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On June 15, 2020, Net Element announced its entry into a binding letter of intent to merge with privately-held Mullen Technologies Inc., a Southern California-based electric vehicle company, in a stock-for-stock reverse merger in which Mullen’s stockholders will receive the majority of the outstanding stock in the post-merger company. The proposed merger is currently pending the execution of a definitive agreement, shareholder vote and regulatory approval.
Net Element (NASDAQ: NETE) is a global financial technology and value-added solutions group that supports electronic payments acceptance in an omni-channel environment spanning across point-of-sale, e-commerce and mobile devices. The company operates a payments-as-a-service transactional model and value-added services platform for small to medium enterprises in the U.S. and selected emerging markets.
Net Element believes the future of global commerce is being revolutionized as consumers quickly migrate toward omni-channel shopping utilizing mobile devices, desktop, and online services. The company’s all-in-one payment solutions support and unify a whole range of applications through a single, robust platform, allowing global onboarding and support for multiple payment
methods.
Investment Considerations:
- The company recently entered into a letter of intent to merge with Southern California-based electric vehicle company Mullen Technologies Inc.
- The proposed merger is currently pending the execution of a definitive agreement, shareholder vote and regulatory approval.
- One-stop omni-channel processing solution with 100-plus payment solutions
- North American transaction revenues rose by 17.3% YoY
- Organic growth includes increase in global merchants and uptake of value-added services
- Ranked as one of North America’s fastest growing companies on Deloitte’s Technology Fast 500™ in 2017 and 2018
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