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Thursday, June 1, 2023

Lawrence Hardge Says Major Announcement Coming between Friday and Monday (Mullen MAEO)

Mullen Automotive Inc (NASDAQ: MULN) – In a response asking Mr. Lawrence Hardge to update investors on the deal that he previously stated would be announced in May and if his team was still in Saudi Arabia, Mr. Hardge stated that: “Good news this week. They are still there. Announcement will be made between Friday and Monday. Everybody will be so proud and happy.” This is good news for Mullen shareholders who are looking for a positive catalyst to turn things around. Last week Mr. Hardge stated that there will be multiple deals coming out of the Middle East this month. In addition, some major announcements with a major international automotive company as well in another region of the world. Mr. Hardge has previously stated that May is going to be a big month. 

In late breaking news: Mr. Lawrence Hardge spoke to Financial Journey on YouTube Wednesday and according to Cal, Lawrence stated there definitely is a deal that will be announced between Friday and Tuesday. Currently Mr. Hardge’s team is in Saudi Arabia negotiating the final touches on the Saudi deal and Mr. Hardge himself will be headed out to Saudi Arabia next week. Notably, Mr. Hardge stated that Mullen will get half of the Saudi deal so it will be under MAEO and potential revenues from the deal to Mullen would be 10x current revenues presumably the $279 million in orders from Randy Marion Group, He also confirmed they will be building a new battery manufacturing facility as part of the Saudi deal in the US probably in Indiana or Michigan where Mullen has already established facilities. 

Investors are also waiting on more information on the $10 billion Saudi deal which Mr. Hardge has stated is in the final stages of negotiations with just details such as territories being worked out now. Mr. Hardge has spoken frequently of the Saudi deal and even appeared in a live stream with several investors from Saudi Arabia. According to Mr. Hardge, the deal could be significantly bigger than just $10 billion and would include an EV battery technology manufacturing facility in the US under the 51% Mullen owned MAEO subsidiary as well as potentially getting MAEO listed on the Saudi stock exchange. We will be updating on MULN when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.

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The timing is perfect for Mullen to announce a number of big deals coming out of the middle east. It is encouraging to know Mr. Hardge’s team is in Saudi Arabia right now presumably negotiating the final details of the $10 billion Saudi deal. Mullen has been hit hard in recent days as the stock hit all-time lows of $0.80 per share fueled by an aggressive short position that has incased its position to well over 25 million shares as off-exchange volume rises significantly. There is also an additional 20 million shares that came into the market, most likely from the Esousa Holdings, Acuitas Capital $90 million SPA which is convertible into common stock. 

While Mullen has seen significant declines in recent days the stock is heading for a major reversal northbound as it has done many times in the past. For example; on February 24, 2022 after months of downward pressure Mullen reversed off $0.52 ($13 post-split) and rocketed up to a high of $4.16 ($104) post-split for a 900% run in 3 weeks. At current market valuation of about $140 million, Mullen is trading as if the Company will fail, at a fraction of the billion-dollar valuations other EV Company’s trade at, some of whom are also pre-production. Far from failing however, Mullen is thriving, as of April 30, 2023, the Company had approximately $116.1 million in cash available for operations and investment and they have another $45 million coming from Esousa Holdings, Acuitas Capital on July 12, plenty of money to enter into mass production of the M3 in Tunica starting in July. 

Mullens planned entry into production of the M3 in Tunica will fundamentally transform the Company and the market will be forced to reevaluate Mullen. The Company is well positioned to enter into mass production with an estimated $160 million war chest. According to Mullen they recently completed transferring commercial vehicle equipment from Indiana to Tunica and they have also commissioned an e-coat and paint facility for readiness to paint early prototypes as well as installed fiber optics, new servers and security systems to support volume manufacturing. Mullen has also invested in automated guided vehicles to transport vehicles through plant, installation of robots, water test booth and end-of-line diagnostics. The Company has hired 35 additional plant staff to begin production and anticipates deliveries and revenue from the Class 3 truck in August and September 2023.   

