>214,119,749</strong></td>
  1317. <td style="vertical-align: bottom ; "> </td>
  1318. <td style="vertical-align: bottom ; "> </td>
  1319. <td style="border-bottom: double black 3pt ; vertical-align: bottom ; "><strong>$</strong></td>
  1320. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>421,705,730</strong></td>
  1321. <td style="vertical-align: bottom ; "> </td>
  1322. </tr>
  1323. <tr>
  1324. <td colspan="9" style="vertical-align: bottom ; "> </td>
  1325. </tr>
  1326. </table>
  1327. <p align="center"><strong>MULLEN AUTOMOTIVE, INC.</strong><br /><strong>CONSOLIDATED STATEMENTS OF OPERATIONS</strong><br /><strong>(unaudited)</strong></p>
  1328. <table style="border-collapse: collapse; width:100%; border-collapse:collapse ;">
  1329. <tr>
  1330. <td style="vertical-align: bottom ; "> </td>
  1331. <td style="vertical-align: bottom ; "> </td>
  1332. <td colspan="6" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Three months ended March 31,</strong></td>
  1333. <td style="vertical-align: bottom ; "> </td>
  1334. <td style="vertical-align: bottom ; "> </td>
  1335. <td colspan="6" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Six months ended March 31,</strong></td>
  1336. <td style="vertical-align: bottom ; "> </td>
  1337. </tr>
  1338. <tr>
  1339. <td style="vertical-align: bottom ; "> </td>
  1340. <td style="vertical-align: bottom ; "> </td>
  1341. <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>2024</strong></td>
  1342. <td style="vertical-align: bottom ; "> </td>
  1343. <td style="vertical-align: bottom ; "> </td>
  1344. <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>2023</strong></td>
  1345. <td style="vertical-align: bottom ; "> </td>
  1346. <td style="vertical-align: bottom ; "> </td>
  1347. <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>2024</strong></td>
  1348. <td style="vertical-align: bottom ; "> </td>
  1349. <td style="vertical-align: bottom ; "> </td>
  1350. <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>2023</strong></td>
  1351. <td style="vertical-align: bottom ; "> </td>
  1352. </tr>
  1353. <tr>
  1354. <td style="max-width:40%; width:40%; min-width:40%;;vertical-align: bottom ; "><strong>Revenue</strong></td>
  1355. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "> </td>
  1356. <td style="max-width:2%; width:2%; min-width:2%;;vertical-align: bottom ; "><strong> </strong></td>
  1357. <td style="max-width:11%; width:11%; min-width:11%;;vertical-align: bottom ; "><strong> </strong></td>
  1358. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "><strong> </strong></td>
  1359. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "> </td>
  1360. <td style="max-width:2%; width:2%; min-width:2%;;vertical-align: bottom ; "><strong> </strong></td>
  1361. <td style="max-width:11%; width:11%; min-width:11%;;vertical-align: bottom ; "><strong> </strong></td>
  1362. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "><strong> </strong></td>
  1363. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "> </td>
  1364. <td style="max-width:2%; width:2%; min-width:2%;;vertical-align: bottom ; "><strong> </strong></td>
  1365. <td style="max-width:11%; width:11%; min-width:11%;;vertical-align: bottom ; "><strong> </strong></td>
  1366. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "><strong> </strong></td>
  1367. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "> </td>
  1368. <td style="max-width:2%; width:2%; min-width:2%;;vertical-align: bottom ; "><strong> </strong></td>
  1369. <td style="max-width:11%; width:11%; min-width:11%;;vertical-align: bottom ; "><strong> </strong></td>
  1370. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "><strong> </strong></td>
  1371. </tr>
  1372. <tr>
  1373. <td style="vertical-align: bottom ; ">Vehicle sales</td>
  1374. <td style="vertical-align: bottom ; "> </td>
  1375. <td style="vertical-align: bottom ; ">$</td>
  1376. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">33,335</td>
  1377. <td style="vertical-align: bottom ; "> </td>
  1378. <td style="vertical-align: bottom ; "> </td>
  1379. <td style="vertical-align: bottom ; ">$</td>
  1380. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  1381. <td style="vertical-align: bottom ; "> </td>
  1382. <td style="vertical-align: bottom ; "> </td>
  1383. <td style="vertical-align: bottom ; ">$</td>
  1384. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">33,335</td>
  1385. <td style="vertical-align: bottom ; "> </td>
  1386. <td style="vertical-align: bottom ; "> </td>
  1387. <td style="vertical-align: bottom ; ">$</td>
  1388. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  1389. <td style="vertical-align: bottom ; "> </td>
  1390. </tr>
  1391. <tr>
  1392. <td style="vertical-align: bottom ; ">Cost of revenues</td>
  1393. <td style="vertical-align: bottom ; "> </td>
  1394. <td style="vertical-align: bottom ; "> </td>
  1395. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(13,440</td>
  1396. <td style="vertical-align: bottom ; ">)</td>
  1397. <td style="vertical-align: bottom ; "> </td>
  1398. <td style="vertical-align: bottom ; "> </td>
  1399. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  1400. <td style="vertical-align: bottom ; "> </td>
  1401. <td style="vertical-align: bottom ; "> </td>
  1402. <td style="vertical-align: bottom ; "> </td>
  1403. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(13,440</td>
  1404. <td style="vertical-align: bottom ; ">)</td>
  1405. <td style="vertical-align: bottom ; "> </td>
  1406. <td style="vertical-align: bottom ; "> </td>
  1407. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  1408. <td style="vertical-align: bottom ; "> </td>
  1409. </tr>
  1410. <tr>
  1411. <td style="vertical-align: bottom ; "><strong>Gross profit / (loss)</strong></td>
  1412. <td style="vertical-align: bottom ; "> </td>
  1413. <td style="border-top: solid black 1pt ; vertical-align: bottom ; "><strong> </strong></td>
  1414. <td style="border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>19,895</strong></td>
  1415. <td style="vertical-align: bottom ; "> </td>
  1416. <td style="vertical-align: bottom ; "> </td>
  1417. <td style="border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  1418. <td style="border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  1419. <td style="vertical-align: bottom ; "> </td>
  1420. <td style="vertical-align: bottom ; "> </td>
  1421. <td style="border-top: solid black 1pt ; vertical-align: bottom ; "><strong> </strong></td>
  1422. <td style="border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>19,895</strong></td>
  1423. <td style="vertical-align: bottom ; "> </td>
  1424. <td style="vertical-align: bottom ; "> </td>
  1425. <td style="border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  1426. <td style="border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  1427. <td style="vertical-align: bottom ; "> </td>
  1428. </tr>
  1429. <tr>
  1430. <td style="vertical-align: bottom ; "> </td>
  1431. <td style="vertical-align: bottom ; "> </td>
  1432. <td style="vertical-align: bottom ; "> </td>
  1433. <td style="vertical-align: bottom ; "> </td>
  1434. <td style="vertical-align: bottom ; "> </td>
  1435. <td style="vertical-align: bottom ; "> </td>
  1436. <td style="vertical-align: bottom ; "> </td>
  1437. <td style="vertical-align: bottom ; "> </td>
  1438. <td style="vertical-align: bottom ; "> </td>
  1439. <td style="vertical-align: bottom ; "> </td>
  1440. <td style="vertical-align: bottom ; "> </td>
  1441. <td style="vertical-align: bottom ; "> </td>
  1442. <td style="vertical-align: bottom ; "> </td>
  1443. <td style="vertical-align: bottom ; "> </td>
  1444. <td style="vertical-align: bottom ; "> </td>
  1445. <td style="vertical-align: bottom ; "> </td>
  1446. <td style="vertical-align: bottom ; "> </td>
  1447. </tr>
  1448. <tr>
  1449. <td style="vertical-align: bottom ; "><strong>Operating expenses:</strong></td>
  1450. <td style="vertical-align: bottom ; "> </td>
  1451. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1452. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1453. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1454. <td style="vertical-align: bottom ; "> </td>
  1455. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1456. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1457. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1458. <td style="vertical-align: bottom ; "> </td>
  1459. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1460. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1461. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1462. <td style="vertical-align: bottom ; "> </td>
  1463. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1464. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1465. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1466. </tr>
  1467. <tr>
  1468. <td style="vertical-align: bottom ; ">General and administrative</td>
  1469. <td style="vertical-align: bottom ; "> </td>
  1470. <td style="vertical-align: bottom ; ">$</td>
  1471. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">47,903,692</td>
  1472. <td style="vertical-align: bottom ; "> </td>
  1473. <td style="vertical-align: bottom ; "> </td>
  1474. <td style="vertical-align: bottom ; ">$</td>
  1475. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">47,412,338</td>
  1476. <td style="vertical-align: bottom ; "> </td>
  1477. <td style="vertical-align: bottom ; "> </td>
  1478. <td style="vertical-align: bottom ; ">$</td>
  1479. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">91,137,744</td>
  1480. <td style="vertical-align: bottom ; "> </td>
  1481. <td style="vertical-align: bottom ; "> </td>
  1482. <td style="vertical-align: bottom ; ">$</td>
  1483. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">112,408,349</td>
  1484. <td style="vertical-align: bottom ; "> </td>
  1485. </tr>
  1486. <tr>
  1487. <td style="vertical-align: bottom ; ">Research and development</td>
  1488. <td style="vertical-align: bottom ; "> </td>
  1489. <td style="vertical-align: bottom ; "> </td>
  1490. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">24,023,526</td>
  1491. <td style="vertical-align: bottom ; "> </td>
  1492. <td style="vertical-align: bottom ; "> </td>
  1493. <td style="vertical-align: bottom ; "> </td>
  1494. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">20,478,971</td>
  1495. <td style="vertical-align: bottom ; "> </td>
  1496. <td style="vertical-align: bottom ; "> </td>
  1497. <td style="vertical-align: bottom ; "> </td>
  1498. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">40,193,493</td>
  1499. <td style="vertical-align: bottom ; "> </td>
  1500. <td style="vertical-align: bottom ; "> </td>
  1501. <td style="vertical-align: bottom ; "> </td>
  1502. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">29,100,980</td>
  1503. <td style="vertical-align: bottom ; "> </td>
  1504. </tr>
  1505. <tr>
  1506. <td style="vertical-align: bottom ; ">Impairment of goodwill</td>
  1507. <td style="vertical-align: bottom ; "> </td>
  1508. <td style="vertical-align: bottom ; "> </td>
  1509. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">28,846,832</td>
  1510. <td style="vertical-align: bottom ; "> </td>
  1511. <td style="vertical-align: bottom ; "> </td>
  1512. <td style="vertical-align: bottom ; "> </td>
  1513. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  1514. <td style="vertical-align: bottom ; "> </td>
  1515. <td style="vertical-align: bottom ; "> </td>
  1516. <td style="vertical-align: bottom ; "> </td>
  1517. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">28,846,832</td>
  1518. <td style="vertical-align: bottom ; "> </td>
  1519. <td style="vertical-align: bottom ; "> </td>
  1520. <td style="vertical-align: bottom ; "> </td>
  1521. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  1522. <td style="vertical-align: bottom ; "> </td>
  1523. </tr>
  1524. <tr>
  1525. <td style="vertical-align: bottom ; ">Impairment of right-of-use assets</td>
  1526. <td style="vertical-align: bottom ; "> </td>
  1527. <td style="vertical-align: bottom ; "> </td>
  1528. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,167,608</td>
  1529. <td style="vertical-align: bottom ; "> </td>
  1530. <td style="vertical-align: bottom ; "> </td>
  1531. <td style="vertical-align: bottom ; "> </td>
  1532. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  1533. <td style="vertical-align: bottom ; "> </td>
  1534. <td style="vertical-align: bottom ; "> </td>
  1535. <td style="vertical-align: bottom ; "> </td>
  1536. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,167,608</td>
  1537. <td style="vertical-align: bottom ; "> </td>
  1538. <td style="vertical-align: bottom ; "> </td>
  1539. <td style="vertical-align: bottom ; "> </td>
  1540. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  1541. <td style="vertical-align: bottom ; "> </td>
  1542. </tr>
  1543. <tr>
  1544. <td style="vertical-align: bottom ; ">Impairment of intangible assets</td>
  1545. <td style="vertical-align: bottom ; "> </td>
  1546. <td style="vertical-align: bottom ; "> </td>
  1547. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">73,447,067</td>
  1548. <td style="vertical-align: bottom ; "> </td>
  1549. <td style="vertical-align: bottom ; "> </td>
  1550. <td style="vertical-align: bottom ; "> </td>
  1551. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  1552. <td style="vertical-align: bottom ; "> </td>
  1553. <td style="vertical-align: bottom ; "> </td>
  1554. <td style="vertical-align: bottom ; "> </td>
  1555. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">73,447,067</td>
  1556. <td style="vertical-align: bottom ; "> </td>
  1557. <td style="vertical-align: bottom ; "> </td>
  1558. <td style="vertical-align: bottom ; "> </td>
  1559. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  1560. <td style="vertical-align: bottom ; "> </td>
  1561. </tr>
  1562. <tr>
  1563. <td style="vertical-align: bottom ; "><strong>Loss from operations</strong></td>
  1564. <td style="vertical-align: bottom ; "> </td>
  1565. <td style="border-top: solid black 1pt ; vertical-align: bottom ; "><strong> </strong></td>
  1566. <td style="border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(177,368,830</strong></td>
  1567. <td style="vertical-align: bottom ; "><strong>)</strong></td>
  1568. <td style="vertical-align: bottom ; "> </td>
  1569. <td style="border-top: solid black 1pt ; vertical-align: bottom ; "><strong> </strong></td>
  1570. <td style="border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(67,891,309</strong></td>
  1571. <td style="vertical-align: bottom ; "><strong>)</strong></td>
  1572. <td style="vertical-align: bottom ; "> </td>
  1573. <td style="border-top: solid black 1pt ; vertical-align: bottom ; "><strong> </strong></td>
  1574. <td style="border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(236,772,849</strong></td>
  1575. <td style="vertical-align: bottom ; "><strong>)</strong></td>
  1576. <td style="vertical-align: bottom ; "> </td>
  1577. <td style="border-top: solid black 1pt ; vertical-align: bottom ; "><strong> </strong></td>
  1578. <td style="border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(141,509,329</strong></td>
  1579. <td style="vertical-align: bottom ; "><strong>)</strong></td>
  1580. </tr>
  1581. <tr>
  1582. <td style="vertical-align: bottom ; "> </td>
  1583. <td style="vertical-align: bottom ; "> </td>
  1584. <td style="vertical-align: bottom ; "> </td>
  1585. <td style="vertical-align: bottom ; "> </td>
  1586. <td style="vertical-align: bottom ; "> </td>
  1587. <td style="vertical-align: bottom ; "> </td>
  1588. <td style="vertical-align: bottom ; "> </td>
  1589. <td style="vertical-align: bottom ; "> </td>
  1590. <td style="vertical-align: bottom ; "> </td>
