[S-3] Central Pacific Financial Corporation Shelf Registration Statement
Filing Impact
Filing Sentiment
Form Type
S-3
Rhea-AI Filing Summary
Mullen Automotive Inc. (Nasdaq: MULN) has filed Amendment No. 2 to its Form S-1 to register 40 million shares of common stock for resale by existing investors. The shares are issuable upon conversion of senior secured convertible notes and the cashless exercise of five-year warrants that were issued in a series of private placements completed between May 2024 and April 2025. The filing does not involve a primary offering鈥擬ullen will receive no proceeds from share sales by the selling stockholders and is unlikely to receive cash from warrant exercises because the warrants allow a cashless mechanism that becomes more lucrative as the share price falls.
Capital structure & potential dilution
- Only 10,539,020 common shares were outstanding on 24 Jun 2025, yet the notes and warrants already outstanding could convert into 8.288 billion shares at their floor prices鈥攔oughly an 800-fold increase.
- The filing covers just 40 million of those potential shares; additional registration statements are contractually required.
- Conversion and exercise are capped at 9.99 % beneficial ownership per holder, but investors can sequentially convert, sell and reconvert, enabling large volume over time.
- Seven reverse stock splits (most recently 1-for-100 on 2 Jun 2025) have been executed since May 2023; the board is seeking authority for another split of 1-for-2 to 1-for-250.
Financings
- 5 % Original-Issue-Discount Senior Secured Notes accrue 15 % interest and mature four months after issuance. Conversion price is 95 % of the lowest VWAP in the prior five trading days, subject to noted floors ($1.16鈥�$0.02).
- Warrants entitle holders to 200 % of the note share count at 105 % of the reference price or via cashless exercise using a Black-Scholes formula with a $0.01 floor.
- Investors hold additional rights to purchase up to $62.5 m (May 2024 round), $6.3 m (Jan 2025) and $3.1 m (Feb 2025) of further notes and warrants.
Listing status
- On 25 Feb 2025 Nasdaq notified Mullen that its Market Value of Listed Securities had been below the $35 m minimum for 30 consecutive days; the company has until 25 Aug 2025 to regain compliance.
- Earlier bid-price deficiencies were remedied via reverse splits, but cumulative splits above the 250-to-1 threshold could jeopardize future compliance periods.
Operating snapshot
- Mullen has pivoted to commercial EVs, acquiring 95 % of Bollinger Motors and beginning Class 3 truck shipments (Sep 2023) and Class 1 van shipments (Nov 2023).
- Tunica, MS plant is operational; Bollinger鈥檚 Class 4 truck is contract-manufactured by Roush (started Sep 2024).
- The consumer crossover program (Mullen FIVE) is on hold.
Key risks highlighted
- Massive potential dilution and 鈥渙verhang鈥� from continuous note conversion and warrant exercise.
- Dependence on further reverse splits to maintain Nasdaq listing.
- Anti-dilution features in existing preferred stock and convertible securities.
- Short-sale pressure encouraged by the structure of financing instruments.
Mullen Automotive Inc. (Nasdaq: MULN) ha presentato l'Emendamento n. 2 al modulo S-1 per registrare 40 milioni di azioni ordinarie da rivendere da parte degli investitori esistenti. Le azioni sono emesse tramite conversione di note convertibili senior garantite e l'esercizio senza contanti di warrant quinquennali emessi in una serie di collocamenti privati completati tra maggio 2024 e aprile 2025. La registrazione non riguarda un'offerta primaria: Mullen non ricever脿 proventi dalla vendita delle azioni da parte degli azionisti venditori e probabilmente non incasser脿 denaro dall'esercizio dei warrant, poich茅 questi prevedono un meccanismo senza contanti che diventa pi霉 vantaggioso con il calo del prezzo delle azioni.
Struttura del capitale e potenziale diluizione
- Al 24 giugno 2025 risultavano in circolazione solo 10.539.020 azioni ordinarie, ma le note e i warrant gi脿 emessi potrebbero convertirsi in 8,288 miliardi di azioni al prezzo minimo, un aumento di circa 800 volte.
- La registrazione copre solo 40 milioni di queste potenziali azioni; sono richieste ulteriori dichiarazioni di registrazione per contratto.
- La conversione e l'esercizio sono limitati al 9,99% di propriet脿 effettiva per singolo detentore, ma gli investitori possono convertire, vendere e riconvertire in sequenza, permettendo un volume elevato nel tempo.
- Dal maggio 2023 sono stati effettuati sette frazionamenti inversi delle azioni (l'ultimo 1-per-100 il 2 giugno 2025); il consiglio sta cercando l'autorizzazione per un ulteriore frazionamento da 1-per-2 fino a 1-per-250.
Finanziamenti
- Note senior garantite con sconto originale del 5%, che maturano interessi al 15% e scadono quattro mesi dopo l'emissione. Il prezzo di conversione 猫 il 95% del VWAP pi霉 basso degli ultimi cinque giorni di negoziazione, soggetto ai limiti indicati (da $1,16 a $0,02).
- I warrant danno diritto a ricevere il 200% del numero di azioni delle note a un prezzo del 105% del prezzo di riferimento o tramite esercizio senza contanti secondo la formula Black-Scholes con un limite minimo di $0,01.
- Gli investitori detengono ulteriori diritti di acquisto fino a $62,5 milioni (round maggio 2024), $6,3 milioni (gennaio 2025) e $3,1 milioni (febbraio 2025) in ulteriori note e warrant.
Stato della quotazione
- Il 25 febbraio 2025 Nasdaq ha notificato a Mullen che il valore di mercato dei titoli quotati era rimasto sotto il minimo di $35 milioni per 30 giorni consecutivi; la societ脿 ha tempo fino al 25 agosto 2025 per tornare in conformit脿.
