World News – US – Net Element Inventory Increases After Mullen Receives Order

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Net Element (NASDAQ: NETE) shares rise ahead of its IPO after Mullen Technologies, an electric vehicle company, entered a non-binding letter of intent with Unlimited Electrical Contractors Corp (UEC) to enter into agreements to purchase up to 10. 000 MX to close -05 electric vehicles.

Net Element’s share price benefited from the transaction as the company and Mullen signed a definitive merger agreement back in August. It will be a share-for-share reverse merger, with Mullen shareholders receiving the majority of the outstanding shares in the post-merger company.

UEC is a Florida-based electrical contractor and intends to be the first electrical contractor with an all-electric service fleet. The company said it would purchase Jan.. 500 MX-05 vehicles for its Florida operations, followed by another 8. 500 by 2025 for US West Coast expansion.

« We are very excited to be working with UEC and are very happy that you see the value of Mullen and the MX-05 for your business. The UEC contract is the first of many commercial fleet relationships we are currently working on, ”commented David Michery, Mullen CEO and Chairman.

Net Element’s share price is up 51. 42% premarket, trading at $ 17. 11, the highest level since the merger with Mullen, has been announced.

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NASDAQ: NETE, Inventory, Net Item, Order