  1591. <td style="vertical-align: bottom ; "> </td>
  1592. <td style="vertical-align: bottom ; "> </td>
  1593. <td style="vertical-align: bottom ; "> </td>
  1594. <td style="vertical-align: bottom ; "> </td>
  1595. <td style="vertical-align: bottom ; "> </td>
  1596. <td style="vertical-align: bottom ; "> </td>
  1597. <td style="vertical-align: bottom ; "> </td>
  1598. <td style="vertical-align: bottom ; "> </td>
  1599. </tr>
  1600. <tr>
  1601. <td style="vertical-align: bottom ; "><strong>Other income (expense):</strong></td>
  1602. <td style="vertical-align: bottom ; "> </td>
  1603. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1604. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1605. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1606. <td style="vertical-align: bottom ; "> </td>
  1607. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1608. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1609. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1610. <td style="vertical-align: bottom ; "> </td>
  1611. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1612. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1613. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1614. <td style="vertical-align: bottom ; "> </td>
  1615. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1616. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1617. <td style="vertical-align: bottom ; "><strong> </strong></td>
  1618. </tr>
  1619. <tr>
  1620. <td style="vertical-align: bottom ; ">Other financing costs &#8211; initial recognition of derivative liabilities</td>
  1621. <td style="vertical-align: bottom ; "> </td>
  1622. <td style="vertical-align: bottom ; "> </td>
  1623. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  1624. <td style="vertical-align: bottom ; "> </td>
  1625. <td style="vertical-align: bottom ; "> </td>
  1626. <td style="vertical-align: bottom ; "> </td>
  1627. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  1628. <td style="vertical-align: bottom ; "> </td>
  1629. <td style="vertical-align: bottom ; "> </td>
  1630. <td style="vertical-align: bottom ; "> </td>
  1631. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  1632. <td style="vertical-align: bottom ; "> </td>
  1633. <td style="vertical-align: bottom ; "> </td>
  1634. <td style="vertical-align: bottom ; "> </td>
  1635. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(255,960,025</td>
  1636. <td style="vertical-align: bottom ; ">)</td>
  1637. </tr>
  1638. <tr>
  1639. <td style="vertical-align: bottom ; ">Gain/(loss) on derivative liability revaluation</td>
  1640. <td style="vertical-align: bottom ; "> </td>
  1641. <td style="vertical-align: bottom ; "> </td>
  1642. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,622,758</td>
  1643. <td style="vertical-align: bottom ; "> </td>
  1644. <td style="vertical-align: bottom ; "> </td>
  1645. <td style="vertical-align: bottom ; "> </td>
  1646. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(48,439,415</td>
  1647. <td style="vertical-align: bottom ; ">)</td>
  1648. <td style="vertical-align: bottom ; "> </td>
  1649. <td style="vertical-align: bottom ; "> </td>
  1650. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(3,106,223</td>
  1651. <td style="vertical-align: bottom ; ">)</td>
  1652. <td style="vertical-align: bottom ; "> </td>
  1653. <td style="vertical-align: bottom ; "> </td>
  1654. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(89,221,391</td>
  1655. <td style="vertical-align: bottom ; ">)</td>
  1656. </tr>
  1657. <tr>
  1658. <td style="vertical-align: bottom ; ">Gain/(loss) on extinguishment of debt</td>
  1659. <td style="vertical-align: bottom ; "> </td>
  1660. <td style="vertical-align: bottom ; "> </td>
  1661. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">34,625</td>
  1662. <td style="vertical-align: bottom ; "> </td>
  1663. <td style="vertical-align: bottom ; "> </td>
  1664. <td style="vertical-align: bottom ; "> </td>
  1665. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(40,000</td>
  1666. <td style="vertical-align: bottom ; ">)</td>
  1667. <td style="vertical-align: bottom ; "> </td>
  1668. <td style="vertical-align: bottom ; "> </td>
  1669. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">34,625</td>
  1670. <td style="vertical-align: bottom ; "> </td>
  1671. <td style="vertical-align: bottom ; "> </td>
  1672. <td style="vertical-align: bottom ; "> </td>
  1673. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(6,452,170</td>
  1674. <td style="vertical-align: bottom ; ">)</td>
  1675. </tr>
  1676. <tr>
  1677. <td style="vertical-align: bottom ; ">Gain/(loss) on disposal of fixed assets</td>
  1678. <td style="vertical-align: bottom ; "> </td>
  1679. <td style="vertical-align: bottom ; "> </td>
  1680. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(449,855</td>
  1681. <td style="vertical-align: bottom ; ">)</td>
  1682. <td style="vertical-align: bottom ; "> </td>
  1683. <td style="vertical-align: bottom ; "> </td>
  1684. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">385,031</td>
  1685. <td style="vertical-align: bottom ; "> </td>
  1686. <td style="vertical-align: bottom ; "> </td>
  1687. <td style="vertical-align: bottom ; "> </td>
  1688. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(373,865</td>
  1689. <td style="vertical-align: bottom ; ">)</td>
  1690. <td style="vertical-align: bottom ; "> </td>
  1691. <td style="vertical-align: bottom ; "> </td>
  1692. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">385,031</td>
  1693. <td style="vertical-align: bottom ; "> </td>
  1694. </tr>
  1695. <tr>
  1696. <td style="vertical-align: bottom ; ">Gain on lease termination</td>
  1697. <td style="vertical-align: bottom ; "> </td>
  1698. <td style="vertical-align: bottom ; "> </td>
  1699. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  1700. <td style="vertical-align: bottom ; "> </td>
  1701. <td style="vertical-align: bottom ; "> </td>
  1702. <td style="vertical-align: bottom ; "> </td>
  1703. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  1704. <td style="vertical-align: bottom ; "> </td>
  1705. <td style="vertical-align: bottom ; "> </td>
  1706. <td style="vertical-align: bottom ; "> </td>
  1707. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">50,000</td>
  1708. <td style="vertical-align: bottom ; "> </td>
  1709. <td style="vertical-align: bottom ; "> </td>
  1710. <td style="vertical-align: bottom ; "> </td>
  1711. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  1712. <td style="vertical-align: bottom ; "> </td>
  1713. </tr>
  1714. <tr>
  1715. <td style="vertical-align: bottom ; ">Interest expense</td>
  1716. <td style="vertical-align: bottom ; "> </td>
  1717. <td style="vertical-align: bottom ; "> </td>
  1718. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(259,700</td>
  1719. <td style="vertical-align: bottom ; ">)</td>
  1720. <td style="vertical-align: bottom ; "> </td>
  1721. <td style="vertical-align: bottom ; "> </td>
  1722. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(1,888,169</td>
  1723. <td style="vertical-align: bottom ; ">)</td>
  1724. <td style="vertical-align: bottom ; "> </td>
  1725. <td style="vertical-align: bottom ; "> </td>
  1726. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(517,723</td>
  1727. <td style="vertical-align: bottom ; ">)</td>
  1728. <td style="vertical-align: bottom ; "> </td>
  1729. <td style="vertical-align: bottom ; "> </td>
  1730. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(4,716,258</td>
  1731. <td style="vertical-align: bottom ; ">)</td>
  1732. </tr>
  1733. <tr>
  1734. <td style="vertical-align: bottom ; ">Other income, net</td>
  1735. <td style="vertical-align: bottom ; "> </td>
  1736. <td style="vertical-align: bottom ; "> </td>
  1737. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">893,692</td>
  1738. <td style="vertical-align: bottom ; "> </td>
  1739. <td style="vertical-align: bottom ; "> </td>
  1740. <td style="vertical-align: bottom ; "> </td>
  1741. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">482,405</td>
  1742. <td style="vertical-align: bottom ; "> </td>
  1743. <td style="vertical-align: bottom ; "> </td>
  1744. <td style="vertical-align: bottom ; "> </td>
  1745. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,439,108</td>
  1746. <td style="vertical-align: bottom ; "> </td>
  1747. <td style="vertical-align: bottom ; "> </td>
  1748. <td style="vertical-align: bottom ; "> </td>
  1749. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,128,286</td>
  1750. <td style="vertical-align: bottom ; "> </td>
  1751. </tr>
  1752. <tr>
  1753. <td style="vertical-align: bottom ; "><strong>Net loss before income tax benefit</strong></td>
  1754. <td style="vertical-align: bottom ; "> </td>
  1755. <td style="border-top: solid black 1pt ; vertical-align: bottom ; "><strong>$</strong></td>
  1756. <td style="border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(173,527,310</strong></td>
  1757. <td style="vertical-align: bottom ; "><strong>)</strong></td>
  1758. <td style="vertical-align: bottom ; "> </td>
  1759. <td style="border-top: solid black 1pt ; vertical-align: bottom ; "><strong>$</strong></td>
  1760. <td style="border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(117,391,457</strong></td>
  1761. <td style="vertical-align: bottom ; "><strong>)</strong></td>
  1762. <td style="vertical-align: bottom ; "> </td>
  1763. <td style="border-top: solid black 1pt ; vertical-align: bottom ; "><strong>$</strong></td>
  1764. <td style="border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(239,246,927</strong></td>
  1765. <td style="vertical-align: bottom ; "><strong>)</strong></td>
  1766. <td style="vertical-align: bottom ; "> </td>
  1767. <td style="border-top: solid black 1pt ; vertical-align: bottom ; "><strong>$</strong></td>
  1768. <td style="border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(496,345,856</strong></td>
  1769. <td style="vertical-align: bottom ; "><strong>)</strong></td>
  1770. </tr>
  1771. <tr>
  1772. <td style="vertical-align: bottom ; "> </td>
  1773. <td style="vertical-align: bottom ; "> </td>
  1774. <td style="vertical-align: bottom ; "> </td>
  1775. <td style="vertical-align: bottom ; "> </td>
  1776. <td style="vertical-align: bottom ; "> </td>
  1777. <td style="vertical-align: bottom ; "> </td>
  1778. <td style="vertical-align: bottom ; "> </td>
  1779. <td style="vertical-align: bottom ; "> </td>
  1780. <td style="vertical-align: bottom ; "> </td>
  1781. <td style="vertical-align: bottom ; "> </td>
  1782. <td style="vertical-align: bottom ; "> </td>
  1783. <td style="vertical-align: bottom ; "> </td>
  1784. <td style="vertical-align: bottom ; "> </td>
  1785. <td style="vertical-align: bottom ; "> </td>
  1786. <td style="vertical-align: bottom ; "> </td>
  1787. <td style="vertical-align: bottom ; "> </td>
  1788. <td style="vertical-align: bottom ; "> </td>
  1789. </tr>
  1790. <tr>
  1791. <td style="vertical-align: bottom ; ">Income tax benefit</td>
  1792. <td style="vertical-align: bottom ; "> </td>
  1793. <td style="vertical-align: bottom ; "> </td>
  1794. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,165,062</td>
  1795. <td style="vertical-align: bottom ; "> </td>
  1796. <td style="vertical-align: bottom ; "> </td>
  1797. <td style="vertical-align: bottom ; "> </td>
  1798. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">482,922</td>
  1799. <td style="vertical-align: bottom ; "> </td>
  1800. <td style="vertical-align: bottom ; "> </td>
  1801. <td style="vertical-align: bottom ; "> </td>
  1802. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,891,300</td>
  1803. <td style="vertical-align: bottom ; "> </td>
  1804. <td style="vertical-align: bottom ; "> </td>
  1805. <td style="vertical-align: bottom ; "> </td>
  1806. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">976,576</td>
  1807. <td style="vertical-align: bottom ; "> </td>
  1808. </tr>
  1809. <tr>
  1810. <td style="vertical-align: bottom ; "><strong>Net loss</strong></td>
  1811. <td style="vertical-align: bottom ; "> </td>
  1812. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>$</strong></td>
  1813. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(171,362,248</strong></td>
  1814. <td style="vertical-align: bottom ; "><strong>)</strong></td>
  1815. <td style="vertical-align: bottom ; "> </td>
  1816. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>$</strong></td>
  1817. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(116,908,535</strong></td>
  1818. <td style="vertical-align: bottom ; "><strong>)</strong></td>
  1819. <td style="vertical-align: bottom ; "> </td>
  1820. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>$</strong></td>
  1821. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(235,355,627</strong></td>
  1822. <td style="vertical-align: bottom ; "><strong>)</strong></td>
  1823. <td style="vertical-align: bottom ; "> </td>
  1824. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>$</strong></td>
  1825. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(495,369,280</strong></td>
  1826. <td style="vertical-align: bottom ; "><strong>)</strong></td>
  1827. </tr>
  1828. <tr>
  1829. <td style="vertical-align: bottom ; "> </td>
  1830. <td style="vertical-align: bottom ; "> </td>
  1831. <td style="vertical-align: bottom ; "> </td>
  1832. <td style="vertical-align: bottom ; "> </td>
  1833. <td style="vertical-align: bottom ; "> </td>
  1834. <td style="vertical-align: bottom ; "> </td>
  1835. <td style="vertical-align: bottom ; "> </td>
  1836. <td style="vertical-align: bottom ; "> </td>
  1837. <td style="vertical-align: bottom ; "> </td>
  1838. <td style="vertical-align: bottom ; "> </td>
  1839. <td style="vertical-align: bottom ; "> </td>
  1840. <td style="vertical-align: bottom ; "> </td>
  1841. <td style="vertical-align: bottom ; "> </td>
  1842. <td style="vertical-align: bottom ; "> </td>
  1843. <td style="vertical-align: bottom ; "> </td>
  1844. <td style="vertical-align: bottom ; "> </td>
  1845. <td style="vertical-align: bottom ; "> </td>
  1846. </tr>
  1847. <tr>
  1848. <td style="vertical-align: bottom ; ">Net loss attributable to noncontrolling interest</td>
  1849. <td style="vertical-align: bottom ; "> </td>
  1850. <td style="vertical-align: bottom ; "> </td>
  1851. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(38,930,288</td>
  1852. <td style="vertical-align: bottom ; ">)</td>
  1853. <td style="vertical-align: bottom ; "> </td>
  1854. <td style="vertical-align: bottom ; "> </td>
  1855. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(1,995,217</td>
  1856. <td style="vertical-align: bottom ; ">)</td>
  1857. <td style="vertical-align: bottom ; "> </td>
  1858. <td style="vertical-align: bottom ; "> </td>
  1859. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(41,528,769</td>
  1860. <td style="vertical-align: bottom ; ">)</td>
  1861. <td style="vertical-align: bottom ; "> </td>
  1862. <td style="vertical-align: bottom ; "> </td>
  1863. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(4,180,176</td>
  1864. <td style="vertical-align: bottom ; ">)</td>
  1865. </tr>
  1866. <tr>
  1867. <td style="vertical-align: bottom ; "><strong>Net loss attributable to stockholders</strong></td>
  1868. <td style="vertical-align: bottom ; "> </td>
  1869. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>$</strong></td>
  1870. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(132,431,960</strong></td>
  1871. <td style="vertical-align: bottom ; "><strong>)</strong></td>
  1872. <td style="vertical-align: bottom ; "> </td>
  1873. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>$</strong></td>
  1874. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(114,913,318</strong></td>
