Electric Last Mile Solutions Inc.'s assets include a shuttered Hummer SUV factory.
According to a Sept. 16 filing, Mullen agreed to a stalking horse bid of almost $100 million in total consideration. An auction will be held on October 7.
Mullen, which wants to bring electric vehicles to market including a compact SUV and a sports car, announced it was acquiring a majority stake in another company in a cash and stock transaction.
There was no response to a request for comment.
There are a number of EV startups that are struggling to break through in a market dominated byTesla Inc. On the day after the deal was announced, Mullen revealed that it had fallen out of compliance with the minimum share price requirement.
At 12:12 p.m., the shares were down 5.6%. The city of New York.
More than 200 potential strategic or financial parties were solicited for the assets of Electric Last Mile, and 39 of them have executed non-disclosure agreements, according to the Trustee. He wrote in Friday's filing that securing Mullen as a stalking horse bidder was a huge benefit to the debtor's estates.
All Rights Reserved © 2024
