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On August 5, 2020, Net Element announced the execution of a definitive agreement 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 a majority of the outstanding stock in the post-merger company. The completion of the merger is subject to shareholder and NASDAQ approval, as well as other conditions referenced in the merger agreement.
Net Element Inc. (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.
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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