Bollinger Innovations, Inc. , formerly known as Mullen Automotive Inc., has recently undertaken significant steps to enhance its financial stability and market presence. The company announced the elimination of all outstanding warrants and $25.3 million in convertible notes through agreements with existing noteholders, converting the debt into newly created preferred stock. This strategic move is expected to increase shareholder equity by approximately $133 million, thereby strengthening the company's balance sheet and positioning it favorably to meet Nasdaq listing requirements.
In addition to the financial restructuring, Bollinger Innovations has rebranded itself, effective July 28, 2025. The company's common stock now trades under the new ticker symbol "BINI" on The Nasdaq Capital Market. CEO and Chairman David Michery emphasized that this transition goes beyond a mere name change, aiming to unify the company's products and brands under a strong identity to better serve the commercial vehicle industry.
The company's commercial electric vehicle lineup includes the ONE Class 1 cargo van, the THREE Class 3 cab chassis truck, and the B4 Class 4 chassis cab. All these vehicles are compliant with U.S. Federal Motor Vehicle Safety Standards, EPA, and CARB certifications, ensuring they meet stringent environmental and safety standards.
Bollinger Innovations has also consolidated its operations to drive efficiency. The company has moved its commercial vehicle operations to Oak Park, Michigan, and merged sales, marketing, and service operations under the unified Bollinger brand. Since January 2025, Bollinger has eliminated 155 positions and reduced overall operating expenses by a minimum of $35 million annually. This consolidation aims to eliminate redundancy and focus on Class 1, 3, and 4 commercial vehicle segments.
These strategic initiatives reflect Bollinger Innovations' commitment to strengthening its financial position and operational efficiency, positioning the company for growth in the competitive electric vehicle market.