- Le precedenti carenze del prezzo di offerta sono state risolte con frazionamenti inversi, ma frazionamenti cumulativi superiori al rapporto 250 a 1 potrebbero compromettere la conformit脿 futura.
Situazione operativa
- Mullen si 猫 concentrata sui veicoli elettrici commerciali, acquisendo il 95% di Bollinger Motors e iniziando le spedizioni di camion di Classe 3 (settembre 2023) e furgoni di Classe 1 (novembre 2023).
- Lo stabilimento di Tunica, MS, 猫 operativo; il camion di Classe 4 di Bollinger 猫 prodotto su contratto da Roush (inizio settembre 2024).
- Il programma crossover consumer (Mullen FIVE) 猫 in pausa.
Rischi principali evidenziati
- Potenziale diluizione massiccia e "overhang" derivante dalla conversione continua di note e dall'esercizio di warrant.
- Dipendenza da ulteriori frazionamenti inversi per mantenere la quotazione Nasdaq.
- Caratteristiche anti-diluizione nelle azioni privilegiate e nei titoli convertibili esistenti.
- Pressioni di vendita allo scoperto favorite dalla struttura degli strumenti di finanziamento.
Mullen Automotive Inc. (Nasdaq: MULN) ha presentado la Enmienda No. 2 a su formulario S-1 para registrar 40 millones de acciones ordinarias para la reventa por parte de inversores existentes. Las acciones se emitir谩n mediante la conversi贸n de notas convertibles senior garantizadas y el ejercicio sin efectivo de warrants a cinco a帽os emitidos en una serie de colocaciones privadas completadas entre mayo de 2024 y abril de 2025. La presentaci贸n no implica una oferta primaria: Mullen no recibir谩 ingresos por la venta de acciones por parte de los accionistas vendedores y probablemente no reciba efectivo por el ejercicio de los warrants, ya que estos permiten un mecanismo sin efectivo que se vuelve m谩s ventajoso a medida que cae el precio de la acci贸n.
Estructura de capital y potencial diluci贸n
- Solo hab铆a 10,539,020 acciones ordinarias en circulaci贸n al 24 de junio de 2025, pero las notas y warrants ya emitidos podr铆an convertirse en 8,288 mil millones de acciones a sus precios m铆nimos, aproximadamente un aumento de 800 veces.
- La presentaci贸n cubre solo 40 millones de esas acciones potenciales; se requieren declaraciones de registro adicionales por contrato.
- La conversi贸n y el ejercicio est谩n limitados al 9,99 % de propiedad efectiva por titular, pero los inversores pueden convertir, vender y reconvertir secuencialmente, permitiendo un volumen grande con el tiempo.
- Desde mayo de 2023 se han ejecutado siete divisiones inversas de acciones (la m谩s reciente 1 por 100 el 2 de junio de 2025); la junta busca autorizaci贸n para otra divisi贸n de 1 por 2 a 1 por 250.
Financiamientos
- Notas senior garantizadas con descuento original del 5 %, que acumulan 15 % de inter茅s y vencen cuatro meses despu茅s de la emisi贸n. El precio de conversi贸n es el 95 % del VWAP m谩s bajo de los cinco d铆as h谩biles anteriores, sujeto a los m铆nimos indicados ($1,16鈥�$0,02).
- Los warrants otorgan a los titulares derecho a un 200 % del n煤mero de acciones de las notas a un 105 % del precio de referencia o mediante ejercicio sin efectivo usando la f贸rmula Black-Scholes con un piso de $0,01.
- Los inversores tienen derechos adicionales para comprar hasta $62,5 millones (ronda de mayo de 2024), $6,3 millones (enero de 2025) y $3,1 millones (febrero de 2025) en notas y warrants adicionales.
Estado de la cotizaci贸n
- El 25 de febrero de 2025 Nasdaq notific贸 a Mullen que el Valor de Mercado de Valores Cotizados hab铆a estado por debajo del m铆nimo de $35 millones durante 30 d铆as consecutivos; la empresa tiene hasta el 25 de agosto de 2025 para recuperar el cumplimiento.
- Deficiencias anteriores en el precio de oferta se corrigieron mediante divisiones inversas, pero divisiones acumuladas superiores a 250 a 1 podr铆an poner en riesgo futuros per铆odos de cumplimiento.
Resumen operativo
- Mullen se ha enfocado en veh铆culos el茅ctricos comerciales, adquiriendo el 95 % de Bollinger Motors e iniciando env铆os de camiones Clase 3 (septiembre de 2023) y furgonetas Clase 1 (noviembre de 2023).
- La planta de Tunica, MS, est谩 operativa; el cami贸n Clase 4 de Bollinger es fabricado por contrato por Roush (comenz贸 en septiembre de 2024).
- El programa crossover para consumidores (Mullen FIVE) est谩 en pausa.
Riesgos clave destacados
- Potencial diluci贸n masiva y "overhang" por la conversi贸n continua de notas y ejercicio de warrants.
- Dependencia de m谩s divisiones inversas para mantener la cotizaci贸n en Nasdaq.
- Caracter铆sticas antidiluci贸n en acciones preferentes y valores convertibles existentes.
- Presi贸n de ventas en corto fomentada por la estructura de los instrumentos financieros.
