10:36 AM EDT, 08/26/2024 (MT Newswires) -- Mullen Automotive ( MULN ) said Monday it has secured a $210 million agreement with Volt Mobility to supply 3,000 Class 1 and Class 3 electric cargo vans and trucks over the next 16 months.

Under the agreement, Mullen will receive $3 million within the first 60 days, followed by additional payments as the vehicles are handed over, the company said.

Mullen will assemble the ordered vehicles at its facility in Tunica, Mississippi, it added.

The company's shares were up 56% in recent trading.

Price: 0.52, Change: +0.19, Percent Change: +56.04