  1875. <td style="vertical-align: bottom ; "><strong>)</strong></td>
  1876. <td style="vertical-align: bottom ; "> </td>
  1877. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>$</strong></td>
  1878. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(193,826,858</strong></td>
  1879. <td style="vertical-align: bottom ; "><strong>)</strong></td>
  1880. <td style="vertical-align: bottom ; "> </td>
  1881. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>$</strong></td>
  1882. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(491,189,104</strong></td>
  1883. <td style="vertical-align: bottom ; "><strong>)</strong></td>
  1884. </tr>
  1885. <tr>
  1886. <td style="vertical-align: bottom ; "> </td>
  1887. <td style="vertical-align: bottom ; "> </td>
  1888. <td style="vertical-align: bottom ; "> </td>
  1889. <td style="vertical-align: bottom ; "> </td>
  1890. <td style="vertical-align: bottom ; "> </td>
  1891. <td style="vertical-align: bottom ; "> </td>
  1892. <td style="vertical-align: bottom ; "> </td>
  1893. <td style="vertical-align: bottom ; "> </td>
  1894. <td style="vertical-align: bottom ; "> </td>
  1895. <td style="vertical-align: bottom ; "> </td>
  1896. <td style="vertical-align: bottom ; "> </td>
  1897. <td style="vertical-align: bottom ; "> </td>
  1898. <td style="vertical-align: bottom ; "> </td>
  1899. <td style="vertical-align: bottom ; "> </td>
  1900. <td style="vertical-align: bottom ; "> </td>
  1901. <td style="vertical-align: bottom ; "> </td>
  1902. <td style="vertical-align: bottom ; "> </td>
  1903. </tr>
  1904. <tr>
  1905. <td style="vertical-align: bottom ; ">Waived/(accrued) accumulated preferred dividends</td>
  1906. <td style="vertical-align: bottom ; "> </td>
  1907. <td style="vertical-align: bottom ; "> </td>
  1908. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(22,043</td>
  1909. <td style="vertical-align: bottom ; ">)</td>
  1910. <td style="vertical-align: bottom ; "> </td>
  1911. <td style="vertical-align: bottom ; "> </td>
  1912. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">8,039,612</td>
  1913. <td style="vertical-align: bottom ; "> </td>
  1914. <td style="vertical-align: bottom ; "> </td>
  1915. <td style="vertical-align: bottom ; "> </td>
  1916. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(43,346</td>
  1917. <td style="vertical-align: bottom ; ">)</td>
  1918. <td style="vertical-align: bottom ; "> </td>
  1919. <td style="vertical-align: bottom ; "> </td>
  1920. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">7,400,935</td>
  1921. <td style="vertical-align: bottom ; "> </td>
  1922. </tr>
  1923. <tr>
  1924. <td style="vertical-align: bottom ; "> </td>
  1925. <td style="vertical-align: bottom ; "> </td>
  1926. <td style="vertical-align: bottom ; "> </td>
  1927. <td style="vertical-align: bottom ; "> </td>
  1928. <td style="vertical-align: bottom ; "> </td>
  1929. <td style="vertical-align: bottom ; "> </td>
  1930. <td style="vertical-align: bottom ; "> </td>
  1931. <td style="vertical-align: bottom ; "> </td>
  1932. <td style="vertical-align: bottom ; "> </td>
  1933. <td style="vertical-align: bottom ; "> </td>
  1934. <td style="vertical-align: bottom ; "> </td>
  1935. <td style="vertical-align: bottom ; "> </td>
  1936. <td style="vertical-align: bottom ; "> </td>
  1937. <td style="vertical-align: bottom ; "> </td>
  1938. <td style="vertical-align: bottom ; "> </td>
  1939. <td style="vertical-align: bottom ; "> </td>
  1940. <td style="vertical-align: bottom ; "> </td>
  1941. </tr>
  1942. <tr>
  1943. <td style="vertical-align: bottom ; "><strong>Net loss attributable to common stockholders after preferred dividends</strong></td>
  1944. <td style="vertical-align: bottom ; "> </td>
  1945. <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; vertical-align: bottom ; "><strong>$</strong></td>
  1946. <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(132,454,003</strong></td>
  1947. <td style="vertical-align: bottom ; "><strong>)</strong></td>
  1948. <td style="vertical-align: bottom ; "> </td>
  1949. <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; vertical-align: bottom ; "><strong>$</strong></td>
  1950. <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(106,873,706</strong></td>
  1951. <td style="vertical-align: bottom ; "><strong>)</strong></td>
  1952. <td style="vertical-align: bottom ; "> </td>
  1953. <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; vertical-align: bottom ; "><strong>$</strong></td>
  1954. <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(193,870,204</strong></td>
  1955. <td style="vertical-align: bottom ; "><strong>)</strong></td>
  1956. <td style="vertical-align: bottom ; "> </td>
  1957. <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; vertical-align: bottom ; "><strong>$</strong></td>
  1958. <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(483,788,169</strong></td>
  1959. <td style="vertical-align: bottom ; "><strong>)</strong></td>
  1960. </tr>
  1961. <tr>
  1962. <td style="vertical-align: bottom ; "> </td>
  1963. <td style="vertical-align: bottom ; "> </td>
  1964. <td style="vertical-align: bottom ; "> </td>
  1965. <td style="vertical-align: bottom ; "> </td>
  1966. <td style="vertical-align: bottom ; "> </td>
  1967. <td style="vertical-align: bottom ; "> </td>
  1968. <td style="vertical-align: bottom ; "> </td>
  1969. <td style="vertical-align: bottom ; "> </td>
  1970. <td style="vertical-align: bottom ; "> </td>
  1971. <td style="vertical-align: bottom ; "> </td>
  1972. <td style="vertical-align: bottom ; "> </td>
  1973. <td style="vertical-align: bottom ; "> </td>
  1974. <td style="vertical-align: bottom ; "> </td>
  1975. <td style="vertical-align: bottom ; "> </td>
  1976. <td style="vertical-align: bottom ; "> </td>
  1977. <td style="vertical-align: bottom ; "> </td>
  1978. <td style="vertical-align: bottom ; "> </td>
  1979. </tr>
  1980. <tr>
  1981. <td style="vertical-align: bottom ; ">Net Loss per Share</td>
  1982. <td style="vertical-align: bottom ; "> </td>
  1983. <td style="vertical-align: bottom ; ">$</td>
  1984. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(19.39</td>
  1985. <td style="vertical-align: bottom ; ">)</td>
  1986. <td style="vertical-align: bottom ; "> </td>
  1987. <td style="vertical-align: bottom ; ">$</td>
  1988. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(1,167.18</td>
  1989. <td style="vertical-align: bottom ; ">)</td>
  1990. <td style="vertical-align: bottom ; "> </td>
  1991. <td style="vertical-align: bottom ; ">$</td>
  1992. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(35.83</td>
  1993. <td style="vertical-align: bottom ; ">)</td>
  1994. <td style="vertical-align: bottom ; "> </td>
  1995. <td style="vertical-align: bottom ; ">$</td>
  1996. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(6,378.47</td>
  1997. <td style="vertical-align: bottom ; ">)</td>
  1998. </tr>
  1999. <tr>
  2000. <td style="vertical-align: bottom ; "> </td>
  2001. <td style="vertical-align: bottom ; "> </td>
  2002. <td style="vertical-align: bottom ; "> </td>
  2003. <td style="vertical-align: bottom ; "> </td>
  2004. <td style="vertical-align: bottom ; "> </td>
  2005. <td style="vertical-align: bottom ; "> </td>
  2006. <td style="vertical-align: bottom ; "> </td>
  2007. <td style="vertical-align: bottom ; "> </td>
  2008. <td style="vertical-align: bottom ; "> </td>
  2009. <td style="vertical-align: bottom ; "> </td>
  2010. <td style="vertical-align: bottom ; "> </td>
  2011. <td style="vertical-align: bottom ; "> </td>
  2012. <td style="vertical-align: bottom ; "> </td>
  2013. <td style="vertical-align: bottom ; "> </td>
  2014. <td style="vertical-align: bottom ; "> </td>
  2015. <td style="vertical-align: bottom ; "> </td>
  2016. <td style="vertical-align: bottom ; "> </td>
  2017. </tr>
  2018. <tr>
  2019. <td style="vertical-align: bottom ; ">Weighted average shares outstanding, basic and diluted</td>
  2020. <td style="vertical-align: bottom ; "> </td>
  2021. <td style="vertical-align: bottom ; "> </td>
  2022. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">6,829,415</td>
  2023. <td style="vertical-align: bottom ; "> </td>
  2024. <td style="vertical-align: bottom ; "> </td>
  2025. <td style="vertical-align: bottom ; "> </td>
  2026. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">91,566</td>
  2027. <td style="vertical-align: bottom ; "> </td>
  2028. <td style="vertical-align: bottom ; "> </td>
  2029. <td style="vertical-align: bottom ; "> </td>
  2030. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">5,410,894</td>
  2031. <td style="vertical-align: bottom ; "> </td>
  2032. <td style="vertical-align: bottom ; "> </td>
  2033. <td style="vertical-align: bottom ; "> </td>
  2034. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">75,847</td>
  2035. <td style="vertical-align: bottom ; "> </td>
  2036. </tr>
  2037. <tr>
  2038. <td style="vertical-align: bottom ; "> </td>
  2039. <td style="vertical-align: bottom ; "> </td>
  2040. <td style="vertical-align: bottom ; "> </td>
  2041. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td>
  2042. <td style="vertical-align: bottom ; "> </td>
  2043. <td style="vertical-align: bottom ; "> </td>
  2044. <td style="vertical-align: bottom ; "> </td>
  2045. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td>
  2046. <td style="vertical-align: bottom ; "> </td>
  2047. <td style="vertical-align: bottom ; "> </td>
  2048. <td style="vertical-align: bottom ; "> </td>
  2049. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td>
  2050. <td style="vertical-align: bottom ; "> </td>
  2051. <td style="vertical-align: bottom ; "> </td>
  2052. <td style="vertical-align: bottom ; "> </td>
  2053. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td>
  2054. <td style="vertical-align: bottom ; "> </td>
  2055. </tr>
  2056. </table>
  2057. <p align="center"><strong>MULLEN AUTOMOTIVE, INC.</strong><br /><strong>CONSOLIDATED STATEMENTS OF CASH FLOWS</strong><br /><strong>(unaudited)</strong></p>
  2058. <table style="border-collapse: collapse; width:100%; border-collapse:collapse ;">
  2059. <tr>
  2060. <td style="vertical-align: bottom ; "> </td>
  2061. <td style="vertical-align: bottom ; "> </td>
  2062. <td colspan="6" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Six Months Ended March 31,</strong></td>
  2063. <td style="vertical-align: bottom ; "> </td>
  2064. </tr>
  2065. <tr>
  2066. <td style="vertical-align: bottom ; "> </td>
  2067. <td style="vertical-align: bottom ; "> </td>
  2068. <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>2024</strong></td>
  2069. <td style="vertical-align: bottom ; "> </td>
  2070. <td style="vertical-align: bottom ; "> </td>
  2071. <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>2023</strong></td>
  2072. <td style="vertical-align: bottom ; "> </td>
  2073. </tr>
  2074. <tr>
  2075. <td style="max-width:70%; width:70%; min-width:70%;;vertical-align: bottom ; "><strong>Cash Flows from Operating Activities</strong></td>
  2076. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "> </td>
  2077. <td style="max-width:2%; width:2%; min-width:2%;;vertical-align: bottom ; "><strong> </strong></td>
  2078. <td style="max-width:11%; width:11%; min-width:11%;;vertical-align: bottom ; "><strong> </strong></td>
  2079. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "><strong> </strong></td>
  2080. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "> </td>
  2081. <td style="max-width:2%; width:2%; min-width:2%;;vertical-align: bottom ; "><strong> </strong></td>
  2082. <td style="max-width:11%; width:11%; min-width:11%;;vertical-align: bottom ; "><strong> </strong></td>
  2083. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "><strong> </strong></td>
  2084. </tr>
  2085. <tr>
  2086. <td style="vertical-align: bottom ; ">Net loss</td>
  2087. <td style="vertical-align: bottom ; "> </td>
  2088. <td style="vertical-align: bottom ; "><strong>$</strong></td>
  2089. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(235,355,627</strong></td>
  2090. <td style="vertical-align: bottom ; "><strong>)</strong></td>
  2091. <td style="vertical-align: bottom ; "> </td>
  2092. <td style="vertical-align: bottom ; "><strong>$</strong></td>
  2093. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(495,369,280</strong></td>
  2094. <td style="vertical-align: bottom ; "><strong>)</strong></td>
  2095. </tr>
  2096. <tr>
  2097. <td style="vertical-align: bottom ; ">Adjustments to reconcile net loss to net cash used in operating activities:</td>
  2098. <td style="vertical-align: bottom ; "> </td>
  2099. <td style="vertical-align: bottom ; "> </td>
  2100. <td style="vertical-align: bottom ; "> </td>
  2101. <td style="vertical-align: bottom ; "> </td>
  2102. <td style="vertical-align: bottom ; "> </td>
  2103. <td style="vertical-align: bottom ; "> </td>
  2104. <td style="vertical-align: bottom ; "> </td>
  2105. <td style="vertical-align: bottom ; "> </td>
  2106. </tr>
  2107. <tr>
  2108. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Stock-based compensation</td>
  2109. <td style="vertical-align: bottom ; "> </td>
  2110. <td style="vertical-align: bottom ; "> </td>
  2111. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">15,609,276</td>
  2112. <td style="vertical-align: bottom ; "> </td>
  2113. <td style="vertical-align: bottom ; "> </td>
  2114. <td style="vertical-align: bottom ; "> </td>
  2115. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">60,303,367</td>
  2116. <td style="vertical-align: bottom ; "> </td>
  2117. </tr>
  2118. <tr>
  2119. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Revaluation of derivative liabilities</td>
  2120. <td style="vertical-align: bottom ; "> </td>
  2121. <td style="vertical-align: bottom ; "> </td>
  2122. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,106,223</td>
  2123. <td style="vertical-align: bottom ; "> </td>
  2124. <td style="vertical-align: bottom ; "> </td>
  2125. <td style="vertical-align: bottom ; "> </td>
  2126. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">89,221,391</td>
  2127. <td style="vertical-align: bottom ; "> </td>
  2128. </tr>
  2129. <tr>
  2130. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Depreciation and amortization</td>
  2131. <td style="vertical-align: bottom ; "> </td>
  2132. <td style="vertical-align: bottom ; "> </td>
  2133. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">14,310,450</td>
  2134. <td style="vertical-align: bottom ; "> </td>
  2135. <td style="vertical-align: bottom ; "> </td>
  2136. <td style="vertical-align: bottom ; "> </td>
  2137. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">8,523,682</td>
  2138. <td style="vertical-align: bottom ; "> </td>
  2139. </tr>
  2140. <tr>
  2141. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Issuance of warrants to suppliers</td>
  2142. <td style="vertical-align: bottom ; "> </td>
  2143. <td style="vertical-align: bottom ; "> </td>
  2144. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  2145. <td style="vertical-align: bottom ; "> </td>
  2146. <td style="vertical-align: bottom ; "> </td>
  2147. <td style="vertical-align: bottom ; "> </td>
  2148. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">6,814,000</td>
  2149. <td style="vertical-align: bottom ; "> </td>
  2150. </tr>
  2151. <tr>
  2152. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Deferred income taxes</td>
  2153. <td style="vertical-align: bottom ; "> </td>
  2154. <td style="vertical-align: bottom ; "> </td>
  2155. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(3,891,300</td>
  2156. <td style="vertical-align: bottom ; ">)</td>
  2157. <td style="vertical-align: bottom ; "> </td>
  2158. <td style="vertical-align: bottom ; "> </td>
  2159. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(901,999</td>
  2160. <td style="vertical-align: bottom ; ">)</td>
