Mullen Automotive Delays 10-K Filing, Blaming Bollinger, ELMS Valuation Calculations
Mullen Automotive (NASDAQ: MULN) has formally filed for a delay in submitting its Form 10-K to the Securities and Exchange Commission.
The filing, made on Friday, notes that as a result of its acquisition from Bollinger Motors and ELMS it is “in the process of completing valuations related to the assets,” which caused the delay in the filing. The company has stated the required filings will be made within the allotted fifteen-day extension period.
The reference to both Bollinger and ELMS, short for Electric Last Mile Solutions, asset values, suggests that write-downs are coming for the full year financial results.
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Mullen acquired a 60% majority stake in September 2022, while it fully acquired the ELMS assets in November 2022. At the time, Mullen paid $148.2 million for its interest in Bollinger, and months later paid $105 million for the ELMS assets.
Mullen Automotive last traded at $14.29 on the Nasdaq, following a 1-for-100 reverse split that was carried out December 21.
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