Net Element (NASDAQ: NETE) is transforming its business model to enter the electric vehicle (“EV”) industry through a reverse-merger with California-based Mullen Technologies Inc. The strategic move positions the company to benefit amid the dropping price of EV batteries, which has decreased 87% in less than a decade (https://ibn.fm/GRCa9) and is projected to drop even further due to technological innovations destined to make EVs a viable alternative to gas-powered vehicles. A recent article discussing this reads, “Mullen Technologies is already well on its way to making substantial progress on battery technology through subsidiary Mullen Energy. Along with Mullen Auto Sales, Mullen Finance Corp. and a digital marketplace called CarHub, Mullen is well-positioned to expand its footprint in the United States with plans to expand and construct new production facilities that will bring thousands of jobs to the country.”
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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 enterprise (“SME”) in the U.S. and selected emerging markets. On Aug. 5, 2020, Net Element announced the execution of a definitive agreement to merge with privately-held Mullen Technologies Inc. (“Mullen”), a Southern California-based electric vehicle company 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 (the “contemplated merger”). That contemplated merger is subject to customary closing conditions, regulatory approvals and shareholder approval for both companies. For additional information, visitwww.NetElement.com.
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