- NETE plans to divest payments processing model to enter EV industry through proposed merger with privately-held Mullen Technologies Inc.
- Merger allows Mullen stakeholders to obtain majority of stock while accelerating process of taking company public, funding US expansion
- Mullen accepting reservations for Dragonfly K50 sports car and MX-05 SUV, production for both projected to start in 2021
- California-based Mullen subsidiaries include Mullen Energy, Mullen Auto Sales, Mullen Finance Corp., CarHub digital marketplace
Future generations may look back and wonder how humanity withstood the exhaust fumes, noise and environmental degradation created by fossil fuel engines. The downsides of combustible engines, rising fuel prices and positive government incentives are all factors driving EVs into the mainstream – and some experts predict purely electric models will surpass hybrids during the transition. Net Element (NASDAQ: NETE), through its proposed merger with Mullen Technologies, is planning to divest its payments processing business model to enter the burgeoning EV industry. The strategic move will allow the stakeholders of privately held Mullen to gain a majority of the new stock while catalyzing the process of taking the company public and accelerating its expansion in the United States.
The bold move comes at a time of rapid industry expansion amid growing concern for the environment among the general public and policy-makers. Falling battery prices, government mandates and…
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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