Mullen Automotive gives Bollinger financial lifeline
Mullen Automotive has increased its share of electric truck maker Bollinger, gaining an additional 21% ownership and regaining full control of the company.
Bollinger will continue to operate as a majority-owned Mullen subsidiary, and Mullen will provide full financial backing on sales, service, and warranty support. The investment allows Bollinger to clear up “significant” debt.
It will now ramp up sales activity while consolidating and streamlining operations, the companies announced in a release. Bollinger was under court-ordered receivership before securing the investment.
“This is an important moment for both Mullen Automotive and Bollinger Motors,” said David Michery, CEO and chairman of Mullen Automotive and Bollinger Motors. “Our investment in acquiring the vast majority of remaining shares and resolving certain significant outstanding debt demonstrates our belief in and continued commitment to Bollinger’s vehicle lineup and future.”
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