As we have reported on numerous times in the past, both Mullen and Lawrence Hardge are on the cutting edge of battery technology. Recently they formed a new subsidiary, MAEO that is 51% owned by Mullen, and 49% owed by Mr. Hardge’s Company EV Technologies which holds Mr. Hardge’s revolutionary battery technology Energy Management Module EMM that according to Mullen’s own testing dramatically increases the efficiency and driving range of any current EV battery. Mullen has reported numerous times that the Company’s Class 1 EV Cargo Van at its Troy, Michigan, facility showed a 75% increase in range for the 42-kWh lithium-ion battery pack, which would be a calculated EPA estimated range of 186 miles. Vehicle testing of a high-volume OEM electric vehicle by Element also resulted in a calculated increase in range from 269 to 431 miles, representing a 60% increase in efficiency. Mullen plans to integrate the EMM technology on all Mullen commercial and consumer vehicle programs.  

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Recently Mullen announced the $680,000 contract to install 40 Chevy Bolts on the D.C. city government’s vehicle fleet with the District of Columbia, Washington, D.C., EV Technologies’ team and Mullen engineers were onsite in DC earlier this month to install the EMM units. 

David Michery has positioned Mullen to be a leader in the EV battery space starting with the acquisition of CODA who was an EV battery innovator for years back in the early Tesla days giving them a significant advantage. Currently Mullen has 2 facilities in Monrovia and in Detroit 100% focused on EV battery technology and Mullen engineers have already created solid-state polymer batteries that are 100% resistant to fire and when installed in the Company’s FIVE RS on an 800-volt architecture, the car has 1,100 horsepower and goes from 0 to 60 in 1.7 seconds. Mullen Lithium-Sulfur batteries use the same manufacturing equipment as Lithium-Ion, but with simpler steps and a smaller factory footprint, resulting in less than half the cost to manufacture. Mullen is actively developing the next generation of electric vehicle batteries, including advanced technology like Lithium-Sulfur and Solid State. 

Like Mullen, Lawrence Hardge has been a battery innovator all his life growing up in his hometown Vicksburg, Mississippi. He currently holds over 120 intellectual prototypes as well as numerous patents and trademarks and some of his previous inventions such as the Knock Out 360 Fire Extinguisher has been featured by mainstream media and was sold on national TV infomercials. It is important to note that Mr. Hardge was successful in his own right long before the $5 million deal with Mullen. Mr. Hardge has been focused on giving back to his community and recently purchased a building in downtown Vicksburg. 

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Mullen Automotive is a Southern California-based EV automaker currently set to enter mass production of its M3 van in Tunica, Mississippi starting in July. The Company is led by experienced dealmaker David Michery who made millions in Hollywood on Baywatch which became a number 1 show and as a Music producer. As CEO of Mullen, he has quickly expanded the Company through the acquisitions of CODA, ELMS, and Bollinger acquiring 2 vehicle manufacturing facilities in Mississippi and Indiana as well as the 2 facilities in Monrovia and in Detroit 100% focused on EV battery technology. Mullen has already received $279 million in purchase orders for Mullen Class 1 and Class 3 EV Vans and Trucks from Randy Marion Automotive Group. Mullen has a lot of irons in the fire here including the Menzies pilot program for the M1 vans at LAX, the I-Go commercial EV’s in Europe as well as the deal with Rapid Response Defense Systems (RRDS), a major government contractor to fast-track U.S. Federal Government opportunities for potential large-scale vehicle fleet orders just to name a few. While Mullen may have 25 million shorts hoping the Company will fail, they do have an enormous base of investors as well as over 200 institutional funds betting Mullen will be a big winner.  We will be updating on MULN when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.

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Disclosure: we hold no position in MULN either long or short and we have not been compensated for this article.

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