  2161. </tr>
  2162. <tr>
  2163. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Other financing costs &#8211; initial recognition of derivative liabilities</td>
  2164. <td style="vertical-align: bottom ; "> </td>
  2165. <td style="vertical-align: bottom ; "> </td>
  2166. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  2167. <td style="vertical-align: bottom ; "> </td>
  2168. <td style="vertical-align: bottom ; "> </td>
  2169. <td style="vertical-align: bottom ; "> </td>
  2170. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">255,960,025</td>
  2171. <td style="vertical-align: bottom ; "> </td>
  2172. </tr>
  2173. <tr>
  2174. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Impairment of intangible assets</td>
  2175. <td style="vertical-align: bottom ; "> </td>
  2176. <td style="vertical-align: bottom ; "> </td>
  2177. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">73,447,067</td>
  2178. <td style="vertical-align: bottom ; "> </td>
  2179. <td style="vertical-align: bottom ; "> </td>
  2180. <td style="vertical-align: bottom ; "> </td>
  2181. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  2182. <td style="vertical-align: bottom ; "> </td>
  2183. </tr>
  2184. <tr>
  2185. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Impairment of goodwill</td>
  2186. <td style="vertical-align: bottom ; "> </td>
  2187. <td style="vertical-align: bottom ; "> </td>
  2188. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">28,846,832</td>
  2189. <td style="vertical-align: bottom ; "> </td>
  2190. <td style="vertical-align: bottom ; "> </td>
  2191. <td style="vertical-align: bottom ; "> </td>
  2192. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  2193. <td style="vertical-align: bottom ; "> </td>
  2194. </tr>
  2195. <tr>
  2196. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Impairment of right-of-use assets</td>
  2197. <td style="vertical-align: bottom ; "> </td>
  2198. <td style="vertical-align: bottom ; "> </td>
  2199. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,167,608</td>
  2200. <td style="vertical-align: bottom ; "> </td>
  2201. <td style="vertical-align: bottom ; "> </td>
  2202. <td style="vertical-align: bottom ; "> </td>
  2203. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  2204. <td style="vertical-align: bottom ; "> </td>
  2205. </tr>
  2206. <tr>
  2207. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Non-cash interest and other operating activities</td>
  2208. <td style="vertical-align: bottom ; "> </td>
  2209. <td style="vertical-align: bottom ; "> </td>
  2210. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">216,021</td>
  2211. <td style="vertical-align: bottom ; "> </td>
  2212. <td style="vertical-align: bottom ; "> </td>
  2213. <td style="vertical-align: bottom ; "> </td>
  2214. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(1,745,882</td>
  2215. <td style="vertical-align: bottom ; ">)</td>
  2216. </tr>
  2217. <tr>
  2218. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Loss/(gain) on assets disposal</td>
  2219. <td style="vertical-align: bottom ; "> </td>
  2220. <td style="vertical-align: bottom ; "> </td>
  2221. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">323,865</td>
  2222. <td style="vertical-align: bottom ; "> </td>
  2223. <td style="vertical-align: bottom ; "> </td>
  2224. <td style="vertical-align: bottom ; "> </td>
  2225. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  2226. <td style="vertical-align: bottom ; "> </td>
  2227. </tr>
  2228. <tr>
  2229. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Loss/(gain) on extinguishment of debt</td>
  2230. <td style="vertical-align: bottom ; "> </td>
  2231. <td style="vertical-align: bottom ; "> </td>
  2232. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(34,625</td>
  2233. <td style="vertical-align: bottom ; ">)</td>
  2234. <td style="vertical-align: bottom ; "> </td>
  2235. <td style="vertical-align: bottom ; "> </td>
  2236. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">6,452,170</td>
  2237. <td style="vertical-align: bottom ; "> </td>
  2238. </tr>
  2239. <tr>
  2240. <td style="vertical-align: bottom ; "> </td>
  2241. <td style="vertical-align: bottom ; "> </td>
  2242. <td style="vertical-align: bottom ; "> </td>
  2243. <td style="vertical-align: bottom ; "> </td>
  2244. <td style="vertical-align: bottom ; "> </td>
  2245. <td style="vertical-align: bottom ; "> </td>
  2246. <td style="vertical-align: bottom ; "> </td>
  2247. <td style="vertical-align: bottom ; "> </td>
  2248. <td style="vertical-align: bottom ; "> </td>
  2249. </tr>
  2250. <tr>
  2251. <td style="vertical-align: bottom ; ">Changes in operating assets and liabilities:</td>
  2252. <td style="vertical-align: bottom ; "> </td>
  2253. <td style="vertical-align: bottom ; "> </td>
  2254. <td style="vertical-align: bottom ; "> </td>
  2255. <td style="vertical-align: bottom ; "> </td>
  2256. <td style="vertical-align: bottom ; "> </td>
  2257. <td style="vertical-align: bottom ; "> </td>
  2258. <td style="vertical-align: bottom ; "> </td>
  2259. <td style="vertical-align: bottom ; "> </td>
  2260. </tr>
  2261. <tr>
  2262. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Accounts receivable</td>
  2263. <td style="vertical-align: bottom ; "> </td>
  2264. <td style="vertical-align: bottom ; "> </td>
  2265. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">671,750</td>
  2266. <td style="vertical-align: bottom ; "> </td>
  2267. <td style="vertical-align: bottom ; "> </td>
  2268. <td style="vertical-align: bottom ; "> </td>
  2269. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  2270. <td style="vertical-align: bottom ; "> </td>
  2271. </tr>
  2272. <tr>
  2273. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Inventories</td>
  2274. <td style="vertical-align: bottom ; "> </td>
  2275. <td style="vertical-align: bottom ; "> </td>
  2276. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(16,154,711</td>
  2277. <td style="vertical-align: bottom ; ">)</td>
  2278. <td style="vertical-align: bottom ; "> </td>
  2279. <td style="vertical-align: bottom ; "> </td>
  2280. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  2281. <td style="vertical-align: bottom ; "> </td>
  2282. </tr>
  2283. <tr>
  2284. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Prepaids and other assets</td>
  2285. <td style="vertical-align: bottom ; "> </td>
  2286. <td style="vertical-align: bottom ; "> </td>
  2287. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(726,490</td>
  2288. <td style="vertical-align: bottom ; ">)</td>
  2289. <td style="vertical-align: bottom ; "> </td>
  2290. <td style="vertical-align: bottom ; "> </td>
  2291. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(8,271,388</td>
  2292. <td style="vertical-align: bottom ; ">)</td>
  2293. </tr>
  2294. <tr>
  2295. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Accounts payable</td>
  2296. <td style="vertical-align: bottom ; "> </td>
  2297. <td style="vertical-align: bottom ; "> </td>
  2298. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">9,523,141</td>
  2299. <td style="vertical-align: bottom ; "> </td>
  2300. <td style="vertical-align: bottom ; "> </td>
  2301. <td style="vertical-align: bottom ; "> </td>
  2302. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">8,429,257</td>
  2303. <td style="vertical-align: bottom ; "> </td>
  2304. </tr>
  2305. <tr>
  2306. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Accrued expenses and other liabilities</td>
  2307. <td style="vertical-align: bottom ; "> </td>
  2308. <td style="vertical-align: bottom ; "> </td>
  2309. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(77,010</td>
  2310. <td style="vertical-align: bottom ; ">)</td>
  2311. <td style="vertical-align: bottom ; "> </td>
  2312. <td style="vertical-align: bottom ; "> </td>
  2313. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,672,040</td>
  2314. <td style="vertical-align: bottom ; "> </td>
  2315. </tr>
  2316. <tr>
  2317. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Right-of-use assets and lease liabilities</td>
  2318. <td style="vertical-align: bottom ; "> </td>
  2319. <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  2320. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(1,455,446</td>
  2321. <td style="vertical-align: bottom ; ">)</td>
  2322. <td style="vertical-align: bottom ; "> </td>
  2323. <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  2324. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">345,232</td>
  2325. <td style="vertical-align: bottom ; "> </td>
  2326. </tr>
  2327. <tr>
  2328. <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; "><strong>Net cash used in operating activities</strong></td>
  2329. <td style="vertical-align: bottom ; "> </td>
  2330. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2331. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(108,472,976</strong></td>
  2332. <td style="vertical-align: bottom ; "><strong>)</strong></td>
  2333. <td style="vertical-align: bottom ; "> </td>
  2334. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2335. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(67,567,385</strong></td>
  2336. <td style="vertical-align: bottom ; "><strong>)</strong></td>
  2337. </tr>
  2338. <tr>
  2339. <td style="vertical-align: bottom ; "> </td>
  2340. <td style="vertical-align: bottom ; "> </td>
  2341. <td style="vertical-align: bottom ; "> </td>
  2342. <td style="vertical-align: bottom ; "> </td>
  2343. <td style="vertical-align: bottom ; "> </td>
  2344. <td style="vertical-align: bottom ; "> </td>
  2345. <td style="vertical-align: bottom ; "> </td>
  2346. <td style="vertical-align: bottom ; "> </td>
  2347. <td style="vertical-align: bottom ; "> </td>
  2348. </tr>
  2349. <tr>
  2350. <td style="vertical-align: bottom ; "><strong>Cash Flows from Investing Activities</strong></td>
  2351. <td style="vertical-align: bottom ; "> </td>
  2352. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2353. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2354. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2355. <td style="vertical-align: bottom ; "> </td>
  2356. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2357. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2358. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2359. </tr>
  2360. <tr>
  2361. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Purchase of equipment</td>
  2362. <td style="vertical-align: bottom ; "> </td>
  2363. <td style="vertical-align: bottom ; "> </td>
  2364. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(12,470,001</td>
  2365. <td style="vertical-align: bottom ; ">)</td>
  2366. <td style="vertical-align: bottom ; "> </td>
  2367. <td style="vertical-align: bottom ; "> </td>
  2368. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(4,298,563</td>
  2369. <td style="vertical-align: bottom ; ">)</td>
  2370. </tr>
  2371. <tr>
  2372. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Purchase of intangible assets</td>
  2373. <td style="vertical-align: bottom ; "> </td>
  2374. <td style="vertical-align: bottom ; "> </td>
  2375. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  2376. <td style="vertical-align: bottom ; "> </td>
  2377. <td style="vertical-align: bottom ; "> </td>
  2378. <td style="vertical-align: bottom ; "> </td>
  2379. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(204,660</td>
  2380. <td style="vertical-align: bottom ; ">)</td>
  2381. </tr>
  2382. <tr>
  2383. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">ELMS assets purchase</td>
  2384. <td style="vertical-align: bottom ; "> </td>
  2385. <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  2386. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  2387. <td style="vertical-align: bottom ; "> </td>
  2388. <td style="vertical-align: bottom ; "> </td>
  2389. <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  2390. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(92,916,874</td>
  2391. <td style="vertical-align: bottom ; ">)</td>
  2392. </tr>
  2393. <tr>
  2394. <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; "><strong>Net cash used in investing activities</strong></td>
  2395. <td style="vertical-align: bottom ; "> </td>
  2396. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2397. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(12,470,001</strong></td>
  2398. <td style="vertical-align: bottom ; "><strong>)</strong></td>
  2399. <td style="vertical-align: bottom ; "> </td>
  2400. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2401. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(97,420,097</strong></td>
  2402. <td style="vertical-align: bottom ; "><strong>)</strong></td>
  2403. </tr>
  2404. <tr>
  2405. <td style="vertical-align: bottom ; "> </td>
  2406. <td style="vertical-align: bottom ; "> </td>
  2407. <td style="vertical-align: bottom ; "> </td>
  2408. <td style="vertical-align: bottom ; "> </td>
  2409. <td style="vertical-align: bottom ; "> </td>
  2410. <td style="vertical-align: bottom ; "> </td>
  2411. <td style="vertical-align: bottom ; "> </td>
  2412. <td style="vertical-align: bottom ; "> </td>
  2413. <td style="vertical-align: bottom ; "> </td>
  2414. </tr>
  2415. <tr>
  2416. <td style="vertical-align: bottom ; "><strong>Cash Flows from Financing Activities</strong></td>
  2417. <td style="vertical-align: bottom ; "> </td>
  2418. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2419. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2420. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2421. <td style="vertical-align: bottom ; "> </td>
  2422. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2423. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2424. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2425. </tr>
  2426. <tr>
  2427. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Proceeds from issuance of convertible notes payable</td>
  2428. <td style="vertical-align: bottom ; "> </td>
  2429. <td style="vertical-align: bottom ; "> </td>
  2430. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  2431. <td style="vertical-align: bottom ; "> </td>
  2432. <td style="vertical-align: bottom ; "> </td>
  2433. <td style="vertical-align: bottom ; "> </td>
  2434. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">150,000,000</td>
  2435. <td style="vertical-align: bottom ; "> </td>
  2436. </tr>
  2437. <tr>
  2438. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Payment of notes payable</td>
  2439. <td style="vertical-align: bottom ; "> </td>
  2440. <td style="vertical-align: bottom ; "> </td>
  2441. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(4,945,832</td>
  2442. <td style="vertical-align: bottom ; ">)</td>
  2443. <td style="vertical-align: bottom ; "> </td>
  2444. <td style="vertical-align: bottom ; "> </td>
  2445. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(460,000</td>
  2446. <td style="vertical-align: bottom ; ">)</td>
  2447. </tr>
  2448. <tr>
  2449. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Reimbursement for over issuance of shares</td>
  2450. <td style="vertical-align: bottom ; "> </td>
  2451. <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  2452. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  2453. <td style="vertical-align: bottom ; "> </td>
  2454. <td style="vertical-align: bottom ; "> </td>
  2455. <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  2456. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">17,819,660</td>
  2457. <td style="vertical-align: bottom ; "> </td>
  2458. </tr>
  2459. <tr>
  2460. <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; "><strong>Net cash provided by financing activities</strong></td>
  2461. <td style="vertical-align: bottom ; "> </td>
