Mullen To Cut Overall Monthly Spend; Announces 20% Reduction In Headcount

(RTTNews) - Mullen Automotive (MULN) said it is taking immediate steps to reduce operating expenses and overall monthly expenses from over $12.8 million per month to $7.3 million per month for a $5.5 million reduction in expenses. The significant cuts comes through: 20% reduction in headcount across Mullen operations; elimination of Mullen FIVE passenger vehicle program; and facility consolidations through termination of property leases and subleasing of non-critical property.

Over the next six months, the company expects to ramp up to $12.5 million average per month in revenue, for a total of $75 million in GAAP revenue from both Mullen Commercial and Bollinger Motors sales opportunities.