Latest news with #DavidMichery
Hamilton Spectator
a day ago
- Automotive
- Hamilton Spectator
Mullen Automotive Inc. Changes Name to Bollinger Innovations, Inc. Effective Today
BREA, Calif., July 28, 2025 (GLOBE NEWSWIRE) — via IBN – Bollinger Innovations, Inc. (Nasdaq: BINI) ('Bollinger Innovations' or the 'Company'), an electric vehicle ('EV') manufacturer, today announces that the Company's previously announced name change from Mullen Automotive Inc. to Bollinger Innovations, Inc. is effective July 28, 2025. The Company's Nasdaq stock symbol change to BINI is effective as of the market open on the same date. The CUSIP number for the Company's common stock is not affected by the name or stock symbol change. The Company's name and stock symbol change has no affect on the Company's legal structure or business operations. Stockholders are not required to take any actions in connection with these changes. 'Our transition to Bollinger Innovation is complete and we now have commercial Class 1, 3 and 4 under one unified brand,' said David Michery, CEO and chairman of Bollinger Innovations, Inc. About Bollinger Innovations, Inc. Bollinger Innovations, Inc. (NASDAQ: BINI), effective July 28, 2025, and formerly, Mullen Automotive Inc. (Nasdaq: MULN), is a Southern California-based automotive company building the next generation of commercial electric vehicles ('EVs') with U.S. based vehicle manufacturing located in Tunica, Mississippi. As of January 2024, both the ONE, a Class 1 EV cargo van, and 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. The Company's commercial dealer network consists of seven dealers, which includes Papé Kenworth, Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, Eco Auto, and Randy Marion Auto Group, providing sales and service coverage in key West Coast, Midwest, Pacific Northwest, New England, and Mid-Atlantic markets. In September 2022, Bollinger Motors, of Oak Park, Michigan, became a majority-owned EV truck company of Bollinger Innovations. Bollinger Motors has passed numerous milestones including its B4, Class 4 electric truck production launch on Sept. 16, 2024, and the development of a world-class dealer network with over 50 locations across the United States for sales and service support. To learn more about the Company, visit . Forward-Looking Statements 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 'continue,' 'will,' 'may,' 'could,' 'should,' 'expect,' 'expected,' 'plans,' 'intend,' 'anticipate,' 'believe,' 'estimate,' 'predict,' 'potential' 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 Bollinger Innovations and are difficult to predict. Examples of such risks and uncertainties include but are not limited to Bollinger Innovations plan and timeframe related to changing its Company name and stock symbol. Additional examples of such risks and uncertainties include but are not limited to: (i) Bollinger Innovations ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Bollinger Innovations ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Bollinger Innovations ability to successfully expand in existing markets and enter new markets; (iv) Bollinger Innovations 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 Bollinger Innovations business; (viii) changes in government licensing and regulation that may adversely affect Bollinger Innovations business; (ix) the risk that changes in consumer behavior could adversely affect Bollinger Innovations business; (x) Bollinger Innovations 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 Bollinger Innovations with the Securities and Exchange Commission. Bollinger Innovations anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Bollinger Innovations 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 Bollinger Innovations plans and expectations as of any subsequent date. Contact: Bollinger Innovations, Inc. +1 (714) 613-1900 Corporate Communications IBN Austin, Texas 512.354.7000 Office Editor@
Yahoo
5 days ago
- Automotive
- Yahoo
Mullen Automotive Rebrands To Bollinger Innovations
Mullen Automotive (NASDAQ:MULN) stock dropped on Thursday as it announced it would officially change its name to Bollinger Innovations, effective July 28, 2025. On the same day, the company's common stock will begin trading on the Nasdaq Capital Market under the new ticker symbol BINI. The CUSIP number for the stock will remain unchanged. The company confirmed that this name and ticker update will not affect its legal structure or business operations, and shareholders do not need to and Chairman David Michery said the move represents more than a rebranding. 