10:24 AM EDT, 05/14/2024 (MT Newswires) -- Mullen Automotive ( MULN ) shares rose 8.1% in recent trading Tuesday, paring earlier gains, after the company announced a $150 million financing commitment to meet capital needs over the next 13 months.

The electric-vehicle manufacturer said Tuesday it received a financing commitment of $100 million from an undisclosed family office and sold up to an additional $50 million of senior secured convertible notes to undisclosed family offices and high-net-worth investors.

Mullen said it sold $12.5 million in notes to those investors on Tuesday.

Price: 6.25, Change: +0.47, Percent Change: +8.13