CLBS

 

MUX split on july 29 2022

 

McEwen Mining: Reverse Split To Be Effective July 28th

4:24 pm ET July 28, 2022 (Globe Newswire) Print

EQNX::TICKER_START (TSX:MUX),(NYSE:MUX), EQNX::TICKER_END McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) ("MUX" or the "Company") announces that starting tomorrow the Company's common shares are expected to begin trading on the NYSE and TSX after giving effect to the 1-for-10 reverse split previously announced on July 12, 2022 (the "Reverse Split"). Following effectiveness of the Reverse Split the Company expects to regain compliance with NYSE continued listing requirements and remain listed on the NYSE.

Pursuant to the approval by the shareholders at the annual meeting of shareholders held on July 7, 2022, the Company filed an Amendment to its Articles of Incorporation that served to:

 (i)  effect a 1-for-10 Reverse Split of the Company's issued and outstanding common stock on July 27, 2022 at 11:59 p.m., and
 (ii) effect the decrease in authorized capital from 675 million to 200 million shares of common stock.

As previously reported, no fractional shares will be issued in connection with the Reverse Split. Shareholders of record otherwise entitled to receive fractional shares of common stock will receive cash (without interest or deduction) in lieu of such fractional share interests. The Reverse Split will not alter the par value of the common stock or modify any voting rights or other rights or terms of the common stock. Except for any shareholders who receive cash in lieu of a fractional share as a result of the Reverse Split, the Reverse Split will affect all shareholders uniformly. Computershare Trust Company, N.A., the Company's transfer agent, is acting as the exchange agent for the Reverse Split.

Computershare will send instructions (a "Letter of Transmittal") to shareholders who hold stock certificates regarding the exchange of old certificates for new certificates. To exchange your stock certificates, you must follow the instructions contained in the Letter of Transmittal. Shareholders who hold their shares in brokerage accounts or "street name" are not required to take any action to effect the exchange of their shares.

Following the Reverse Split, the number of outstanding common shares of the Company will be reduced from approximately 474 million outstanding common shares to approximately 47 million outstanding common shares. MUX's common shares will continue to trade on the NYSE and the TSX under the existing ticker symbols subject to on-going satisfaction of continued listing requirements. Following the Reverse Split, the new CUSIP number for the Company's common shares will be 58039P305, and the new ISIN for the Company's common shares will be US58039P3055.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements and information, including "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed, as at the date of this news release, McEwen Mining Inc.'s (the "Company") estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, effects of the COVID-19 pandemic, fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, the ability of the corporation to receive or receive in a timely manner permits or other approvals required in connection with operations, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves, and other risks. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See McEwen Mining's Annual Report on Form 10-K/A for the fiscal year ended December 31, 2021 and other filings with the Securities and Exchange Commission, under the caption "Risk Factors", for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company. All forward-looking statements and information made in this news release are qualified by this cautionary statement.

The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by the management of McEwen Mining Inc.

ABOUT MCEWEN MINING

McEwen Mining is a diversified gold and silver producer and explorer focused in the Americas with operating mines in Nevada, Canada, Mexico and Argentina. It also has a large exposure to copper through its subsidiary McEwen Copper, owner of the Los Azules copper deposit in Argentina.

CONTACT INFORMATION:
Investor Relations:      Website: www.mcewenmining.com         150 King Street West
(866)-441-0690 Toll-Free Facebook: facebook.com/mcewenmining   Suite 2800, P.O. Box 24
(647)-258-0395           Facebook: facebook.com/mcewenrob      Toronto, ON, Canada
Mihaela Iancu ext. 320   Twitter: twitter.com/mcewenmining     M5H 1J9
info@mcewenmining.com    Twitter:  twitter.com/robmcewenmux
                         Instagram: instagram.com/mcewenmining

https://ml.globenewswire.com/media/1bae6df9-1a96-4496-bf15-a62263fe491d/small/mining-logo-mux-2019-jpg.jpg

https://ml.globenewswire.com/media/1bae6df9-1a96-4496-bf15-a62263fe491d/small/mining-logo-mux-2019-jpg.jpg

COMTEX_411182618/2010/2022-07-28T16:24:13

Press Release: Mullen Automotive Announces Preliminary Third Quarter Results

 

research daily price

ID	stock	DATE	BROKER	Avg	SHARE	market	percent	net loss or gain	open	high	Low	Float	avg volume	52High	52 Low	Remark	COMPANY
9	MULN	8/10/2022	RH	$0.84	110.00	$0.82	-2.88%	($2.66)	$0.80	$0.82	$0.78	65.69M	54.69	$15.90	$0.52	ONE WEEK+7.10 ONE MONTH-16.70 3 MONTH -26.97 ONE YEAR -92.96	EV AUTOMOTIVE
2	MULN	8/5/2022	RH	$0.84	110.00	$0.83	-0.92%	($0.85)	$0.84	$0.87	$0.83	31.52M	54.70M	$15.90	$0.52	ONE WEEK+7.10 ONE MONTH-16.70 3 MONTH -26.97 ONE YEAR -92.96

Press Release: Mullen Automotive Announces Preliminary Third Quarter Results

8:31 am ET August 9, 2022 (Dow Jones) Print

Mullen Automotive Announces Preliminary Third Quarter Results

Company has strongest balance sheet ever with approximately $99 million cash on hand and in cash equivalents as of Aug. 8, 2022

BREA, Calif., Aug. 09, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- Mullen Automotive, Inc. (NASDAQ: MULN) ("Mullen" or the "Company"), an emerging electric vehicle ("EV") manufacturer, announces preliminary third-quarter results. 

