01:32 PM EDT, 06/04/2025 (MT Newswires) -- Mullen Automotive ( MULN ) shares were soaring Wednesday after the company raised a total of about $14.4 million via two securities purchase agreements it entered with certain investors, according to a regulatory filing.

In the first agreement, the company issued notes amounting to about $11.6 million and five-year warrants exercisable on a cash basis for roughly 1.7 million common shares.

In the second deal, Mullen Automotive ( MULN ) issued notes amounting to roughly $2.8 million and five-year warrants exercisable on a cash basis for 387,969 common shares, according to the filing.

The notes accrue interest at an annual rate of 15%, have an original issue discount of 5% and mature four months from the issuance date, the company said in the filing.

Price: 22.11, Change: +16.72, Percent Change: +310.20