Mullen Automotive Inc. filed SEC Form 8-K: Termination of a Material Definitive Agreement
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Item 1.02. Termination of a Material Definitive Agreement.
On July 10, 2023, Mullen Automotive Inc. (the “Company” or “Mullen”), issued a termination notice to Lawrence Hardge and the following entities Global EV Technology, Inc. and EV Technology, LLC (collectively, “EVT”) terminating the Agreement dated April 17, 2023 between the Company and EVT. Pursuant to the Agreement, the parties agreed to jointly form and organize Mullen Advanced Energy Operations (“MAEO”) to develop, manufacture, market, sell, lease, distribute and service all products resulting from a device that is designed to extend the effective battery life (the “Technology”) and EVT would agree to license to MAEO the Technology and all intellectual property rights relating to the Technology.
The termination notice, which was sent after numerous attempts by the Company to obtain adherence by EVT to the terms of the Agreement, references several breaches by EVT including (1) failing to execute documents evidencing an irrevocable, royalty free, worldwide exclusive license to the Technology and IP, in perpetuity, to MAEO, (2) refusing to conduct any tests of the Technology at a Mullen approved facility after the LOA, (3) repeatedly refusing to honor the terms of the Mutual Non-Disclosure Agreement signed April 14, 2023, and (4) failing to disclose all claims or threatened legal actions by any third parties related to the Technology.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
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Date: July 11, 2023 | By: | /s/ David Michery |
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| David Michery |
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| Chief Executive Officer |