From Yahoo Finance: 2025-06-05 13:15:00

Mullen Automotive CEO David Michery revealed the company paid $11 million to Bollinger Motors founder Robert Bollinger. The electric truck startup has emerged from court receivership with additional financial aid from Mullen. Mullen acquired 21% of Bollinger, bringing its ownership to 95%.

Bollinger Motors was discharged from federal court receivership, with the case dismissed with prejudice. Mullen Automotive CEO Michery expressed commitment to the electric vehicle startup despite financial challenges. Production of Class 4 trucks is set to resume in eight to 10 weeks, with staffing to increase in anticipation of higher demand.

Mullen plans to consolidate its engineering base in California to its tech center near Detroit. CEO Michery aims to have all operations in Michigan. Mullen will focus on cleaning up Bollinger Motors’ supply chain and paying off debts to suppliers, including contract manufacturer Roush.

Despite financial losses, Mullen Automotive retains liquidity with a $150 million equity line. A recent reverse stock split aimed to meet Nasdaq requirements. Financial adviser Alex Calderone viewed the move as cosmetic, not addressing underlying business issues.

Mullen Automotive’s stock value tripled in a day, exceeding $16 per share, as the company aimed to revive Bollinger Motors. Michery expressed confidence in the company’s future. The company’s financial troubles continue, with losses in the first quarter and the loss of a factory in Indiana.

Read more: Electric truck startup Bollinger exits court receivership after paying back founder who sued