India, June 2 -- Mullen Automotive, Inc. (MULN), Monday announced the acquisition of additional 21 percent stake in Bollinger Motors, Inc., bringing its total ownership to 95 percent in the Michigan-based company.
With this acquisition, the company's shareholder equity increased by approximately $3.5 million, and also extinguished certain significant outstanding debt.
Following this move, Bollinger will continue to operate as an independent majority subsidiary, maintaining its own brand identity and focus.
Currently, Mullen's stock is moving down 33.20 percent, to $5.48 on the Nasdaq.
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