• Mullen Automotive Inc (NASDAQ: MULN) has acquired a controlling interest in EV truck innovator Bollinger Motors Inc.

• The purchase price is $148.2 million in cash and stock for a 60% controlling interest, giving Mullen the majority ownership of Bollinger Motors.

• The acquisition is MULN's first EV acquisition, propelling it into the medium-duty truck classes 3-6, along with the B1 and B2 sport utility trucks.

• Also Read: Mullen Automotive Opens Automotive EV Development Center In California

• Bollinger designs and manufactures electric sport utility and medium duty vehicle lines in addition to developing proprietary vehicle battery packs, drivetrains, and thermal and vehicle control software units.

• "This acquisition is one of the largest in the EV industry to date and provides Mullen with the unique opportunity to aggressively expand into the high-demand commercial EV space," said David Michery, CEO and chairman of Mullen Automotive.

• Price Action: MULN shares are trading higher by 2.96% at $0.69 on the last check Thursday.

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