Mullen Automotive (MULN) shares were soaring Wednesday after the company raised a total of about $14.4 million via two securities purchase agreements it entered with certain investors, according to a regulatory filing.
In the first agreement, the company issued notes amounting to about $11.6 million and five-year warrants exercisable on a cash basis for roughly 1.7 million common shares.
In the second deal, Mullen Automotive issued notes amounting to roughly $2.8 million and five-year warrants exercisable on a cash basis for 387,969 common shares, according to the filing.
The notes accrue interest at an annual rate of 15%, have an original issue discount of 5% and mature four months from the issuance date, the company said in the filing.
Price: 22.11, Change: +16.72, Percent Change: +310.20
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