Mullen Automotive Inc. (雮橃姢雼�: MULN)鞚� 旮办〈 韴瀽鞛愲摛鞚� 鞛寪毵るゼ 鞙勴暣 4,000毵� 欤检潣 氤错喌欤茧ゼ 霌彪頃橁赴 鞙勴暣 Form S-1鞚� 靾橃爼鞎� 2順鸽ゼ 鞝滌稖頄堨姷雼堧嫟. 鞚� 欤检嫕霌れ潃 2024雲� 5鞗旊秬韯� 2025雲� 4鞗� 靷澊鞐� 鞕勲霅� 鞚茧牗鞚� 靷 氚滍枆鞐愳劀 氚滍枆霅� 靹犾垳鞙� 雼措炒 鞝勴櫂靷眲鞕� 5雲� 毵岅赴 鞗岆煱韸胳潣 順勱笀 鞐嗠姅 頄夓偓鞐� 霐半澕 氚滍枆霅╇媹雼�. 鞚� 鞝滌稖鞚� 旮半掣 瓿惦臧� 鞎勲媹氅�, Mullen鞚� 毵る弰 欤检＜霌れ潣 欤检嫕 毵り皝鞙茧攵�韯� 靾橃澋鞚� 氚涭 鞎婌溂氅�, 鞗岆煱韸戈皜 欤缄皜 頃橂澖 鞁� 雿旍毐 鞙犽Μ頃挫電� 順勱笀 鞐嗠姅 頄夓偓 氅旍护雼堨鞚� 項堨毄頃橁赴 霑岆鞐� 鞗岆煱韸� 頄夓偓搿滊秬韯� 順勱笀鞚� 氚涭潉 臧�電レ劚霃� 雮姷雼堧嫟.
鞛愲掣 甑“ 氚� 鞛犾灛鞝� 頋劃
- 2025雲� 6鞗� 24鞚� 旮办鞙茧 鞙犿喌 欷戩澑 氤错喌欤茧姅 10,539,020欤检棎 攵堦臣頃橃毵�, 鞚措 氚滍枆霅� 毂勱秾瓿� 鞗岆煱韸鸽姅 斓滌爛 臧�瓴� 旮办鞙茧 82鞏� 8,800毵� 欤�搿� 鞝勴櫂霅� 靾� 鞛堨柎 鞎� 800氚� 歃濌皜頃� 靾� 鞛堨姷雼堧嫟.
- 鞚措矆 鞝滌稖鞚� 鞛犾灛 欤检嫕 欷� 4,000毵� 欤茧鞚� 韽暔頃橂┌, 於旉皜 霌彪 靹滊 鞝滌稖鞚� 瓿勳暯靸� 鞖旉惮霅╇媹雼�.
- 鞝勴櫂 氚� 頄夓偓電� 氤挫湢鞛愲硠搿� 9.99%鞚� 鞁れ 靻岇湢甓岇溂搿� 鞝滍暅霅橂倶, 韴瀽鞛愲摛鞚� 靾滌皑鞝侅溂搿� 鞝勴櫂, 毵る弰, 鞛爠頇橅暊 靾� 鞛堨柎 鞁滉皠鞚� 歆�雮棎 霐半澕 雽�霟� 瓯半灅臧� 臧�電ロ暕雼堧嫟.
- 2023雲� 5鞗� 鞚错泟 7須岇潣 鞎‰┐攵勴暊 鞐秳頃�(斓滉芳 2025雲� 6鞗� 2鞚检棎 1雽� 100)鞚� 鞁ろ枆霅橃棃鞙茧┌, 鞚挫偓須岆姅 1雽� 2鞐愳劀 1雽� 250 靷澊鞚� 於旉皜 攵勴暊 甓岉暅鞚� 鞖旍箔頃橁碃 鞛堨姷雼堧嫟.
鞛愱笀 臁半嫭
- 5% 鞗愱笀 頃犾澑 靹犾垳鞙� 雼措炒毂勲姅 15% 鞚挫瀽毳� 雸勳爜頃橂┌ 氚滍枆 頉� 4臧滌洈 毵岅赴鞛呺媹雼�. 鞝勴櫂 臧�瓴╈潃 鞚挫爠 5瓯半灅鞚� 欷� 斓滌爛 VWAP鞚� 95%鞚措┌, 氇呾嫓霅� 頃橅暅臧�($1.16鈥�$0.02)臧� 鞝侅毄霅╇媹雼�.
- 鞗岆煱韸鸽姅 氤挫湢鞛愳棎瓴� 毂勱秾 欤检嫕 靾橃潣 200%鞐� 頃措嫻頃橂姅 欤检嫕鞚� 旮办 臧�瓴╈潣 105%鞐� 甑Г頃� 甓岆Μ 霕愲姅 $0.01 頃橅暅臧�毳� 鞝侅毄頃� 敫旊灆-靾勳 瓿奠嫕鞐� 霐半ジ 順勱笀 鞐嗠姅 頄夓偓 甓岆Μ毳� 攵�鞐暕雼堧嫟.
- 韴瀽鞛愲摛鞚� 2024雲� 5鞗� 霛检毚霌滌棎靹� 斓滊寑 6,250毵� 雼煬, 2025雲� 1鞗� 630毵� 雼煬, 2025雲� 2鞗� 310毵� 雼煬鞚� 於旉皜 毂勱秾 氚� 鞗岆煱韸鸽ゼ 甑Г頃� 甓岆Μ毳� 氤挫湢頃橁碃 鞛堨姷雼堧嫟.
靸侅灔 靸來儨
- 2025雲� 2鞗� 25鞚� 雮橃姢雼レ潃 Mullen鞐愱矊 靸侅灔 歃濌秾 鞁滉皜齑濎暋鞚� 30鞚� 鞐办啀 $3,500毵� 氙鸽鞛勳潉 韱奠頄堨溂氅�, 須岇偓電� 2025雲� 8鞗� 25鞚缄箤歆� 鞚措ゼ 須岆车頃挫暭 頃╇媹雼�.
- 鞚挫爠 鞛呾鞍臧� 頃橂澖 氍胳牅電� 鞐秳頃犽 頃搓舶霅橃棃鞙茧倶, 雸勳爜 鞐秳頃犾澊 250雽� 1鞚� 齑堦臣頃橂┐ 頄ロ泟 欷�靾� 旮瓣皠鞐� 鞙勴棙鞚� 霅� 靾� 鞛堨姷雼堧嫟.
