INVESTOR ALERT Investors in Mullen Automotive, Inc. f/k/a Net Element, Inc. with Substantial Losses Have Opportunity to Lead Mullen Automotive Class Action Lawsuit – MULN - Seite 2

On April 6, 2022, market analyst Hindenburg Research released a report entitled “Mullen Automotive: Yet Another Fast Talking EV Hustle.” The Hindenburg Research report stated, among other things, that: (i) “Mullen [Automotive] claims its former pizza car manufacturing facility in Mississippi is stocked with state-of-the-art equipment and machinery, but photos and video of the facility show it has limited equipment” and that although Mullen Automotive’s “website features one photo of advanced manufacturing equipment,” an online search shows that “it was a stock photo which appears to have been purchased from Adobe stock images”; (ii) “[i]n 2019, the Mullen DragonFly was revealed as a supercar built by Chinese manufacturer Qiantu Motors and was meant to be rebranded and sold by Mullen [Automotive] starting in 2020,” but “[f]ollowing the reveal, Mullen [Automotive] immediately defaulted on its payment obligations to Qiantu, leading to termination of the agreement in October 2019” and yet Mullen Automotive “continued to market the vehicle as its own”; (iii) “[d]espite only spending ~$3 million in R&D in 2021, Mullen [Automotive] claims its solid-state battery technology is on track for commercialization in 18 to 24 months, putting it [a]head of every major technology and automaker in the industry who have collectively invested billions on solving the problem,” leading Hindenburg Research to conclude that “[w]e think Mullen [Automotive] has severely and repeatedly misled investors on its claimed battery technology”; and (iv) “[g]iven that Mullen [Automotive] has no apparent [U.S. Environmental Protection Agency] certificates, no apparent [Federal Motor Vehicle Safety Standards] testing and no apparent adequately staffed factory, we estimate that [Mullen Automotive] is years away from ever delivering a vehicle should it actually take genuine steps to do so.” On this news, Mullen Automotive’s stock price fell by approximately 10%, damaging investors.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Mullen Automotive securities during the Class Period to seek appointment as lead plaintiff in the Mullen Automotive class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Mullen Automotive class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Mullen Automotive class action lawsuit. An investor’s ability to share in any potential future recovery of the Mullen Automotive class action lawsuit is not dependent upon serving as lead plaintiff.