Net Element (NASDAQ: NETE), a financial technology company in the process of becoming a pure-play electric vehicle (“EV”) manufacturer through a pending definitive agreement with privately held Mullen Automotive Inc., has reported its financial results for the quarter ended March 31, 2021; the report also included an update for shareholders on its previously announced merger with Mullen, a Southern California-based electric vehicle (“EV”) company. The merger is a stock-for-stock reverse merger in which Mullen’s stockholders will receive a majority of the outstanding stock in the post-merger company. Financial numbers for the quarter included net income attributable to common stockholders of approximately $0.3 million or $0.05 per share income compared to a net loss of approximately $1.4 million or $0.33 per share loss for the same period in 2020. The company reported that the decrease in net loss was primarily due to an increase in net revenues and approximately $1 million in late fees owed by Mullen. “We are pleased to report that we filed a Form S-4 registration statement with the SEC on May 14, 2021, a milestone furtherance of the proposed merger with Mullen,” said Net Element executive chair Oleg Firer in the press release. “We want to thank our shareholders for their patience through this process, and we will continue working diligently to conclude the transaction as soon as regulatory and stockholder approvals are received.”
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About Net Element Inc.
Net Element operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise (“SME”) in the United States and selected emerging markets. For additional information, visit www.NetElement.com.
NOTE TO INVESTORS: The latest news and updates relating to NETE are available in the company’s newsroom at http://ibn.fm/NETE
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