鞖挫榿 順勴櫓
- Mullen鞚� 靸侅梾鞖� 鞝勱赴彀 氚╉枼鞚� 鞝勴櫂頃橃棳 Bollinger Motors鞚� 95%毳� 鞚胳垬頃橁碃 3旮� 韸鸽煭(2023雲� 9鞗�) 氚� 1旮� 氚�(2023雲� 11鞗�) 氚办啞鞚� 鞁滌瀾頄堨姷雼堧嫟.
- 氙胳嫓鞁滍敿欤� 韴媹旃� 瓿奠灔鞚� 臧�霃� 欷戩澊氅�, Bollinger鞚� 4旮� 韸鸽煭鞚� Roush臧� 瓿勳暯 靸濎偘 欷戩瀰雼堧嫟(2024雲� 9鞗� 鞁滌瀾).
- 靻岆箘鞛愳毄 韥鞀れ槫氩� 頂勲攴鸽灗(Mullen FIVE)鞚� 氤措 欷戩瀰雼堧嫟.
欤检殧 鞙勴棙 鞖旍澑
- 鞐办啀鞝侅澑 毂勱秾 鞝勴櫂 氚� 鞗岆煱韸� 頄夓偓搿� 鞚疙暅 雽�攴滊 鞛犾灛 頋劃 氚� "鞓る矂頄�" 鞙勴棙.
- 雮橃姢雼� 靸侅灔 鞙犾毳� 鞙勴暅 於旉皜 鞐秳頃� 鞚橃〈.
- 旮办〈 鞖办劆欤� 氚� 鞝勴櫂歃濌秾鞐� 雮挫灛霅� 頋劃 氚╈ 旮半姤.
- 旮堨湹 靸來拡 甑“搿� 鞚疙暅 瓿惦Г霃� 鞎曤牓.
Mullen Automotive Inc. (Nasdaq : MULN) a d茅pos茅 l'Amendement n掳 2 脿 son formulaire S-1 afin d'enregistrer 40 millions d'actions ordinaires pour la revente par des investisseurs existants. Ces actions sont 茅mises lors de la conversion de billets convertibles senior garantis et de l'exercice sans num茅raire de bons de souscription d'actions 脿 cinq ans, 茅mis dans le cadre d'une s茅rie de placements priv茅s r茅alis茅s entre mai 2024 et avril 2025. Ce d茅p么t n'implique pas une offre primaire 鈥� Mullen ne recevra aucun produit des ventes d'actions par les actionnaires vendeurs et il est peu probable qu'elle re莽oive des liquidit茅s des exercices de bons, car ces derniers permettent un m茅canisme sans num茅raire qui devient plus avantageux lorsque le cours de l'action baisse.
Structure du capital et dilution potentielle
- Au 24 juin 2025, seulement 10 539 020 actions ordinaires 茅taient en circulation, mais les billets et bons d茅j脿 茅mis pourraient se convertir en 8,288 milliards d'actions 脿 leurs prix planchers 鈥� soit une augmentation d'environ 800 fois.
- Le d茅p么t couvre seulement 40 millions de ces actions potentielles ; d'autres d茅clarations d'enregistrement sont contractuellement requises.
- La conversion et l'exercice sont plafonn茅s 脿 9,99 % de propri茅t茅 b茅n茅ficiaire par d茅tenteur, mais les investisseurs peuvent convertir, vendre et reconvertir successivement, permettant un volume important sur le temps.
- Sept regroupements d'actions invers茅s (le plus r茅cent 1 pour 100 le 2 juin 2025) ont 茅t茅 r茅alis茅s depuis mai 2023 ; le conseil d'administration cherche l'autorisation pour un nouveau regroupement allant de 1 pour 2 脿 1 pour 250.
Financements
- Les billets senior garantis avec escompte initial de 5 % accumulent 15 % d'int茅r锚ts et arrivent 脿 茅ch茅ance quatre mois apr猫s 茅mission. Le prix de conversion est de 95 % du VWAP le plus bas des cinq jours de bourse pr茅c茅dents, soumis aux planchers indiqu茅s (1,16 $鈥�0,02 $).
- Les bons donnent droit 脿 200 % du nombre d'actions des billets au prix de 105 % du prix de r茅f茅rence ou par exercice sans num茅raire selon la formule de Black-Scholes avec un plancher 脿 0,01 $.
- Les investisseurs d茅tiennent des droits suppl茅mentaires pour acheter jusqu'脿 62,5 M$ (tour de mai 2024), 6,3 M$ (janvier 2025) et 3,1 M$ (f茅vrier 2025) de billets et bons suppl茅mentaires.
Statut de la cotation
- Le 25 f茅vrier 2025, Nasdaq a inform茅 Mullen que la valeur de march茅 des titres cot茅s 茅tait inf茅rieure au minimum de 35 M$ pendant 30 jours cons茅cutifs ; la soci茅t茅 dispose jusqu'au 25 ao没t 2025 pour se conformer 脿 nouveau.
- Les pr茅c茅dentes insuffisances du cours ont 茅t茅 corrig茅es par des regroupements invers茅s, mais des regroupements cumul茅s au-del脿 du ratio 250 pour 1 pourraient compromettre les p茅riodes futures de conformit茅.
Vue d'ensemble op茅rationnelle
- Mullen s'est tourn茅e vers les v茅hicules 茅lectriques commerciaux, acqu茅rant 95 % de Bollinger Motors et d茅butant les livraisons de camions de classe 3 (septembre 2023) et de fourgonnettes de classe 1 (novembre 2023).