  2462. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2463. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(4,945,832</strong></td>
  2464. <td style="vertical-align: bottom ; "><strong>)</strong></td>
  2465. <td style="vertical-align: bottom ; "> </td>
  2466. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2467. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>167,359,660</strong></td>
  2468. <td style="vertical-align: bottom ; "> </td>
  2469. </tr>
  2470. <tr>
  2471. <td style="vertical-align: bottom ; "> </td>
  2472. <td style="vertical-align: bottom ; "> </td>
  2473. <td style="vertical-align: bottom ; "> </td>
  2474. <td style="vertical-align: bottom ; "> </td>
  2475. <td style="vertical-align: bottom ; "> </td>
  2476. <td style="vertical-align: bottom ; "> </td>
  2477. <td style="vertical-align: bottom ; "> </td>
  2478. <td style="vertical-align: bottom ; "> </td>
  2479. <td style="vertical-align: bottom ; "> </td>
  2480. </tr>
  2481. <tr>
  2482. <td style="vertical-align: bottom ; "><strong>Change in cash</strong></td>
  2483. <td style="vertical-align: bottom ; "> </td>
  2484. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2485. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(125,888,809</strong></td>
  2486. <td style="vertical-align: bottom ; "><strong>)</strong></td>
  2487. <td style="vertical-align: bottom ; "> </td>
  2488. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2489. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>2,372,178</strong></td>
  2490. <td style="vertical-align: bottom ; "> </td>
  2491. </tr>
  2492. <tr>
  2493. <td style="vertical-align: bottom ; ">Cash and restricted cash (in amount of $429,372), beginning of period</td>
  2494. <td style="vertical-align: bottom ; "> </td>
  2495. <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  2496. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">155,696,470</td>
  2497. <td style="vertical-align: bottom ; "> </td>
  2498. <td style="vertical-align: bottom ; "> </td>
  2499. <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  2500. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">84,375,085</td>
  2501. <td style="vertical-align: bottom ; "> </td>
  2502. </tr>
  2503. <tr>
  2504. <td style="vertical-align: bottom ; ">Cash and restricted cash (in amount of $7,429,572), ending of period</td>
  2505. <td style="vertical-align: bottom ; "> </td>
  2506. <td style="border-bottom: double black 3pt ; vertical-align: bottom ; "><strong>$</strong></td>
  2507. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>29,807,661</strong></td>
  2508. <td style="vertical-align: bottom ; "> </td>
  2509. <td style="vertical-align: bottom ; "> </td>
  2510. <td style="border-bottom: double black 3pt ; vertical-align: bottom ; "><strong>$</strong></td>
  2511. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>86,747,263</strong></td>
  2512. <td style="vertical-align: bottom ; "> </td>
  2513. </tr>
  2514. <tr>
  2515. <td style="vertical-align: bottom ; "> </td>
  2516. <td style="vertical-align: bottom ; "> </td>
  2517. <td style="vertical-align: bottom ; "> </td>
  2518. <td style="vertical-align: bottom ; "> </td>
  2519. <td style="vertical-align: bottom ; "> </td>
  2520. <td style="vertical-align: bottom ; "> </td>
  2521. <td style="vertical-align: bottom ; "> </td>
  2522. <td style="vertical-align: bottom ; "> </td>
  2523. <td style="vertical-align: bottom ; "> </td>
  2524. </tr>
  2525. <tr>
  2526. <td style="vertical-align: bottom ; "><strong>Supplemental disclosure of Cash Flow information:</strong></td>
  2527. <td style="vertical-align: bottom ; "> </td>
  2528. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2529. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2530. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2531. <td style="vertical-align: bottom ; "> </td>
  2532. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2533. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2534. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2535. </tr>
  2536. <tr>
  2537. <td style="vertical-align: bottom ; ">Cash paid for interest</td>
  2538. <td style="vertical-align: bottom ; "> </td>
  2539. <td style="vertical-align: bottom ; ">$</td>
  2540. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">37,458</td>
  2541. <td style="vertical-align: bottom ; "> </td>
  2542. <td style="vertical-align: bottom ; "> </td>
  2543. <td style="vertical-align: bottom ; ">$</td>
  2544. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">5,028</td>
  2545. <td style="vertical-align: bottom ; "> </td>
  2546. </tr>
  2547. <tr>
  2548. <td style="vertical-align: bottom ; ">Cash paid for income taxes</td>
  2549. <td style="vertical-align: bottom ; "> </td>
  2550. <td style="vertical-align: bottom ; "> </td>
  2551. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  2552. <td style="vertical-align: bottom ; "> </td>
  2553. <td style="vertical-align: bottom ; "> </td>
  2554. <td style="vertical-align: bottom ; "> </td>
  2555. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">800</td>
  2556. <td style="vertical-align: bottom ; "> </td>
  2557. </tr>
  2558. <tr>
  2559. <td style="vertical-align: bottom ; "> </td>
  2560. <td style="vertical-align: bottom ; "> </td>
  2561. <td style="vertical-align: bottom ; "> </td>
  2562. <td style="vertical-align: bottom ; "> </td>
  2563. <td style="vertical-align: bottom ; "> </td>
  2564. <td style="vertical-align: bottom ; "> </td>
  2565. <td style="vertical-align: bottom ; "> </td>
  2566. <td style="vertical-align: bottom ; "> </td>
  2567. <td style="vertical-align: bottom ; "> </td>
  2568. </tr>
  2569. <tr>
  2570. <td style="vertical-align: bottom ; "><strong>Supplemental Disclosure for Non-Cash Activities:</strong></td>
  2571. <td style="vertical-align: bottom ; "> </td>
  2572. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2573. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2574. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2575. <td style="vertical-align: bottom ; "> </td>
  2576. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2577. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2578. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2579. </tr>
  2580. <tr>
  2581. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Exercise of warrants recognized earlier as liabilities</td>
  2582. <td style="vertical-align: bottom ; "> </td>
  2583. <td style="vertical-align: bottom ; ">$</td>
  2584. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">59,163,019</td>
  2585. <td style="vertical-align: bottom ; "> </td>
  2586. <td style="vertical-align: bottom ; "> </td>
  2587. <td style="vertical-align: bottom ; ">$</td>
  2588. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">268,713,397</td>
  2589. <td style="vertical-align: bottom ; "> </td>
  2590. </tr>
  2591. <tr>
  2592. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Right-of-use assets obtained in exchange of operating lease liabilities</td>
  2593. <td style="vertical-align: bottom ; "> </td>
  2594. <td style="vertical-align: bottom ; "> </td>
  2595. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">11,185,901</td>
  2596. <td style="vertical-align: bottom ; "> </td>
  2597. <td style="vertical-align: bottom ; "> </td>
  2598. <td style="vertical-align: bottom ; "> </td>
  2599. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">370,668</td>
  2600. <td style="vertical-align: bottom ; "> </td>
  2601. </tr>
  2602. <tr>
  2603. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Convertible notes and interest &#8211; conversion to common stock</td>
  2604. <td style="vertical-align: bottom ; "> </td>
  2605. <td style="vertical-align: bottom ; "> </td>
  2606. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  2607. <td style="vertical-align: bottom ; "> </td>
  2608. <td style="vertical-align: bottom ; "> </td>
  2609. <td style="vertical-align: bottom ; "> </td>
  2610. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">153,222,236</td>
  2611. <td style="vertical-align: bottom ; "> </td>
  2612. </tr>
  2613. <tr>
  2614. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Reclassification of derivatives to equity upon authorization of sufficient number of shares</td>
  2615. <td style="vertical-align: bottom ; "> </td>
  2616. <td style="vertical-align: bottom ; "> </td>
  2617. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  2618. <td style="vertical-align: bottom ; "> </td>
  2619. <td style="vertical-align: bottom ; "> </td>
  2620. <td style="vertical-align: bottom ; "> </td>
  2621. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">47,818,882</td>
  2622. <td style="vertical-align: bottom ; "> </td>
  2623. </tr>
  2624. <tr>
  2625. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Common stock issued to extinguish other liabilities</td>
  2626. <td style="vertical-align: bottom ; "> </td>
  2627. <td style="vertical-align: bottom ; "> </td>
  2628. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  2629. <td style="vertical-align: bottom ; "> </td>
  2630. <td style="vertical-align: bottom ; "> </td>
  2631. <td style="vertical-align: bottom ; "> </td>
  2632. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">10,500,712</td>
  2633. <td style="vertical-align: bottom ; "> </td>
  2634. </tr>
  2635. <tr>
  2636. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Waiver of dividends by stockholders</td>
  2637. <td style="vertical-align: bottom ; "> </td>
  2638. <td style="vertical-align: bottom ; "> </td>
  2639. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  2640. <td style="vertical-align: bottom ; "> </td>
  2641. <td style="vertical-align: bottom ; "> </td>
  2642. <td style="vertical-align: bottom ; "> </td>
  2643. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">6,872,075</td>
  2644. <td style="vertical-align: bottom ; "> </td>
  2645. </tr>
  2646. <tr>
  2647. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Warrants issued to suppliers</td>
  2648. <td style="vertical-align: bottom ; "> </td>
  2649. <td style="vertical-align: bottom ; "> </td>
  2650. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  2651. <td style="vertical-align: bottom ; "> </td>
  2652. <td style="vertical-align: bottom ; "> </td>
  2653. <td style="vertical-align: bottom ; "> </td>
  2654. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">6,814,000</td>
  2655. <td style="vertical-align: bottom ; "> </td>
  2656. </tr>
  2657. <tr>
  2658. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Debt conversion to common stock</td>
  2659. <td style="vertical-align: bottom ; "> </td>
  2660. <td style="vertical-align: bottom ; "> </td>
  2661. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  2662. <td style="vertical-align: bottom ; "> </td>
  2663. <td style="vertical-align: bottom ; "> </td>
  2664. <td style="vertical-align: bottom ; "> </td>
  2665. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,096,787</td>
  2666. <td style="vertical-align: bottom ; "> </td>
  2667. </tr>
  2668. <tr>
  2669. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Extinguishment of operational liabilities by sale of property</td>
  2670. <td style="vertical-align: bottom ; "> </td>
  2671. <td style="vertical-align: bottom ; "> </td>
  2672. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  2673. <td style="vertical-align: bottom ; "> </td>
  2674. <td style="vertical-align: bottom ; "> </td>
  2675. <td style="vertical-align: bottom ; "> </td>
  2676. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">767,626</td>
  2677. <td style="vertical-align: bottom ; "> </td>
  2678. </tr>
  2679. <tr>
  2680. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Extinguishment of financial liabilities by sale of property</td>
  2681. <td style="vertical-align: bottom ; "> </td>
  2682. <td style="vertical-align: bottom ; "> </td>
  2683. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">—</td>
  2684. <td style="vertical-align: bottom ; "> </td>
  2685. <td style="vertical-align: bottom ; "> </td>
  2686. <td style="vertical-align: bottom ; "> </td>
  2687. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">231,958</td>
  2688. <td style="vertical-align: bottom ; "> </td>
  2689. </tr>
  2690. </table>
  2691. <p align="justify"><strong>About Mullen</strong><br />Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of commercial electric vehicles (“EVs”) with two United States-based vehicle plants located in Tunica, Mississippi, (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. In September 2023, Mullen received IRS approval for federal EV tax credits on its commercial vehicles with a Qualified Manufacturer designation that offers eligible customers up to $7,500 per vehicle. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck are California Air Resource Board (“CARB”) and EPA certified and available for sale in the U.S. Recently CARB issued HVIP approval on the Mullen THREE, Class 3 EV truck, providing up to $45,000 cash voucher at time of vehicle purchase. The Company has also recently expanded its commercial dealer network with the addition of Pritchard EV and National Auto Fleet Group, providing sales and service coverage in key Midwest and West Coast markets. The Company also recently announced Foreign Trade Zone (“FTZ”) status approval for its Tunica, Mississippi, commercial vehicle manufacturing center. FTZ approval provides a number of benefits, including deferment of duties owed and elimination of duties on exported vehicles.</p>
  2692. <p>To learn more about the Company, visit www.MullenUSA.com.</p>
  2693. <p align="justify"><strong>Forward-Looking Statements</strong><br />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 &#8220;continue,&#8221; &#8220;will,&#8221; &#8220;may,&#8221; &#8220;could,&#8221; &#8220;should,&#8221; &#8220;expect,&#8221; &#8220;expected,&#8221; &#8220;plans,&#8221; &#8220;intend,&#8221; &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;predict,&#8221; &#8220;potential&#8221; 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 the timing and receipt of the $150 Million capital commitment, whether such funding will be sufficient to meet the needs of the Company and its affiliated entities, the impact to the Company and its shareholders as a result of the anticipated financing , whether the B4, Class 4 vehicle deliveries will occur in the timeline expected, whether development and production of the Mullen FIVE RS will be completed and launched within the anticipated timeframes, whether governmental grant applications submitted by the Company will be successful and the outcome of the integrated solid-state polymer battery packs in vehicle level testing. 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&#8217;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) 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.</p>
  2694. <p><strong>Contact</strong>:<br />Mullen Automotive, Inc.<br />+1 (714) 613-1900<br /><u>www.MullenUSA.com</u></p>
  2695. <p><strong>Corporate Communications:</strong><br />InvestorBrandNetwork (IBN)<br />Los Angeles, California<br />www.InvestorBrandNetwork.com<br />310.299.1717 Office<br />Editor@InvestorBrandNetwork.com </p>
  2696. <p><img src='https://ml.globenewswire.com/media/MjFjYTNiMzItODlmYy00ODU3LWFkNTMtMTQyNDJlMzRkYTk5LTUwMDA3NDUwOQ==/tiny/Mullen-Automotive-Inc-.png' referrerpolicy='no-referrer-when-downgrade' /></p>
  2697. ]]></content:encoded>
  2701. </item>
  2702. <item>
  2703. <title>Ferrari Pricing of Issue of Notes</title>
  2704. <link>https://autoexcelsior.com/ferrari-pricing-of-issue-of-notes/52389/</link>
  2706. <dc:creator><![CDATA[GlobeNewswire]]></dc:creator>
  2707. <pubDate>Tue, 14 May 2024 16:36:00 +0000</pubDate>
  2708. <category><![CDATA[Brand Post]]></category>
  2709. <guid isPermaLink="false">https://autoexcelsior.com/ferrari-pricing-of-issue-of-notes</guid>
  2710.  