In addition to recent highlights and successes for the Company and its EV programs, Mullen is in a strong financial position, with approximately $99 million in cash and cash equivalents on hand as of Aug. 8, 2022.

Financial Highlights

   -- Asset growth of 391% 
 
          -- Asset growth was primarily from cash from financing activities 
             along with increased property and equipment. 
 
   -- Positive working capital $27,656,446 
 
          -- Working capital was a positive variance due to the paydowns in 
             current notes and cash received from financing activities. 
 
   -- $318 million in financial commitments 
 
          -- The committed capital positions Mullen for growth over the 
             remainder of 2022 and 2023. 
 
   -- Change in debt --77% 
 
          -- The 77% debt reduction minimizes debt overhang problem and implies 
             that equity holders can invest in a company positioned for growth 
             and sound financial performance. 
 
   -- 281% increase in R&D spending 
 
          -- Company has increased its spending for R&D, which primarily 
             relates to engineering costs for the Mullen FIVE and Mullen EV 
             cargo van programs. 

Program Highlights

The following are program highlights related to the company, Mullen FIVE EV Crossover and Mullen EV Cargo Van programs.

   -- Mullen is pleased to announce progress recently made in both engineering 
      and manufacturing areas by advancing our solid-state battery technology 
      to the pack level and continuing to build up our battery assembly 
      operation. 
 
   -- Mullen recently opened Irvine, California-based automotive center and is 
      extensively hiring for expansion requirements related to Mullen FIVE EV 
      program. 
 
   -- Mullen is expanding its presence into the Midwest with the addition of 
      the Detroit EV Technology team, focusing on development of EV 
      technologies for Mullen's portfolio of commercial vans. Mullen has 
      already hired close to 20 new employees for the Midwest operations and 
      expects to have upward of 50 employees by the end of this year. 
 
   -- FIVE EV program development continues with work progressing in BIW, 
      interior, thermal packaging and infotainment. 
 
   -- Mullen Class 1 EV Cargo Van successfully updated with larger optional 
      79.2 kWh battery pack, which can extend range up to 200 miles. 
 
   -- $7 million of robotics and testing equipment added to Tunica's AMEC 
      facility in support of Mullen EV Cargo Van program.  This includes 
      establishing unique robotic applications to further enhance existing 
      manufacturing processes and state of-the-art PLC and robotic interface 
      for training. 
 
   -- Mullen signed a binding agreement with DelPack Logistics, LLC, an Amazon 
      Delivery Services Partner, to purchase up to 600 Mullen Class 1 and 2 EV 
      cargo vans over the next 18 months. The first 300 fully homologated for 
      the United States Mullen Class 2 EV Cargo Vans can be delivered to DPL by 
      Nov. 30, 2022. 
 
   -- Mullen continues successful patent work with recently submitted 
      provisional patent application on PERSONA technology for the Mullen FIVE 
      EV Crossover. PERSONA is the heart of the vehicle technology in the 
      Mullen FIVE and includes facial recognition and vehicle personalization 
      for the driver and passengers. 

"It's an exciting and pivotal time for Mullen as we continue to experience exceptional growth," said David Michery, CEO and chairman of Mullen Automotive. "We've been focused on expanding our capital positions, resources and efforts in all key business areas, and we are really seeing it come together with our recent expansions and successes."

About Mullen

Mullen is a Southern California-based automotive company that owns and partners with several synergistic businesses working toward the unified goal of creating clean and scalable energy solutions. Mullen has evolved over the past decade in sync with consumers and technology trends. Today, the Company is working diligently to provide exciting EV options built entirely in the United States and made to fit perfectly into the American consumer's life. Mullen strives to make EVs more accessible than ever by building an end-to-end ecosystem that takes care of all aspects of EV ownership.

Forward-Looking Statements

Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential" and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include but are not limited to whether the specified debt reduction will result in equity holders or others making investments in the Company; whether the Company will achieve its contemplated growth and sound financial performance; whether the Company's expansion, opening facilities in multiple locations, will be beneficial to the Company; whether the Company will have 50 employees by the end of the year; whether the larger optional 79.2 kWh battery pack will extend vehicle range up to the anticipated limits; whether the fully homologated for the United States Mullen Class 2 EV Cargo Vans will be delivered to DelPack Logistics by Nov. 30, 2022; and whether Mullen will be successful in its Patent and Intellectual Property initiatives. Additional examples of such risks and uncertainties include, but are not limited to: (i) Mullen's ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen's ability to successfully expand in existing markets and enter new markets; (iv) Mullen's ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Mullen's business; (viii) changes in government licensing and regulation that may adversely affect Mullen's business; (ix) the risk that changes in consumer behavior could adversely affect Mullen's business; (x) Mullen's ability to protect its intellectual property; and (xi) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen's plans and expectations as of any subsequent date.

Contact:

Mullen Automotive, Inc.

+1 (714) 613-1900

www.MullenUSA.com

Wire Service Contact:

InvestorWire (IW)

Los Angeles, California

www.InvestorWire.com

212.418.1217 Office

Editor@InvestorWire.com

Attachment

   -- Mullen in strong position as EV programs expand 

(END) Dow Jones Newswires

August 09, 2022 08:31 ET (12:31 GMT)