- L'usine de Tunica, MS, est op茅rationnelle ; le camion de classe 4 de Bollinger est fabriqu茅 sous contrat par Roush (d茅but septembre 2024).
- Le programme crossover grand public (Mullen FIVE) est en pause.
Principaux risques soulign茅s
- Dilution potentielle massive et "overhang" d没 脿 la conversion continue des billets et 脿 l'exercice des bons.
- D茅pendance 脿 d'autres regroupements invers茅s pour maintenir la cotation Nasdaq.
- Caract茅ristiques anti-dilution dans les actions privil茅gi茅es et titres convertibles existants.
- Pression des ventes 脿 d茅couvert encourag茅e par la structure des instruments de financement.
Mullen Automotive Inc. (Nasdaq: MULN) hat die 脛nderung Nr. 2 zu seinem Formular S-1 eingereicht, um 40 Millionen Stammaktien zur Wiederver盲u脽erung durch bestehende Investoren zu registrieren. Die Aktien werden bei Umwandlung von vorrangigen besicherten Wandelanleihen und der barlosen Aus眉bung von f眉nfj盲hrigen Warrants ausgegeben, die in einer Reihe von Privatplatzierungen zwischen Mai 2024 und April 2025 ausgegeben wurden. Die Einreichung beinhaltet kein Prim盲rangebot 鈥� Mullen erh盲lt keine Erl枚se aus dem Verkauf der Aktien durch die verkaufenden Aktion盲re und wird voraussichtlich auch keinen Bargeldzufluss aus der Aus眉bung der Warrants erhalten, da diese einen barlosen Mechanismus zulassen, der bei fallendem Aktienkurs vorteilhafter wird.
Kapitalstruktur & potenzielle Verw盲sserung
- Am 24. Juni 2025 waren nur 10.539.020 Stammaktien ausstehend, doch die bereits ausgegebenen Anleihen und Warrants k枚nnten zu 8,288 Milliarden Aktien zu ihren Mindestpreisen konvertiert werden 鈥� eine etwa 800-fache Steigerung.
- Die Einreichung umfasst nur 40 Millionen dieser potenziellen Aktien; weitere Registrierungserkl盲rungen sind vertraglich erforderlich.
- Die Umwandlung und Aus眉bung sind auf 9,99 % wirtschaftliches Eigentum pro Inhaber begrenzt, aber Investoren k枚nnen nacheinander umwandeln, verkaufen und erneut umwandeln, was 眉ber die Zeit ein gro脽es Volumen erm枚glicht.
- Seit Mai 2023 wurden sieben Aktiensplits r眉ckw盲rts durchgef眉hrt (zuletzt 1:100 am 2. Juni 2025); der Vorstand strebt die Genehmigung f眉r einen weiteren Split von 1:2 bis 1:250 an.
Finanzierungen
- 5 % Original-Discount Senior Secured Notes akkumulieren 15 % Zinsen und laufen vier Monate nach Ausgabe ab. Der Umwandlungspreis betr盲gt 95 % des niedrigsten VWAP der vorangegangenen f眉nf Handelstage, vorbehaltlich der angegebenen Mindestpreise ($1,16鈥�$0,02).
- Warrants berechtigen die Inhaber zum Bezug von 200 % der Anleiheaktienanzahl zu 105 % des Referenzpreises oder zur barlosen Aus眉bung mittels Black-Scholes-Formel mit einem Mindestpreis von $0,01.
- Investoren haben zus盲tzliche Rechte zum Kauf von bis zu 62,5 Mio. $ (Mai 2024), 6,3 Mio. $ (Jan 2025) und 3,1 Mio. $ (Feb 2025) weiterer Notes und Warrants.
Notierungsstatus
- Am 25. Februar 2025 informierte Nasdaq Mullen, dass der Marktwert der gelisteten Wertpapiere 30 Tage in Folge unter dem Mindestwert von 35 Mio. $ lag; das Unternehmen hat bis zum 25. August 2025 Zeit, die Einhaltung wiederherzustellen.
- Fr眉here Kursm盲ngel wurden durch Reverse Splits behoben, aber kumulative Splits 眉ber dem Verh盲ltnis 250 zu 1 k枚nnten zuk眉nftige Compliance-Perioden gef盲hrden.
叠别迟谤颈别产蝉眉产别谤蝉颈肠丑迟
- Mullen hat sich auf kommerzielle Elektrofahrzeuge fokussiert, 95 % von Bollinger Motors 眉bernommen und mit der Lieferung von Klasse-3-Lkw (Sep 2023) und Klasse-1-Vans (Nov 2023) begonnen.
- Das Werk in Tunica, MS, ist in Betrieb; Bollingers Klasse-4-Lkw wird von Roush im Auftrag gefertigt (Start Sep 2024).
- Das Consumer-Crossover-Programm (Mullen FIVE) ist pausiert.
Hervorgehobene Hauptrisiken
- Massive potenzielle Verw盲sserung und "Overhang" durch kontinuierliche Anleihenumwandlung und Warrant-Aus眉bung.
- Abh盲ngigkeit von weiteren Reverse Splits zur Aufrechterhaltung der Nasdaq-Notierung.
- Antiverw盲sserungsmerkmale bei bestehenden Vorzugsaktien und Wandelwertpapieren.
- Leerverkaufsdruck beg眉nstigt durch die Struktur der Finanzierungsinstrumente.
Positive
- Commercial EV focus gaining traction: Class 3 trucks (Sept 2023) and Class 1 vans (Nov 2023) already shipping; Class 4 production underway via Roush.
- Bollinger Motors ownership increased to 95 %, expanding portfolio to Classes 1鈥�6 and creating vertically integrated manufacturing footprint.
Negative
- Potential issuance of up to 8.288 bn shares versus 10.5 m currently outstanding threatens extreme dilution.