'We are bringing our products and brands together under one strong and unified identity, ready to service the commercial vehicle industry.' Last week, Mullen announced restructuring plans by merging its operations with subsidiary Bollinger Motors, rebranding as Bollinger Innovations, and updating its Nasdaq ticker symbol before August 15, 2025. The company shared plans to centralize commercial vehicle operations in Oak Park, Michigan, and consolidate all sales, marketing, and service under the Bollinger brand to streamline operations and boost financial efficiency. Since early 2025, Mullen has cut 155 jobs and expects to save at least $35 million annually. Executives said the move will eliminate redundant roles and focus resources on its core Class 1, 3, and 4 electric commercial vehicle offerings, including the Mullen ONE, Mullen THREE, and Bollinger B4. Mullen stock has plunged 100% year-to-date as it grappled with financial losses and a lack of consistent growth in the competitive EV market. In 2025, it completed three reverse stock splits—on February 18, April 11, and June 2—to meet Nasdaq's $1 minimum bid price requirement. Each split reduced the number of outstanding shares. Additional headwinds could come from the U.S. regulatory landscape. The U.S. House of Representatives passed President Donald Trump's 'Big Beautiful Bill,' eliminating the $7,500 tax credit for new U.S.-made EVs. The tax credit will expire on September 30, leading some automakers to start raising electric vehicle prices in anticipation. However, the company also has its share of promises. On June 3, Mullen announced plans to relaunch its FIVE RS EV Crossover in Germany this December, after completing 800-volt battery testing in Munich. The company will begin on-road testing next and plans to expand sales to the EU, UAE, and South Africa in 2026. To support international growth, Mullen partnered with German firm FPF to ensure high-quality production before entering the U.S. market. On June 25, Mullen revealed it would begin accepting Bitcoin and TRUMP Coin for EV purchases, aiming to attract crypto-enthusiasts and politically engaged consumers while boosting brand exposure through meme coin culture. Price Action: MULN shares are trading lower by 17.80% to $0.062 at last check Thursday. Photo via Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article Mullen Automotive Rebrands To Bollinger Innovations originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Yahoo
17-07-2025
- Automotive
- Yahoo
California EV maker to consolidate with Bollinger Motors in Michigan under new name
Mullen Automotive Inc. is putting all of its chips on Bollinger Motors Inc., consolidating operations with the electric truck startup and moving business functions from the West Coast to metro Detroit. The Brea, Calif.-based parent company of Bollinger is moving commercial vehicle operations to Detroit suberb Oak Park and combining Mullen and Bollinger sales, marketing and service operations, the company announced Tuesday. The company will be renamed Bollinger Innovations and update its NASDAQ ticker symbol by Aug. 15. Sign up for the weekly Automotive News Mobility Report newsletter for the latest developments at the intersection of transportation and technology. Mullen was trading at 11 cents per share on July 15, a precipitous decline from a month ago when a second reverse stock split briefly sent its share value climbing. As part of its consolidation, the company touted cash conservation efforts, including the elimination of 155 jobs since January and a $35 million reduction in operating expenses. 'These essential measures position the Company for growth in a challenging environment while working towards becoming cash flow positive,' Mullen CEO David Michery said in a news release. The CEO hinted at the move last month when he told Automotive News affiliate Crain's Detroit Business that Mullen would close its engineering base in Irvine, Calif., and consolidate it to the company's tech center in Troy, where 40-50 employees would be added. 'I want all engineering, all manufacturing, everything in the state of Michigan,' he said at that time. Crain's Detroit inquired with the company about what its footprint will be in Michigan and California following the consolidation. Bollinger's business has sputtered in recent months. The manufacturer of Class 4 electric trucks was forced into receivership after founder and former CEO Robert Bollinger sued the company, seeking to recoup an $11 million loan. While the company exited receivership, it faces major challenges around demand and governmental EV rollbacks. Send us a letter to the editor Have an opinion about this story? Tell us about it and we may publish it in print. Click here to submit a letter to the editor. Sign in to access your portfolio
Yahoo
15-07-2025
- Automotive
- Yahoo
EV Maker Mullen Automotive Rebrands To Bollinger Innovations
