- EV sales rising despite declining economy due in part to policy initiatives, government incentives
- EV share prices making triple-digit percentage gains since Q2 2020
- NETE divesting payments processing business model, entering EV industry through definitive merger agreement with Mullen Technologies
- Merger expected to accelerate process of taking Mullen public in addition to catalyzing manufacturing operations in United States
While sales of internal combustion vehicles continue to trend downward, electric vehicle (“EV”) sales are holding up – particularly in countries like Germany where EVs are heavily subsidized and central to the country’s economic recovery plan (http://ibn.fm/RqaIF). Investors continue diverting capital into the EV industry as a result, pushing EV stock prices to unprecedented levels. Through a bold move aimed at maximizing shareholder value, Net Element (NASDAQ: NETE) announced its plans recently to enter the EV industry through a definitive merger agreement with Mullen Technologies. Pending requisite approvals, the reverse-merger with the Southern California-based EV company will allow the stakeholders of privately-held Mullen to acquire a majority of the new stock and accelerate the process of taking the company public, giving potential investors an opportunity to buy the relatively undervalued shares within the rapidly growing sector.
“We feel, after considering an array of strategic alternatives, that the agreement with Mullen provides our shareholders with the most compelling opportunity,” said Net Element chairman and…
NOTE TO INVESTORS: The latest news and updates relating to NETE are available in the company’s newsroom at http://ibn.fm/NETE
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