Mullen Technologies Inc., an emerging electric vehicle (“EV”) manufacturer, which previously announced a definitive agreement to merge with Net Element (NASDAQ: NETE) in a stock-for-stock reverse merger, today announced that it is accepting preorders for its newest EV vehicle. The MX-05 fully electric, all-wheel drive SUV is slated for delivery to customers beginning Q2 2022. NETE and Mullen have announced a definitive agreement to merge in a stock-for-stock reverse merger in which Mullen’s stockholders will receive a majority of the outstanding stock in the post-merger company. In addition, Mullen has begun construction on its preproduction facility, located in Monrovia, California. The manufacturing facility is scheduled to be fully operational by mid-2021, with preproduction work on the MX-05 slated to follow in Q3 2021. Mullen’s five-passenger MX-05 pure electric all-wheel drive SUV offers a range of 325 miles with a 0 to 60 mph time of 3.2 seconds.
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About Net Element Inc.
Net Element operates a payments-as-a-service transactional and value-added services platform for small to medium enterprises (“SMEs”) in the United States and selected emerging markets. In the United States, NETE aims to grow transactional revenue by innovating SME productivity services using blockchain technology solutions and Aptito, the company’s cloud-based restaurant and retail point-of-sale solution. Internationally, Net Element’s strategy is to leverage its omnichannel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions. Net Element was ranked as one of the fastest-growing companies in North America on Deloitte’s 2017 Technology Fast 500(TM). In 2017, the company was recognized by “South Florida Business Journal” as one of 2016’s fastest-growing technology companies. For additional information about the company, visit www.NetElement.com.
NOTE TO INVESTORS: The latest news and updates relating to NETE are available in the company’s newsroom at http://ibn.fm/NETE
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