  2711. <description><![CDATA[<div style="margin-bottom:20px;"><img width="1701" height="2364" src="https://autoexcelsior.com/wp-content/uploads/2024/05/ferrari-pricing-of-issue-of-notes.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://autoexcelsior.com/wp-content/uploads/2024/05/ferrari-pricing-of-issue-of-notes.png 1701w, https://autoexcelsior.com/wp-content/uploads/2024/05/ferrari-pricing-of-issue-of-notes-216x300.png 216w, https://autoexcelsior.com/wp-content/uploads/2024/05/ferrari-pricing-of-issue-of-notes-737x1024.png 737w, https://autoexcelsior.com/wp-content/uploads/2024/05/ferrari-pricing-of-issue-of-notes-768x1067.png 768w, https://autoexcelsior.com/wp-content/uploads/2024/05/ferrari-pricing-of-issue-of-notes-1105x1536.png 1105w, https://autoexcelsior.com/wp-content/uploads/2024/05/ferrari-pricing-of-issue-of-notes-1474x2048.png 1474w" sizes="(max-width: 1701px) 100vw, 1701px" /></div>Maranello (Italy), 14 May 2024 – Ferrari N.V. (NYSE/EXM: RACE) (the “Issuer”) today announces the pricing of a Euro 500 million issue of notes due in May 2030 (the “Notes”), being well over two times oversubscribed. The issue price of the Notes is equal to 99.677% of their principal amount and the Notes have a [&#8230;]]]></description>
  2712. <content:encoded><![CDATA[<div style="margin-bottom:20px;"><img width="1701" height="2364" src="https://autoexcelsior.com/wp-content/uploads/2024/05/ferrari-pricing-of-issue-of-notes.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://autoexcelsior.com/wp-content/uploads/2024/05/ferrari-pricing-of-issue-of-notes.png 1701w, https://autoexcelsior.com/wp-content/uploads/2024/05/ferrari-pricing-of-issue-of-notes-216x300.png 216w, https://autoexcelsior.com/wp-content/uploads/2024/05/ferrari-pricing-of-issue-of-notes-737x1024.png 737w, https://autoexcelsior.com/wp-content/uploads/2024/05/ferrari-pricing-of-issue-of-notes-768x1067.png 768w, https://autoexcelsior.com/wp-content/uploads/2024/05/ferrari-pricing-of-issue-of-notes-1105x1536.png 1105w, https://autoexcelsior.com/wp-content/uploads/2024/05/ferrari-pricing-of-issue-of-notes-1474x2048.png 1474w" sizes="(max-width: 1701px) 100vw, 1701px" /></div><p align="justify"><strong>Maranello (Italy), 14 May 2024 –</strong> Ferrari N.V. (NYSE/EXM: RACE) (the “<strong>Issuer</strong>”) today announces the pricing of a Euro 500 million issue of notes due in May 2030 (the “<strong>Notes</strong>”), being well over two times oversubscribed. The issue price of the Notes is equal to 99.677% of their principal amount and the Notes have a fixed annual coupon of 3.625%. The proceeds of the issue will be used for general corporate purposes.</p>
  2713. <p align="justify">Banco Santander S.A., BNP Paribas, Citigroup Global Markets Europe AG, Crédit Agricole Corporate &amp; Investment Bank, J.P. Morgan SE, Mediobanca – Banca di Credito Finanziario S.p.A., and UniCredit Bank GmbH acted as Joint Lead Managers to the issue of the Notes.</p>
  2714. <p align="justify">Application has been made for the Notes to be admitted to the Official List of Euronext Dublin and to trading on the regulated market of Euronext Dublin. Settlement and issue of the Notes are expected to occur on 21 May 2024.</p>
  2715. <p>For further information:<br />Media Relations<br />tel.: +39 0536 949337<br />Email: media@ferrari.com</p>
  2716. <p><strong>About Ferrari</strong></p>
  2717. <p align="justify">Ferrari is among the world’s leading luxury brands focused on the design, engineering, production and sale of the world’s most recognizable luxury performance sports cars. Ferrari brand symbolizes exclusivity, innovation, state-of-the-art sporting performance and Italian design. Its history and the image enjoyed by its cars are closely associated with its Formula 1 racing team, Scuderia Ferrari, the most successful team in Formula 1 history. From the inaugural year of Formula 1 World Championship in 1950 through the present, Scuderia Ferrari has won 244 Grand Prix races, 16 Constructors’ World titles and 15 Drivers’ World titles. Ferrari designs, engineers and produces its cars in Maranello, Italy, and sells them in over 60 markets worldwide.</p>
  2718. <p><strong>Disclaimer</strong></p>
  2719. <p align="justify">This press release shall not constitute an offer to sell or a solicitation of an offerto buy the Notes or any other securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. The Notes have not been and will not be registered under the Uniteci States Securities Act of 1933 (as amended), and may not be offered, sold, tendered, bought or delivered within the Uniteci States orto or for the account or benefit of U.S. persons absent registration or an applicable exemption from registration requirements.</p>
  2720. <p align="justify">This press release is directed only (i) at persons who are outside the United Kingdom, (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended or (iii) at persons falling within Article 49(2) (a) to (d) (‘high net worth companies, unincorporated associations, etc.’) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (all such persons together being referred to as ’relevant persons‘). This press release must not be acted on or relied on by persons who are not relevant persons. Any investment activity to which this press release relates is reserved for relevant persons only and may only be engaged in by relevant persons.</p>
  2721. <p align="justify">This announcement is an advertisement and is not a prospectus for the purposes of Regulation (EU) 2017/1129 (as amended, the “<strong>Prospectus Regulation</strong>”). The Notes will be issued under a prospectus. The final form prospectus will be prepared and made available to the public in accordance with the Prospectus Regulation. The final form prospectus, when published, will be available at https://corporate.ferrari.com/en/investors/bond-info.</p>
  2722. <p align="justify">Relevant stabilisation regulations including Financial Conduct Authority/ICMA apply.</p>
  2723. <p align="justify"><strong>MiFID II professionals/ECPs-only/No PRIIPs KID</strong></p>
  2724. <p align="justify">Manufacturer target market (MIFID II product governance and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not the Notes are not available to retail investors in either the EEA or the UK.</p>
  2725. <p align="justify">This press release contains forward-looking statements. These statements are based on the Group’s current expectations and projections about future events and, by their nature, are subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including: volatility and deterioration of capital and financial markets, changes in commodity prices, changes in general economic conditions, economic growth and other changes in business conditions, macro events, pandemics and conflicts, weather, floods, earthquakes or other natural disasters, changes in government regulation (in each case, in Italy or abroad), production difficulties, including capacity and supply constraints and many other risks and uncertainties, most of which are outside of the Group’s control.</p>
  2726. <p /><img src='https://ml-eu.globenewswire.com/media/OTU5YWM2YjktNTdmMi00MWE4LWE5ZjYtNGYzODMyN2I5YzU1LTEwMzE0OTM=/tiny/Ferrari-N-V-.png' referrerpolicy='no-referrer-when-downgrade' /></p>
  2727. ]]></content:encoded>
  2731. </item>
  2732. <item>
  2733. <title>Description of the share buyback programme</title>
  2734. <link>https://autoexcelsior.com/description-of-the-share-buyback-programme/52391/</link>
  2736. <dc:creator><![CDATA[GlobeNewswire]]></dc:creator>
  2737. <pubDate>Tue, 14 May 2024 16:22:00 +0000</pubDate>
  2738. <category><![CDATA[Brand Post]]></category>
  2739. <guid isPermaLink="false">https://autoexcelsior.com/description-of-the-share-buyback-programme</guid>
  2740.  
  2741. <description><![CDATA[<div style="margin-bottom:20px;"><img width="655" height="135" src="https://autoexcelsior.com/wp-content/uploads/2024/05/description-of-the-share-buyback-programme.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://autoexcelsior.com/wp-content/uploads/2024/05/description-of-the-share-buyback-programme.png 655w, https://autoexcelsior.com/wp-content/uploads/2024/05/description-of-the-share-buyback-programme-300x62.png 300w" sizes="(max-width: 655px) 100vw, 655px" /></div>Authorised by the combined General Meeting dated 14 May 2024 This description is drawn up in accordance with the provisions of Articles 241-1 and 241-2 I of the General Regulation of the French Financial Markets Authority (Autorité des marchés financiers).   Date of the General Meeting called to authorise the share buyback programme The authorisation [&#8230;]]]></description>
  2742. <content:encoded><![CDATA[<div style="margin-bottom:20px;"><img width="655" height="135" src="https://autoexcelsior.com/wp-content/uploads/2024/05/description-of-the-share-buyback-programme.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://autoexcelsior.com/wp-content/uploads/2024/05/description-of-the-share-buyback-programme.png 655w, https://autoexcelsior.com/wp-content/uploads/2024/05/description-of-the-share-buyback-programme-300x62.png 300w" sizes="(max-width: 655px) 100vw, 655px" /></div><p align="left">Authorised by the combined General Meeting dated 14 May 2024</p>
  2743. <p>This description is drawn up in accordance with the provisions of Articles 241-1 and 241-2 I of the General Regulation of the French Financial Markets Authority (Autorité des marchés financiers).</p>
  2744. <p> </p>
  2745. <ol>
  2746. <li>Date of the General Meeting called to authorise the share buyback programme</li>
  2747. </ol>
  2748. <p>The authorisation for the Company to buy its own shares was approved at the combined General Shareholders&#8217; Meeting dated 14 May 2024.</p>
  2749. <p></p>
  2750. <ol>
  2751. <li value="2">Breakdown by objective of the securities held</li>
  2752. </ol>
  2753. <p>As at 10 May 2024, Ayvens held 979,822 of its own shares, representing 0.1% of its share capital. The allocation of the shares is as follows:</p>
  2754. <p align="justify">Cancellation: 0</p>
  2755. <p align="justify">Allocation to employees and executive officers: 839,734</p>
  2756. <p align="justify">Exercise of rights attached to securities: 0</p>
  2757. <p align="justify">Liquidity agreement: 140,088</p>
  2758. <p align="justify">External growth: 0</p>
  2759. <p align="justify">Implement market practices: 0</p>
  2760. <p> </p>
  2761. <ol>
  2762. <li value="3">Purposes of the share buyback programme</li>
  2763. </ol>
  2764. <p>Ayvens has received authorisations to purchase its own shares, to:</p>
  2765. <p align="justify">a.            cancel them, pursuant to the 18<sup>th</sup> resolution of the General Shareholders&#8217; Meeting held on 24 May 2023;</p>
  2766. <p align="justify">b.            allocate, cover and honour any free shares or employee savings plans and any type of allocation for the benefit of employees or corporate officers of the Company or affiliated companies under the terms and conditions stipulated or permitted by French or foreign law, particularly in the context of participation in the results of the expansion of the Company, the granting of free shares, any employee shareholding plans as well as completing any related transactions to cover the aforementioned employee shareholding plans;</p>
  2767. <p align="justify">c.            provide shares upon the exercise of rights attached to securities giving access to the share capital of the Company;</p>
  2768. <p align="justify">d.            market making activities under a liquidity contract, signed with an investment services provider, in compliance with the market practices permitted by the AMF (“l’Autorité des marchés financiers”);</p>
  2769. <p align="justify">e.            retain and later tender as part of the Group&#8217;s external growth transactions;</p>
  2770. <p align="justify">f.             implement any market practice that may become recognised by law or by the AMF.</p>
  2771. <p align="justify"></p>
  2772. <ol>
  2773. <li value="4">Maximum amount allocated to the share buyback programme, maximum number and characteristics of the securities, maximum purchase price</li>
  2774. </ol>
  2775. <p>The resolution approved at the General Meeting provides that Ayvens can purchase its ordinary shares for an amount of up to 5% of the share capital at the date of making these purchases, it being specified that the maximum number of shares held after these purchases may not at any time exceed 10% of share capital.</p>
  2776. <p>As at 10 May 2023, without taking into account the shares already held, a theoretical maximum number of 40,848,021 shares could be purchased. Given the number of securities already held at this date and the possibility to hold an amount of shares representing up to 10% of the share capital, the Company could purchase up to 39,868,199 shares.</p>
  2777. <p>The maximum purchase price was set at EUR 28.60 per share. The authorisation limits the amount of funds allocated to the programme to EUR 600 million.</p>
  2778. <p> </p>
  2779. <ol>
  2780. <li value="5">Duration of share buyback programme</li>
  2781. </ol>
  2782. <p>The combined General Meeting dated 14 May 2024 set the duration of the authorisation for the Company to buy and sell its own shares at 18 months from the date of the General Meeting.</p>
  2783. <p></p>
  2784. <ol>
  2785. <li value="6">Fulfilment of prudential requirements</li>
  2786. </ol>
  2787. <p>The Board of Directors will ensure that the execution of these buybacks will be carried out in accordance with prudential requirements as defined by the regulation and the European Central Bank. </p>
  2788. <p> </p>
  2789. <p> </p>
  2790. <table style="border-collapse: collapse; width:636; border-collapse:collapse ;">
  2791. <tr>
  2792. <td colspan="3" style="width:635.8px;;border-bottom: solid black 1pt ; vertical-align: top ; ">
  2793. <ul>
  2794. <li> </li>
  2795. </ul>
  2796. </td>
  2797. </tr>
  2798. <tr>
  2799. <td colspan="3" style="width:635.8px;;vertical-align: top ; "> <b> About Ayvens </b> </td>
  2800. </tr>
  2801. <tr>
  2802. <td style="width:308.07px;;text-align: justify ; vertical-align: middle; vertical-align: top ; "> Ayvens is the leading global sustainable mobility player committed to making life flow better. We’ve been improving mobility for decades, providing full-service leasing, flexible subscription services, fleet management and multi-mobility solutions to large international corporates, SMEs, professionals and private individuals. </td>
  2803. <td style="width:18.94px;;text-align: justify ; vertical-align: middle; vertical-align: top ; ">   </td>
  2804. <td style="width:308.8px;;text-align: justify ; vertical-align: middle; vertical-align: top ; "> With more than 14,500 employees across 42 countries, 3.4 million <br /> vehicles and the world’s largest multi-brand EV fleet, <br /> we’re leveraging our unique position to lead the way to net zero and spearhead the digital transformation of the mobility sector. The company is listed on Compartment A of Euronext Paris (ISIN: FR0013258662; Ticker: ALD). Societe Generale Group is Ayvens majority shareholder.</p>
  2805. <p> Find out more at <b>ayvens.com</b> </td>
  2806. </tr>
  2807. </table>
  2808. <p> </p>
  2809. <table style="border-collapse: collapse; margin-left:4.8pt; margin-right:4.8pt; width:636; border-collapse:collapse ;">
  2810. <tr>
  2811. <td colspan="4" style="width:635.8px;;border-bottom: solid black 1pt ; text-align: justify ; vertical-align: middle; vertical-align: top ; ">   </td>
  2812. </tr>
  2813. <tr>
  2814. <td colspan="4" style="width:635.8px;;vertical-align: top ; "> <b> Press contact </b> </td>
  2815. </tr>
  2816. <tr>
  2817. <td style="width:5cm;;text-align: left ; vertical-align: middle; vertical-align: top ; "> Elise Boorée<br /> Communications Department<br /> Tel: +33 (0)6 25 01 24 16<br /> elise.booree@ayvens.com </td>
  2818. <td style="width:5cm;;text-align: justify ; vertical-align: middle; vertical-align: top ; ">   </td>
  2819. <td style="width:198.47px;;text-align: justify ; vertical-align: middle; vertical-align: top ; ">   </td>
  2820. <td style="width:59.34px;;text-align: justify ; vertical-align: middle; vertical-align: top ; ">   </td>
  2821. </tr>
  2822. </table>
  2823. <p align="justify">T</p>
  2824. <p id="gnw_attachments_section-header"> <strong>Attachment</strong> </p>
  2825. <ul id="gnw_attachments_section-items">
  2826. <li> 2024 05 14 Share buyback programme description final </li>
  2827. </ul>
  2828. <p><img src='https://ml-eu.globenewswire.com/media/NjBmOTZjODQtMmY4Zi00YjU0LWI0YzMtZjMzNDU0NTBkNjI3LTEyMzQxNTQ=/tiny/ALD-SA.png' referrerpolicy='no-referrer-when-downgrade' /></p>
  2829. ]]></content:encoded>
  2833. </item>
  2834. <item>
  2835. <title>Mullen Announces $150 Million Financing Commitment</title>
  2836. <link>https://autoexcelsior.com/mullen-announces-150-million-financing-commitment/52381/</link>
  2838. <dc:creator><![CDATA[GlobeNewswire]]></dc:creator>
  2839. <pubDate>Tue, 14 May 2024 13:15:00 +0000</pubDate>
  2840. <category><![CDATA[Brand Post]]></category>
  2841. <guid isPermaLink="false">https://autoexcelsior.com/mullen-announces-150-million-financing-commitment</guid>
  2842.  
