11:24 AM EDT, 06/02/2025 (MT Newswires) -- Mullen Automotive ( MULN ) said Monday that it has acquired an additional 21% stake in Bollinger Motors, increasing its interest in the subsidiary to 95%.

The company said the transaction raises shareholder equity by about $3.5 million, "extinguishes significant debt," and gives it full control of Bollinger Motors. Mullen also said it expects "significant synergies" from the integration of Bollinger's capabilities into its electric vehicle group.

Bollinger will continue to operate as an independent majority subsidiary of Mullen Automotive ( MULN ), according to the statement.

Shares of Mullen Automotive ( MULN ) were down more than 33% in recent Monday trading.

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