- Cashless warrants at $0.01 floor provide minimal capital to the company while incentivizing downward price pressure.
- Seven reverse stock splits since 2023 and a proposal for an additional 1-for-2 to 1-for-250 split signal ongoing listing challenges.
- Nasdaq MVLS deficiency notice; failure to regain $35 m market-value threshold by 25 Aug 2025 could trigger delisting.
- Covenants restrict additional financing during 90-day lockouts, limiting flexibility if liquidity tightens.
Insights
TL;DR 鈥� Registration amplifies dilution risk; 8.3 bn potential shares vs. 10.5 m outstanding is materially negative.
The amendment discloses an extreme disparity between current float and shares that could be issued at floor prices. With conversion floors as low as $0.02 and warrants cashless at a $0.01 floor, the effective supply of stock is almost unconstrained. Because Mullen receives no cash from resale and little if any from warrant exercise, shareholder dilution is unaccompanied by capital inflow. Continuous issuance could pressure the bid price, forcing additional reverse splits that themselves erode investor confidence and risk Nasdaq delisting. Operational progress鈥攑lant commissioning, Bollinger integration and initial truck deliveries鈥攐ffers strategic value, yet the magnitude and terms of the structured financings overshadow these positives. The filing is therefore impactful and directionally negative for common shareholders.
TL;DR 鈥� Shareholder protections are weak; financing covenants restrict new capital and concentrate control.
The Securities Purchase Agreements bar Mullen from issuing alternative equity or debt for 90 days after each effective registration, limiting strategic flexibility. Anti-dilution clauses in preferred stock, notes and warrants ensure that outside investors bear the brunt of further price declines. Although each note/warrant holder is capped at 9.99 % ownership, sequential conversions can flood the market without triggering the cap. Repeated reverse splits inflate board-authorized but unissued shares, making additional dilutive issuances easier. These features concentrate leverage with financing counterparties and leave minority holders exposed to disproportionate value transfer. Governance risk is high and the disclosure is materially negative for equity holders.
Mullen Automotive Inc. (Nasdaq: MULN) ha presentato l'Emendamento n. 2 al modulo S-1 per registrare 40 milioni di azioni ordinarie da rivendere da parte degli investitori esistenti. Le azioni sono emesse tramite conversione di note convertibili senior garantite e l'esercizio senza contanti di warrant quinquennali emessi in una serie di collocamenti privati completati tra maggio 2024 e aprile 2025. La registrazione non riguarda un'offerta primaria: Mullen non ricever脿 proventi dalla vendita delle azioni da parte degli azionisti venditori e probabilmente non incasser脿 denaro dall'esercizio dei warrant, poich茅 questi prevedono un meccanismo senza contanti che diventa pi霉 vantaggioso con il calo del prezzo delle azioni.
Struttura del capitale e potenziale diluizione
- Al 24 giugno 2025 risultavano in circolazione solo 10.539.020 azioni ordinarie, ma le note e i warrant gi脿 emessi potrebbero convertirsi in 8,288 miliardi di azioni al prezzo minimo, un aumento di circa 800 volte.
- La registrazione copre solo 40 milioni di queste potenziali azioni; sono richieste ulteriori dichiarazioni di registrazione per contratto.
- La conversione e l'esercizio sono limitati al 9,99% di propriet脿 effettiva per singolo detentore, ma gli investitori possono convertire, vendere e riconvertire in sequenza, permettendo un volume elevato nel tempo.
- Dal maggio 2023 sono stati effettuati sette frazionamenti inversi delle azioni (l'ultimo 1-per-100 il 2 giugno 2025); il consiglio sta cercando l'autorizzazione per un ulteriore frazionamento da 1-per-2 fino a 1-per-250.
Finanziamenti
- Note senior garantite con sconto originale del 5%, che maturano interessi al 15% e scadono quattro mesi dopo l'emissione. Il prezzo di conversione 猫 il 95% del VWAP pi霉 basso degli ultimi cinque giorni di negoziazione, soggetto ai limiti indicati (da $1,16 a $0,02).
- I warrant danno diritto a ricevere il 200% del numero di azioni delle note a un prezzo del 105% del prezzo di riferimento o tramite esercizio senza contanti secondo la formula Black-Scholes con un limite minimo di $0,01.
- Gli investitori detengono ulteriori diritti di acquisto fino a $62,5 milioni (round maggio 2024), $6,3 milioni (gennaio 2025) e $3,1 milioni (febbraio 2025) in ulteriori note e warrant.
Stato della quotazione
- Il 25 febbraio 2025 Nasdaq ha notificato a Mullen che il valore di mercato dei titoli quotati era rimasto sotto il minimo di $35 milioni per 30 giorni consecutivi; la societ脿 ha tempo fino al 25 agosto 2025 per tornare in conformit脿.
- Le precedenti carenze del prezzo di offerta sono state risolte con frazionamenti inversi, ma frazionamenti cumulativi superiori al rapporto 250 a 1 potrebbero compromettere la conformit脿 futura.
Situazione operativa
- Mullen si 猫 concentrata sui veicoli elettrici commerciali, acquisendo il 95% di Bollinger Motors e iniziando le spedizioni di camion di Classe 3 (settembre 2023) e furgoni di Classe 1 (novembre 2023).
- Lo stabilimento di Tunica, MS, 猫 operativo; il camion di Classe 4 di Bollinger 猫 prodotto su contratto da Roush (inizio settembre 2024).
- Il programma crossover consumer (Mullen FIVE) 猫 in pausa.
Rischi principali evidenziati
- Potenziale diluizione massiccia e "overhang" derivante dalla conversione continua di note e dall'esercizio di warrant.
- Dipendenza da ulteriori frazionamenti inversi per mantenere la quotazione Nasdaq.