  2843. <description><![CDATA[<div style="margin-bottom:20px;"><img width="1302" height="602" src="https://autoexcelsior.com/wp-content/uploads/2024/05/mullen-announces-150-million-financing-commitment.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://autoexcelsior.com/wp-content/uploads/2024/05/mullen-announces-150-million-financing-commitment.jpg 1302w, https://autoexcelsior.com/wp-content/uploads/2024/05/mullen-announces-150-million-financing-commitment-300x139.jpg 300w, https://autoexcelsior.com/wp-content/uploads/2024/05/mullen-announces-150-million-financing-commitment-1024x473.jpg 1024w, https://autoexcelsior.com/wp-content/uploads/2024/05/mullen-announces-150-million-financing-commitment-768x355.jpg 768w" sizes="(max-width: 1302px) 100vw, 1302px" /></div>The Mullen THREE, Commercial Class 3 EV Truck with Stake Body Upfit Mullen recently received California HVIP approval on the THREE for $45,000 cash voucher at time of vehicle purchase. $150 million capital infusion allows Mullen and Bollinger to operate and expand domestic and international commercial sales efforts These commitments satisfy the Company’s capital needs [&#8230;]]]></description>
  2844. <content:encoded><![CDATA[<div style="margin-bottom:20px;"><img width="1302" height="602" src="https://autoexcelsior.com/wp-content/uploads/2024/05/mullen-announces-150-million-financing-commitment.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://autoexcelsior.com/wp-content/uploads/2024/05/mullen-announces-150-million-financing-commitment.jpg 1302w, https://autoexcelsior.com/wp-content/uploads/2024/05/mullen-announces-150-million-financing-commitment-300x139.jpg 300w, https://autoexcelsior.com/wp-content/uploads/2024/05/mullen-announces-150-million-financing-commitment-1024x473.jpg 1024w, https://autoexcelsior.com/wp-content/uploads/2024/05/mullen-announces-150-million-financing-commitment-768x355.jpg 768w" sizes="(max-width: 1302px) 100vw, 1302px" /></div><div style="float:right;padding:0 0 15px 20px;margin:15px 0 20px 20px;width:300px">
  2845. <p>The Mullen THREE, Commercial Class 3 EV Truck with Stake Body Upfit</p>
  2846. <figure> <img decoding="async" src="https://ml.globenewswire.com/Resource/Download/131be796-8faa-4c04-a365-e70f6c86bf9a" title="The Mullen THREE, Commercial Class 3 EV Truck with Stake Body Upfit" alt="Mullen recently received California HVIP approval on the THREE for $45,000 cash voucher at time of vehicle purchase." /><figcaption>Mullen recently received California HVIP approval on the THREE for $45,000 cash voucher at time of vehicle purchase.</figcaption></figure>
  2847. </p></div>
  2848. <p align="center"><b><i>$150 million capital infusion allows Mullen and Bollinger to operate and expand domestic and international commercial sales efforts</i></b></p>
  2849. <p align="center"><b><i>These commitments satisfy the Company’s capital needs over the next 13 months</i></b></p>
  2850. <p align="left">BREA, Calif., May 14, 2024 (GLOBE NEWSWIRE) &#8212; via IBN &#8212; <u>Mullen Automotive, Inc.</u> (NASDAQ: <u>MULN</u>) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announces today the Company has received a $100 million financing commitment from a family office and has sold up to an additional $50 million of senior secured convertible notes to family offices and high net worth investors. These commitments satisfy the Company’s capital needs over the next 13 months. The Company sold such investors $12.5 million in notes on May 14, 2024.  </p>
  2851. <p>With the $150 million funding commitment, the Company has enough cash and cash equivalents to fund operations over the next 13 months for both Mullen and Bollinger Motors, which includes Bollinger Motors B4 vehicle production. </p>
  2852. <p>Mullen has recently announced several advancements including, California Air Resource Board (CARB) HVIP approval on the Mullen THREE, Class 3 EV truck and providing up to $45,000 cash voucher at time of vehicle purchase. The Company has also recently expanded its commercial dealer network with the addition of Pritchard EV and National Auto Fleet Group. The new dealers are all leaders in commercial, fleet and EV sales and service with key U.S. markets added in the Midwest and West Coast. The Company also recently announced Foreign Trade Zone Status approval for its Tunica, Mississippi, commercial vehicle manufacturing center. FTZ approval provides a number of benefits, including deferment of duties owed and elimination of duties on exported vehicles.</p>
  2853. <p><strong>About Mullen</strong><br />Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of commercial electric vehicles (“EVs”) with two United States-based vehicle plants located in Tunica, Mississippi, (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. In September 2023, Mullen received IRS approval for federal EV tax credits on its commercial vehicles with a Qualified Manufacturer designation that offers eligible customers up to $7,500 per vehicle. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, are California Air Resource Board (CARB) and EPA certified and available for sale in the U.S. </p>
  2854. <p>To learn more about the Company, visit <u>www.MullenUSA.com</u>.</p>
  2855. <p><strong>Forward-Looking Statements</strong><br />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 &#8220;continue,&#8221; &#8220;will,&#8221; &#8220;may,&#8221; &#8220;could,&#8221; &#8220;should,&#8221; &#8220;expect,&#8221; &#8220;expected,&#8221; &#8220;plans,&#8221; &#8220;intend,&#8221; &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;predict,&#8221; &#8220;potential&#8221; 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, the anticipated timing of receipt of the funding, whether such funding will be sufficient to meet the needs of the Company and its affiliated entities for the anticipated period referenced or otherwise and the impact to the Company and its shareholders as a result of the Note sale and the funding. 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&#8217;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) 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.</p>
  2856. <p><strong>Contact</strong>:<br />Mullen Automotive, Inc.<br />+1 (714) 613-1900<br /><u>www.MullenUSA.com</u></p>
  2857. <p><strong>Corporate Communications:</strong><br />InvestorBrandNetwork (IBN)<br /> Los Angeles, California<br /> <u>www.InvestorBrandNetwork.com</u><br /> 310.299.1717 Office<br /> <u>Editor@InvestorBrandNetwork.com</u></p>
  2858. <p id="gnw_attachments_section-header"> <strong>Attachment</strong> </p>
  2859. <ul id="gnw_attachments_section-items">
  2860. <li> The Mullen THREE, Commercial Class 3 EV Truck with Stake Body Upfit </li>
  2861. </ul>
  2862. <p><img src='https://ml.globenewswire.com/media/MzkzMWVjZWYtMjlkOS00Zjg1LTkwY2UtMGU1OGYzZGM1OGMwLTUwMDA3NDUwOQ==/tiny/Mullen-Automotive-Inc-.png' referrerpolicy='no-referrer-when-downgrade' /></p>
  2863. ]]></content:encoded>
  2867. </item>
  2868. <item>
  2869. <title>SRIVARU (SVMH) Announces Successful Completion of EMC/EMI Testing for PRANA 2.0 Electric Vehicle</title>
  2870. <link>https://autoexcelsior.com/srivaru-svmh-announces-successful-completion-of-emc-emi-testing-for-prana-2-0-electric-vehicle/52383/</link>
  2872. <dc:creator><![CDATA[GlobeNewswire]]></dc:creator>
  2873. <pubDate>Tue, 14 May 2024 12:58:00 +0000</pubDate>
  2874. <category><![CDATA[Brand Post]]></category>
  2875. <guid isPermaLink="false">https://autoexcelsior.com/srivaru-svmh-announces-successful-completion-of-emc-emi-testing-for-prana-2-0-electric-vehicle</guid>
  2876.  
  2877. <description><![CDATA[<div style="margin-bottom:20px;"><img width="400" height="400" src="https://autoexcelsior.com/wp-content/uploads/2024/05/srivaru-svmh-announces-successful-completion-of-emc-emi-testing-for-prana-2-0-electric-vehicle.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://autoexcelsior.com/wp-content/uploads/2024/05/srivaru-svmh-announces-successful-completion-of-emc-emi-testing-for-prana-2-0-electric-vehicle.png 400w, https://autoexcelsior.com/wp-content/uploads/2024/05/srivaru-svmh-announces-successful-completion-of-emc-emi-testing-for-prana-2-0-electric-vehicle-300x300.png 300w, https://autoexcelsior.com/wp-content/uploads/2024/05/srivaru-svmh-announces-successful-completion-of-emc-emi-testing-for-prana-2-0-electric-vehicle-150x150.png 150w, https://autoexcelsior.com/wp-content/uploads/2024/05/srivaru-svmh-announces-successful-completion-of-emc-emi-testing-for-prana-2-0-electric-vehicle-100x100.png 100w" sizes="(max-width: 400px) 100vw, 400px" /></div>GRAND CAYMAN, Cayman Islands and COIMBATORE, India, May 14, 2024 (GLOBE NEWSWIRE) &#8212; SRIVARU Holding Limited (Nasdaq: SVMH; SVMHW) (“SRIVARU” or the “Company”), a provider of premium electric motorcycles, today announced that its flagship model, the PRANA 2.0, has successfully completed Electromagnetic Compatibility (EMC) and Electromagnetic Interference (EMI) testing, marking a significant milestone in the [&#8230;]]]></description>
  2878. <content:encoded><![CDATA[<div style="margin-bottom:20px;"><img width="400" height="400" src="https://autoexcelsior.com/wp-content/uploads/2024/05/srivaru-svmh-announces-successful-completion-of-emc-emi-testing-for-prana-2-0-electric-vehicle.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://autoexcelsior.com/wp-content/uploads/2024/05/srivaru-svmh-announces-successful-completion-of-emc-emi-testing-for-prana-2-0-electric-vehicle.png 400w, https://autoexcelsior.com/wp-content/uploads/2024/05/srivaru-svmh-announces-successful-completion-of-emc-emi-testing-for-prana-2-0-electric-vehicle-300x300.png 300w, https://autoexcelsior.com/wp-content/uploads/2024/05/srivaru-svmh-announces-successful-completion-of-emc-emi-testing-for-prana-2-0-electric-vehicle-150x150.png 150w, https://autoexcelsior.com/wp-content/uploads/2024/05/srivaru-svmh-announces-successful-completion-of-emc-emi-testing-for-prana-2-0-electric-vehicle-100x100.png 100w" sizes="(max-width: 400px) 100vw, 400px" /></div><p align="justify">GRAND CAYMAN, Cayman Islands and COIMBATORE, India, May 14, 2024 (GLOBE NEWSWIRE) &#8212; SRIVARU Holding Limited (Nasdaq: SVMH; SVMHW) (“SRIVARU” or the “Company”), a provider of premium electric motorcycles, today announced that its flagship model, the PRANA 2.0, has successfully completed Electromagnetic Compatibility (EMC) and Electromagnetic Interference (EMI) testing, marking a significant milestone in the vehicle&#8217;s development and regulatory compliance process.</p>
  2879. <p align="justify">The PRANA 2.0, a cutting-edge performance electric vehicle (EV) engineered with a focus on value, is currently undergoing testing requirements mandated by the Central Motor Vehicles Rules (CMVR). The successful completion of EMC/EMI testing marks a pivotal advancement in this regulatory process.</p>
  2880. <p align="justify">EMC/EMI testing ensures that electronic devices and systems, including electric vehicles, comply with regulatory standards regarding electromagnetic emissions and susceptibility. Achieving compliance in this area is particularly significant for electric vehicles like the PRANA 2.0, where the integration of advanced electronics and electrical systems is fundamental to its operation and performance.</p>
  2881. <p align="justify">Mohanraj Ramasamy, CEO of SRIVARU, commented, “This completion of EMC/EMI testing highlights our dedication to providing customers with high-quality, compliant electric vehicles. As we advance through the CMVR testing phase, and complete the remaining tests, it ensures the reliability and performance of the PRANA 2.0, strengthening our position in the swiftly evolving EV market.”</p>
  2882. <p align="justify">“SRIVARU remains steadfast in its dedication to innovation and excellence in EV technology. The PRANA 2.0 embodies this commitment, offering drivers an enticing blend of performance, value, and sustainability. Boasting cutting-edge features such as smart riding capabilities, unlimited connectivity with GPS access, a proprietary sequential braking system, and a 4-mode driving option including reverse for parking assistance, the PRANA 2.0 delivers unparalleled performance and range, thanks to our continuous technological advancements. PRANA 2.0 offers a personalized riding experience that fosters a unique connection between the rider and the machine, characterized by its Silent, Strong, &amp; Seriously fun nature. With the completion of EMC/EMI testing, we believe we are one step closer to introducing this state-of-the-art electric vehicle to the market.”</p>
  2883. <p align="justify"><strong>About SRIVARU Holding Ltd.</strong></p>
  2884. <p align="justify">SRIVARU is the parent company of SRIVARU Motor Private Ltd., a provider of premium e-motorbikes in India. SRIVARU was founded on the realization that while the rider-motorcycle relationship is deep and complex, it is in desperate need of innovation for the next generation of riders. SRIVARU provides affordable premium electric two-wheeled vehicles (“E2W”) that provide an exceptional riding experience with redundant 3-channel automated braking, a low center of gravity to improve stability, enhanced safety features, and easy charging compatible with home charging outlets. The company has a broad array of intellectual property, including a patent-pending chassis and drive acceleration system. In addition, SRIVARU offers customers a superior total cost of ownership, compared to traditional internal combustion engine motorcycles and E2W vehicle competitors. Additional information about the company is available at: http://www.srivarumotors.com/.</p>
  2885. <p align="justify"><strong>Forward Looking Statements</strong></p>
  2886. <p align="justify">This communication may contain a number of “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning SRIVARU’s possible or assumed future results of operations, business strategies, debt levels, competitive position, industry environment, potential growth opportunities and the effects of regulation, including whether the business will generate returns for shareholders. These forward-looking statements are based on SRIVARU’s management’s current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events. When used in this communication, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside SRIVARU’s management’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (a) the outcome of any legal proceedings that may be instituted against SRIVARU or others; (b) SRIVARU’s ability to continue to meet the Nasdaq’s listing standards; (c) the ability of SRIVARU to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (d) changes in applicable laws or regulations; (e) consumers’ willingness to adopt electric vehicles and electric motorcycles in particular; (f) the possibility that SRIVARU may be adversely affected by other economic, business and/or competitive factors, geopolitical conflicts, the effects of inflation and potential recessionary conditions; (g) SRIVARU’s execution of anticipated operational efficiency initiatives, including low-cost manufacturing and distribution, and financing arrangements; and (h) other risks and uncertainties indicated from time to time under “Risk Factors” in documents filed or to be filed with the SEC by SRIVARU. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and SRIVARU assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. SRIVARU does not give any assurance that it will achieve its expectations.</p>
  2887. <p><strong>Investor &amp; Media Contact </strong></p>
  2888. <p>Crescendo Communications, LLC <br />Tel: +1-212-671-1020<br />Email: ir@svmh.ai</p>
  2889. <p><img src='https://ml.globenewswire.com/media/N2ZjZDUxYTYtY2U5NS00Mjk2LWFhMGYtZWE1ZWQ3NmVjMGMzLTEyOTc0MDE=/tiny/SRIVARU-Holding.png' referrerpolicy='no-referrer-when-downgrade'/></p>
  2890. ]]></content:encoded>
  2894. </item>
  2895. <item>
  2896. <title>Project Red Phoenix Soars: ECD Automotive&#8217;s Defender 110 Lands in Denver, Colorado</title>
  2897. <link>https://autoexcelsior.com/project-red-phoenix-soars-ecd-automotives-defender-110-lands-in-denver-colorado/52385/</link>
  2899. <dc:creator><![CDATA[GlobeNewswire]]></dc:creator>
  2900. <pubDate>Tue, 14 May 2024 12:54:00 +0000</pubDate>
  2901. <category><![CDATA[Brand Post]]></category>
  2902. <guid isPermaLink="false">https://autoexcelsior.com/project-red-phoenix-soars-ecd-automotives-defender-110-lands-in-denver-colorado</guid>
  2903.  
