Mullen Automotive finalizes settlement with GEM Group; shares up
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Mullen Automotive (NASDAQ:MULN) an electric vehicle manufacturer, along with GEM Yield Bahamas and GEM Global Yield LLC SCS, on Tuesday said that they have finalized a settlement resolving all outstanding legal disputes between the parties.
As part of the settlement, Mullen has transferred full, unencumbered ownership of its manufacturing facility located at 12900 McKinley Highway in Mishawaka, Indiana, to GEM.
The transfer satisfies a federal court judgment in GEM’s favor. This settlement will resolve all related claims without further litigation and enables the company to focus on forward-looking operational priorities.
GEM’s acquisition of the facility was executed as part of a comprehensive legal resolution. All pending enforcement and post-judgment proceedings between the company and GEM will be withdrawn with prejudice.
Mullen Automotive (NASDAQ:MULN) shares are up nearly 7% in premarket trading.