- Caratteristiche anti-diluizione nelle azioni privilegiate e nei titoli convertibili esistenti.
- Pressioni di vendita allo scoperto favorite dalla struttura degli strumenti di finanziamento.
Mullen Automotive Inc. (Nasdaq: MULN) ha presentado la Enmienda No. 2 a su formulario S-1 para registrar 40 millones de acciones ordinarias para la reventa por parte de inversores existentes. Las acciones se emitir谩n mediante la conversi贸n de notas convertibles senior garantizadas y el ejercicio sin efectivo de warrants a cinco a帽os emitidos en una serie de colocaciones privadas completadas entre mayo de 2024 y abril de 2025. La presentaci贸n no implica una oferta primaria: Mullen no recibir谩 ingresos por la venta de acciones por parte de los accionistas vendedores y probablemente no reciba efectivo por el ejercicio de los warrants, ya que estos permiten un mecanismo sin efectivo que se vuelve m谩s ventajoso a medida que cae el precio de la acci贸n.
Estructura de capital y potencial diluci贸n
- Solo hab铆a 10,539,020 acciones ordinarias en circulaci贸n al 24 de junio de 2025, pero las notas y warrants ya emitidos podr铆an convertirse en 8,288 mil millones de acciones a sus precios m铆nimos, aproximadamente un aumento de 800 veces.
- La presentaci贸n cubre solo 40 millones de esas acciones potenciales; se requieren declaraciones de registro adicionales por contrato.
- La conversi贸n y el ejercicio est谩n limitados al 9,99 % de propiedad efectiva por titular, pero los inversores pueden convertir, vender y reconvertir secuencialmente, permitiendo un volumen grande con el tiempo.
- Desde mayo de 2023 se han ejecutado siete divisiones inversas de acciones (la m谩s reciente 1 por 100 el 2 de junio de 2025); la junta busca autorizaci贸n para otra divisi贸n de 1 por 2 a 1 por 250.
Financiamientos
- Notas senior garantizadas con descuento original del 5 %, que acumulan 15 % de inter茅s y vencen cuatro meses despu茅s de la emisi贸n. El precio de conversi贸n es el 95 % del VWAP m谩s bajo de los cinco d铆as h谩biles anteriores, sujeto a los m铆nimos indicados ($1,16鈥�$0,02).
- Los warrants otorgan a los titulares derecho a un 200 % del n煤mero de acciones de las notas a un 105 % del precio de referencia o mediante ejercicio sin efectivo usando la f贸rmula Black-Scholes con un piso de $0,01.
- Los inversores tienen derechos adicionales para comprar hasta $62,5 millones (ronda de mayo de 2024), $6,3 millones (enero de 2025) y $3,1 millones (febrero de 2025) en notas y warrants adicionales.
Estado de la cotizaci贸n
- El 25 de febrero de 2025 Nasdaq notific贸 a Mullen que el Valor de Mercado de Valores Cotizados hab铆a estado por debajo del m铆nimo de $35 millones durante 30 d铆as consecutivos; la empresa tiene hasta el 25 de agosto de 2025 para recuperar el cumplimiento.
- Deficiencias anteriores en el precio de oferta se corrigieron mediante divisiones inversas, pero divisiones acumuladas superiores a 250 a 1 podr铆an poner en riesgo futuros per铆odos de cumplimiento.
Resumen operativo
- Mullen se ha enfocado en veh铆culos el茅ctricos comerciales, adquiriendo el 95 % de Bollinger Motors e iniciando env铆os de camiones Clase 3 (septiembre de 2023) y furgonetas Clase 1 (noviembre de 2023).
- La planta de Tunica, MS, est谩 operativa; el cami贸n Clase 4 de Bollinger es fabricado por contrato por Roush (comenz贸 en septiembre de 2024).
- El programa crossover para consumidores (Mullen FIVE) est谩 en pausa.
Riesgos clave destacados
- Potencial diluci贸n masiva y "overhang" por la conversi贸n continua de notas y ejercicio de warrants.
- Dependencia de m谩s divisiones inversas para mantener la cotizaci贸n en Nasdaq.
- Caracter铆sticas antidiluci贸n en acciones preferentes y valores convertibles existentes.
- Presi贸n de ventas en corto fomentada por la estructura de los instrumentos financieros.
Mullen Automotive Inc. (雮橃姢雼�: MULN)鞚� 旮办〈 韴瀽鞛愲摛鞚� 鞛寪毵るゼ 鞙勴暣 4,000毵� 欤检潣 氤错喌欤茧ゼ 霌彪頃橁赴 鞙勴暣 Form S-1鞚� 靾橃爼鞎� 2順鸽ゼ 鞝滌稖頄堨姷雼堧嫟. 鞚� 欤检嫕霌れ潃 2024雲� 5鞗旊秬韯� 2025雲� 4鞗� 靷澊鞐� 鞕勲霅� 鞚茧牗鞚� 靷 氚滍枆鞐愳劀 氚滍枆霅� 靹犾垳鞙� 雼措炒 鞝勴櫂靷眲鞕� 5雲� 毵岅赴 鞗岆煱韸胳潣 順勱笀 鞐嗠姅 頄夓偓鞐� 霐半澕 氚滍枆霅╇媹雼�. 鞚� 鞝滌稖鞚� 旮半掣 瓿惦臧� 鞎勲媹氅�, Mullen鞚� 毵る弰 欤检＜霌れ潣 欤检嫕 毵り皝鞙茧攵�韯� 靾橃澋鞚� 氚涭 鞎婌溂氅�, 鞗岆煱韸戈皜 欤缄皜 頃橂澖 鞁� 雿旍毐 鞙犽Μ頃挫電� 順勱笀 鞐嗠姅 頄夓偓 氅旍护雼堨鞚� 項堨毄頃橁赴 霑岆鞐� 鞗岆煱韸� 頄夓偓搿滊秬韯� 順勱笀鞚� 氚涭潉 臧�電レ劚霃� 雮姷雼堧嫟.