  2904. <description><![CDATA[<div style="margin-bottom:20px;"><img width="1514" height="852" src="https://autoexcelsior.com/wp-content/uploads/2024/05/project-red-phoenix-soars-ecd-automotives-defender-110-lands-in-denver-colorado.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://autoexcelsior.com/wp-content/uploads/2024/05/project-red-phoenix-soars-ecd-automotives-defender-110-lands-in-denver-colorado.jpg 1514w, https://autoexcelsior.com/wp-content/uploads/2024/05/project-red-phoenix-soars-ecd-automotives-defender-110-lands-in-denver-colorado-300x169.jpg 300w, https://autoexcelsior.com/wp-content/uploads/2024/05/project-red-phoenix-soars-ecd-automotives-defender-110-lands-in-denver-colorado-1024x576.jpg 1024w, https://autoexcelsior.com/wp-content/uploads/2024/05/project-red-phoenix-soars-ecd-automotives-defender-110-lands-in-denver-colorado-768x432.jpg 768w" sizes="(max-width: 1514px) 100vw, 1514px" /></div>KISSIMMEE, Fla., May 14, 2024 (GLOBE NEWSWIRE) &#8212; ECD Auto Design, the world’s largest Land Rover and Jaguar restoration company known for its custom luxury builds, including bespoke Defenders, Range Rovers, Jaguar E-Types, and Ford Mustangs, proudly delivers Project Red Phoenix to its new Colorado home. The new 110 Defender is planned to see plenty [&#8230;]]]></description>
  2905. <content:encoded><![CDATA[<div style="margin-bottom:20px;"><img width="1514" height="852" src="https://autoexcelsior.com/wp-content/uploads/2024/05/project-red-phoenix-soars-ecd-automotives-defender-110-lands-in-denver-colorado.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://autoexcelsior.com/wp-content/uploads/2024/05/project-red-phoenix-soars-ecd-automotives-defender-110-lands-in-denver-colorado.jpg 1514w, https://autoexcelsior.com/wp-content/uploads/2024/05/project-red-phoenix-soars-ecd-automotives-defender-110-lands-in-denver-colorado-300x169.jpg 300w, https://autoexcelsior.com/wp-content/uploads/2024/05/project-red-phoenix-soars-ecd-automotives-defender-110-lands-in-denver-colorado-1024x576.jpg 1024w, https://autoexcelsior.com/wp-content/uploads/2024/05/project-red-phoenix-soars-ecd-automotives-defender-110-lands-in-denver-colorado-768x432.jpg 768w" sizes="(max-width: 1514px) 100vw, 1514px" /></div><p><img loading="lazy" decoding="async" alt="Red Phoenix Classic ECD Custom Defender" data-mce-style="display: block; margin-left: auto; margin-right: auto;" height="338" name="GNW_RichHtml_External_IMG" src="https://ml.globenewswire.com/Resource/Download/2d1fb9fc-e1d5-41e9-b395-4e1b20f839e4/image1.jpeg" style="display:block; margin-left:auto; margin-right:auto;" width="600" /></p>
  2906. <p>KISSIMMEE, Fla., May 14, 2024 (GLOBE NEWSWIRE) &#8212; ECD Auto Design, the world’s largest Land Rover and Jaguar restoration company known for its custom luxury builds, including bespoke Defenders, Range Rovers, Jaguar E-Types, and Ford Mustangs, proudly delivers Project Red Phoenix to its new Colorado home.</p>
  2907. <p>The new 110 Defender is planned to see plenty of adventure from towing a trailer for family camping trips to trekking up the Colorado mountains and with its LS3 430 HP 6.2L engine, Project Red Phoenix will pack plenty of power to take on any challenge. To further enhance its capabilities, the vehicle is outfitted with a 6-point external roll cage, top mounted spotlights, ladder, and 10,000 lb. capacity winch mounted on the front bumper.</p>
  2908. <p>The beauty of the Red Phoenix continues when you open the door and see all the luxurious accents and details from its Corbeau Trailcat seats to custom cluster. Its seats and interior material are wrapped in gorgeous brown leather, with black accents and stitched with tight diamond patterns, elevating its aesthetic appeal to a level beyond what could have ever been added on an OEM built vehicle. The attention to the finer details continues as you look forward at the MOMO custom brown leather wrapped steering wheel and Moal Bomber gauge cluster with custom details down to the painted Carmine Red faces to white number and needles. The details truly make this truck a showstopper.</p>
  2909. <p>Project Red Phoenix has several unique custom features that truly set it apart including its right-hand driver’s compartment, vintage black wood paneling, cargo flooring and hidden floor lockbox. The exterior is painted in a high gloss Tesla Red coat with the roof accented in Narvik Black.</p>
  2910. <p>Electronic upgrades include touchscreen user interface infotainment system coupled with JL audio speakers and 2 Kenwood slimline subwoofers. The truck also includes Bluetooth audio, USB chargers, cordless charging, backup camera and sensors, blind spot assistant, Apple CarPlay, and automatic headlights.</p>
  2911. <p>For those that would like to dream from the comfort of their own home, ECD has recently launched a new state of the art vehicle configurator where users can design their dream vehicle from any computer, tablet, or phone. This is just another step in our forward-thinking process as we continue to deliver industry-leading solutions. Check out our new vehicle configurator here.</p>
  2912. <p>For more information on how to build your own Land Rover Defender – 90, 110, 130 or Series IIA, Range Rover Classic, Jaguar E-Type or Ford Mustang, please visit ecdautodesign.com.</p>
  2913. <p><strong>Project Red Phoenix Vehicle Specifications and Images</strong></p>
  2914. <p>High-resolution images and video are <strong>HERE</strong>. </p>
  2915. <p>Model — Defender 110<br />Engine — GM 6.2L LS3 V8 engine<br />Transmission — 6 Speed Manual<br />Axles — Heavy Duty &#8211; Stock<br />Suspension — ECD Air Ride <br />Brakes — Alcon High Performance<br />Exhaust — Kahn – Sport Exhaust, Cross-Hairs, Black Tips<br />Steering &#8212; Right Hand Drive<br />Chassis Coating – Raptor Liner</p>
  2916. <p><strong>Exterior</strong></p>
  2917. <p>Paint Color — Tesla Red<br />Roof — Narvik Black<br />Wheel Spats, Grille, Light Surrounds – Narvik Black<br />Wheels — 20” Kahn Mondial Retro, Satin Black<br />Tires — BF Goodrich All Terrain, Black Walls Out<br />Checkers – Fender &amp; Door Sills, Black<br />Fender and Side Intake – Optimill Black<br />Handles, Hinges – Optimill Black<br />Grille – Land Rover Adventure<br />Bumper – Classic with Daytime Running Lights and Custom Winch Mount<br />Winch – 10,000 Lbs. Capacity<br />Roll Cage – 6-Point External<br />Additional Features — 2 LED Work Lights on Each Side of Rear Gate, 4 Round Spotlights, Swing Away Wheel Carrier, Roll Cage Mounted Ladder</p>
  2918. <p><strong>Interior</strong></p>
  2919. <p>Seat Layout — 2+2+4<br />Front Seats — Corbeau Trailcat, Wrapped in Bown Leather with Diamond Stitching in Middle Inserts<br />Middle Row Seats – Corbeau Trailcat, Wrapped in Bown Leather with Diamond Stitching in Middle Inserts<br />Load Area Seats — 4 Inward-Facing Jump Seats, Wrapped in Bown Leather with Diamond Stitching in Middle Inserts<br />Leather — Garrett Cadence Licorice (Black) and Caressa Saddle (Brown)<br />Seat Design — Small Vertical Diamond Stitch Pattern<br />Dash – Puma Wrapped Brown Leather with Black Accents<br />Steering Wheel — MOMO Prototipo with Black Spokes Wrapped in Custom Brown Leather<br />Gauges — Moal Bomber, Custom Painted Faces in Carmine Red, White Numbers &amp; Needles<br />Carpet — Black<br />Custom – Cargo Area Wood Paneling, Vintage Black, Hidden Floor Lockbox</p>
  2920. <p><strong>Audio &amp; Electronics</strong></p>
  2921. <p>Infotainment — Touchscreen Stereo System with Satellite Radio</p>
  2922. <p>Sound System — JL Audio with 2 Kenwood Slimline Subwoofers</p>
  2923. <p>Additional Features — 4 USB Ports, Wireless Charger, Backup Camera and Sensor, Automatic Headlights, Bluetooth, CarPlay, Remote Start, 110 V Outlet, Power Front Windows, Blind Spot Assistant, Tire Pressure Monitoring System, Digital Rear View Mirror</p>
  2924. <p><strong>About ECD Auto Design</strong><br />ECD, a public company trading under ECDA on the Nasdaq, is a creator of restored luxury vehicles that combines classic English beauty with modern performance. Currently, ECD restores Land Rover Defenders, Land Rover Series IIA, the Range Rover Classic, Jaguar E-Type, and the Ford Mustang. Each vehicle produced by ECD is fully bespoke, a one-off that is designed by the client through an immersive luxury design experience and hand-built from the ground up in 2,200 hours by master-certified Automotive Service Excellence (“ASE”) craftsmen. The company was founded in 2013 by three British “gear heads’ whose passion for classic vehicles is the driving force behind exceptionally high standards for quality, custom luxury vehicles. ECD’s global headquarters, known as the “Rover Dome,” is a 100,000-square-foot facility located in Kissimmee, Florida that is home to 90 talented craftsmen and technicians, who hold a combined 61 ASE and five master level certifications. ECD has an affiliated logistics center in the U.K. where its seven employees work to source and transport 25-year-old work vehicles back to the U.S. for restoration. For more information, visit www.ecdautodesign.com.</p>
  2925. <p><strong>Media Contact</strong><br />Mike Whittaker<br />Public Relations &amp; Content Manager<br />michaelw@ecdautodesign.com<br />407-334-0943</p>
  2926. <p><strong>Investor Contact:</strong><br /><strong>Brian M. Prenoveau, CFA</strong><br />MZ Group | Managing Director – MZ North America<br />Direct: 561-489-5315<br />Mobile: 561-374-0177<br />brian.prenoveau@mzgroup.us</p>
  2927. <p>A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2d1fb9fc-e1d5-41e9-b395-4e1b20f839e4</p>
  2928. <p><img src='https://ml.globenewswire.com/media/MzdhMTJlNzEtZGY3Zi00ZjcxLThkMzUtZmVmNWY2ZWQ1NzkzLTEyMTM2NzQ=/tiny/E-C-D-Automotive-Design.png' referrerpolicy='no-referrer-when-downgrade' /></p>
  2929. ]]></content:encoded>
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