Technology Stocks

Net Element Inc (NASDAQ: NETE) Mullen Technologies Announced an Agreement to Merge

Mullen Technologies announced an agreement to merge with Net Element Inc (NASDAQ: NETE). In addition, Height Dispensary agreed with Mullen Technologies Inc. to purchase 1,200 Electric Vans (EV) fleet orders for a total consideration of over $60 million. As a result, Mullen will likely deliver 200 vans in the third quarter of 2023 and remaining by the second quarter of 2025.

The purchase consideration is for over $60 million for 1,200 Electric Vans

Mullen Technologies Inc., an EV (electric vehicle) manufacturer, announced that the company has entered into LOA (Letter of Agreement) with Height Dispensary to sell 1,200 Mullen One electric vans (EV). Height Dispensary selected Mullen as its exclusive provider for EV (electric vehicles). The agreement, the total purchase order of over $60 million for the 1,200 Electric Vans as per the agreement. Heights specialized in high-quality CBD and THCa8 products online, and the company is likely to be a retail cannabis dispensary soon.

As per the agreement, Mullen ONE vehicle order initially consists of 200 Electric Vans for Heights Dispensary’s Houston and Dallas operations. The 200 vans will be delivered before or before the end of the third quarter of 2023. In addition, Heights will purchase another 1,000 Mullen ONEs by the second quarter of 2025. This EV is a modified variant of the Mullen FIVE, an electric crossover SUV based on a skateboard Electric Vehicle platform and unibody frame available in a single or dual electric motor configuration. The FIVE skateboard platform allows us to configure and offer the vehicle for many different types of commercial trade uses.

The agreement will mark Height entry into a retail cannabis dispensary

As per the industry, Height Dispensary entry into retail cannabis dispensaries is sooner than expected. The agreement with Mullen is likely to satisfy the Heights requirement of its EV (Electric vehicles) needs. As per Mullen, the order from the Height is the second biggest order the company is working on. The agreement or partnership indicates that both the companies chose to work with only those whose business model is more eco-friendly, and their business is likely to grow sustainably.

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