Mullen Automotive, Inc. (NASDAQ:MULN) shares moved lower on Tuesday after the electric vehicle maker announced a consolidation of its business and a forthcoming rebrand to streamline operations and improve financial efficiency. The company revealed plans to merge operations with its subsidiary Bollinger Motors, adopt a new corporate name, Bollinger Innovations, and update its NASDAQ ticker symbol prior to August 15, 2025. The restructuring involves centralizing its commercial vehicle operations in Oak Park, Michigan, and consolidating all sales, marketing, and service divisions under the Bollinger the beginning of 2025, Mullen said it has reduced its workforce by 155 positions and expects to cut operating expenses by at least $35 million annually. Executives say the consolidation eliminates duplicative functions and focuses resources on the company's core offerings in the Class 1, 3, and 4 electric commercial vehicle segments. "After the consolidation, we are laser focused and confident we will drive our products into the market while being fiscally responsible under one unified brand," said Jim Connelly, Chief Revenue Officer of Bollinger Motors. Jonathon New, Chief Operating Officer of Mullen Automotive, emphasized that the move would unlock substantial savings across sales, engineering, and operations. David Michery, CEO and Chairman of Mullen, added the changes are essential for scaling toward profitability. The updated lineup includes the Mullen ONE, a Class 1 electric cargo van, and the Mullen THREE, a Class 3 cab chassis EV truck, both fully certified under U.S. safety and emissions regulations. Meanwhile, Bollinger's B4 Chassis Cab, an all-electric Class 4 truck, boasts a 158-kWh battery pack, 185-mile range, and payload capacity of 7,325 pounds. Executives noted the company anticipates meaningful sales orders this fiscal quarter. Price Action: MULN shares are trading lower by 5.7% to $0.1109 at last check Tuesday. Read Next:Photo by Ringo Chiu via Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? This article EV Maker Mullen Automotive Rebrands To Bollinger Innovations originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Yahoo
09-06-2025
- Automotive
- Yahoo
Mullen CEO David Michery doubles down on commercial EVs after buying out Bollinger
DETROIT — After speaking with Mullen Automotive CEO David Michery for close to an hour, you get the impression he would be a formidable poker player. If there's the slightest chance that he holds the winning cards, no matter what's face up on the table, he's not likely to fold. And that's the way Michery, 58, is approaching his financially challenged electric vehicle startup, Mullen Automotive of Brea, Calif. Michery sat down with reporters from Automotive News and Crain's Detroit Business on June 4 at Mullen subsidiary Bollinger Motors' headquarters in Oak Park, Mich. Michery didn't flinch or give an inch under tough questions that probed his company's finances and why he remains determined to crank up production of EVs when the business case that justified their investment has, in part, been upended by tariffs and changing government policies. Sign up for the weekly Automotive News Mobility Report newsletter for the latest developments at the intersection of transportation and technology. Dressed in a black T-shirt and weathered blue jeans, wearing a gold watch and showing a smattering of colorful tattoos on his arms, Michery doesn't look like a traditional automotive CEO. He doesn't act like one, either. In the last 60 days, after Mullen stock twice sank to less than a nickel a share, Michery orchestrated two reverse stock splits to keep Mullen Automotive's shares in Nasdaq compliance. He gave away an unused 675,000-square-foot plant in Indiana to a creditor — which Mullen got in 2022 in its $240 million purchase of bankrupt Electric Last Mile Solutions, another failed EV startup. On June 3, Michery settled a lawsuit filed by Bollinger Motors founder Robert Bollinger, paying him $11 million and acquiring 95 percent of the company's shares. Michery essentially runs both Mullen Automotive and Bollinger Motors on the generosity of an unnamed benefactor who cuts a check for $1.5 million per week to the company and a $150 million line of credit that the company draws upon. That investor's total cash infusion into Mullen is more than $800 million, according to court documents. Michery believes the difficult market for EVs is temporary and his strategy is to wait out the tariff negotiations while positioning Mullen and Bollinger for big production increases. Virtually all Mullen and Bollinger vehicles contain significant Chinese-sourced components. Here is an edited transcript of the interview with Automotive News Reporter Richard Truett and Crain's Detroit Business Reporter Kurt Nagl. A: A lot of those losses are noncash losses. There's no excuse. EVs are out of favor right now. We have invested about $900 million since going public in 2021. The company has survived when no one else has. It's a testament to our resiliency and our ability to withstand the most awful market conditions in the last 20 years. It's no excuse for [our] performance, but if you look at the major OEMs, like General Motors and them shutting down the [Chevrolet] Bolt, that should tell you all you need to know. Backing off of EVs is something we haven't done, and we believe that is a viable space. Our core investor is a multibillionaire who is committed to the company. It's not going to go nowhere. I am a fighter. I don't give up. I like to believe that you have to kill me to stop me. The whole purpose of me buying Bollinger for $148.2 million initially and then investing another $77 million was because I believe in the B1 and the B2. This was never about a commercial vehicle, the B4. When I bought the company, it was about B1 and B2. I still stand firm and believe there is a big market for the B1 and B2 at some point in time. But we have to crawl before we walk and walk before we run. We are going to establish the commercial business, not only on the Bollinger side with the B4 and the B5, but on the Mullen side with the Class 1 and Class 3. We believe we will monopolize the commercial segment. I am determined to move Bollinger forward. I believe in the product. I believe in American engineering. Here in Detroit is the foundation of the electric car business, in general. Bollinger is, in my opinion, one of those brands that, realistically, will outlast everyone. We are banking our bet on Bollinger and their products because it is American engineered, American built and it is done here, in the great state of Michigan. To be clear, Bollinger was paused temporarily. The company is in the process of ramping production back up. We believe we will be in position to deliver new, upgraded vehicles within a 10-week period. We have over 40 vehicles in inventory that are ready to go to customers. We are working on cleaning up Bollinger's supply chain. We are also looking at getting the B5 ready. We are looking at all our best opportunities to give us maximum potential to not disrupt manufacturing. But, more importantly, scale to a level where I believe this is going to become a hot commodity. I want to produce hundreds of thousands of these [B4s]. In order to do that, you have to have the mechanism to go into high volume production. Roush. Let's be real. It's a low-volume manufacturing line. I want to move to high-volume production. That may be at Roush. Maybe I will acquire a high-volume manufacturing facility that could support ramping high-volume production for B4 and B5. There's a story behind that. You can't blame Bollinger for the current market. And you can't blame Bollinger for tariffs. And you can't blame Bollinger for Robert Bollinger filing this frivolous lawsuit. That hurt the company. But we have to set a clear narrative that Bollinger is going to move aggressively forward. It has customers. It has support. And it has a great product. There's a demand for the product and we will prove that. We have a $150 million equity line of credit. We've had it for about six months and we've only used about $1 million. That's an instrument that allows us to use our stock as currency. Picture that as a credit card. Mullen has a $150 million credit card that it can use at will. There's also three instruments that are preferred that total $80 million. We have another $80 million of firm, committed capital that we draw down on. We're like everyone else running our cash flow based on … again, we draw down on our instrument. We pay when we pay. Typically, we try to pay people within 30 [days], and we have been. We are no different than General Motors. Ask GM what is the timing of their [accounts payable]. Probably 60-90 days. We are paying people. We are still producing. We still own our factory. We have no debt against us. We are in a much better position than everyone else because we don't owe anything on what we own. Founded: 2021 CEO: David Michery Company headquarters: Brea, Calif. Plants: Tunica, Miss.; contract manufacturer, Roush Enterprises, Livonia, Mich. Products on sale: Bollinger B4 electric chassis cab; Mullen One electric cargo van; Mullen Three Class 3 commercial electric truck; Mullen Campus compact electric cargo van Products in development: Bollinger B1 and B2 consumer off-road utility electric vehicles; B5 and B6 chassis cab electric commercial trucks; Mullen Five electric crossover Financials: $7.9 million in revenue for 6-month period ending March 31; $162 million net loss; $2.3 million cash on hand Have an opinion about this story? Tell us about it and we may publish it in print. Click here to submit a letter to the editor.