鞛愲掣 甑“ 氚� 鞛犾灛鞝� 頋劃
- 2025雲� 6鞗� 24鞚� 旮办鞙茧 鞙犿喌 欷戩澑 氤错喌欤茧姅 10,539,020欤检棎 攵堦臣頃橃毵�, 鞚措 氚滍枆霅� 毂勱秾瓿� 鞗岆煱韸鸽姅 斓滌爛 臧�瓴� 旮办鞙茧 82鞏� 8,800毵� 欤�搿� 鞝勴櫂霅� 靾� 鞛堨柎 鞎� 800氚� 歃濌皜頃� 靾� 鞛堨姷雼堧嫟.
- 鞚措矆 鞝滌稖鞚� 鞛犾灛 欤检嫕 欷� 4,000毵� 欤茧鞚� 韽暔頃橂┌, 於旉皜 霌彪 靹滊 鞝滌稖鞚� 瓿勳暯靸� 鞖旉惮霅╇媹雼�.
- 鞝勴櫂 氚� 頄夓偓電� 氤挫湢鞛愲硠搿� 9.99%鞚� 鞁れ 靻岇湢甓岇溂搿� 鞝滍暅霅橂倶, 韴瀽鞛愲摛鞚� 靾滌皑鞝侅溂搿� 鞝勴櫂, 毵る弰, 鞛爠頇橅暊 靾� 鞛堨柎 鞁滉皠鞚� 歆�雮棎 霐半澕 雽�霟� 瓯半灅臧� 臧�電ロ暕雼堧嫟.
- 2023雲� 5鞗� 鞚错泟 7須岇潣 鞎‰┐攵勴暊 鞐秳頃�(斓滉芳 2025雲� 6鞗� 2鞚检棎 1雽� 100)鞚� 鞁ろ枆霅橃棃鞙茧┌, 鞚挫偓須岆姅 1雽� 2鞐愳劀 1雽� 250 靷澊鞚� 於旉皜 攵勴暊 甓岉暅鞚� 鞖旍箔頃橁碃 鞛堨姷雼堧嫟.
鞛愱笀 臁半嫭
- 5% 鞗愱笀 頃犾澑 靹犾垳鞙� 雼措炒毂勲姅 15% 鞚挫瀽毳� 雸勳爜頃橂┌ 氚滍枆 頉� 4臧滌洈 毵岅赴鞛呺媹雼�. 鞝勴櫂 臧�瓴╈潃 鞚挫爠 5瓯半灅鞚� 欷� 斓滌爛 VWAP鞚� 95%鞚措┌, 氇呾嫓霅� 頃橅暅臧�($1.16鈥�$0.02)臧� 鞝侅毄霅╇媹雼�.
- 鞗岆煱韸鸽姅 氤挫湢鞛愳棎瓴� 毂勱秾 欤检嫕 靾橃潣 200%鞐� 頃措嫻頃橂姅 欤检嫕鞚� 旮办 臧�瓴╈潣 105%鞐� 甑Г頃� 甓岆Μ 霕愲姅 $0.01 頃橅暅臧�毳� 鞝侅毄頃� 敫旊灆-靾勳 瓿奠嫕鞐� 霐半ジ 順勱笀 鞐嗠姅 頄夓偓 甓岆Μ毳� 攵�鞐暕雼堧嫟.
- 韴瀽鞛愲摛鞚� 2024雲� 5鞗� 霛检毚霌滌棎靹� 斓滊寑 6,250毵� 雼煬, 2025雲� 1鞗� 630毵� 雼煬, 2025雲� 2鞗� 310毵� 雼煬鞚� 於旉皜 毂勱秾 氚� 鞗岆煱韸鸽ゼ 甑Г頃� 甓岆Μ毳� 氤挫湢頃橁碃 鞛堨姷雼堧嫟.
靸侅灔 靸來儨
- 2025雲� 2鞗� 25鞚� 雮橃姢雼レ潃 Mullen鞐愱矊 靸侅灔 歃濌秾 鞁滉皜齑濎暋鞚� 30鞚� 鞐办啀 $3,500毵� 氙鸽鞛勳潉 韱奠頄堨溂氅�, 須岇偓電� 2025雲� 8鞗� 25鞚缄箤歆� 鞚措ゼ 須岆车頃挫暭 頃╇媹雼�.
- 鞚挫爠 鞛呾鞍臧� 頃橂澖 氍胳牅電� 鞐秳頃犽 頃搓舶霅橃棃鞙茧倶, 雸勳爜 鞐秳頃犾澊 250雽� 1鞚� 齑堦臣頃橂┐ 頄ロ泟 欷�靾� 旮瓣皠鞐� 鞙勴棙鞚� 霅� 靾� 鞛堨姷雼堧嫟.
鞖挫榿 順勴櫓
- Mullen鞚� 靸侅梾鞖� 鞝勱赴彀 氚╉枼鞚� 鞝勴櫂頃橃棳 Bollinger Motors鞚� 95%毳� 鞚胳垬頃橁碃 3旮� 韸鸽煭(2023雲� 9鞗�) 氚� 1旮� 氚�(2023雲� 11鞗�) 氚办啞鞚� 鞁滌瀾頄堨姷雼堧嫟.
- 氙胳嫓鞁滍敿欤� 韴媹旃� 瓿奠灔鞚� 臧�霃� 欷戩澊氅�, Bollinger鞚� 4旮� 韸鸽煭鞚� Roush臧� 瓿勳暯 靸濎偘 欷戩瀰雼堧嫟(2024雲� 9鞗� 鞁滌瀾).
- 靻岆箘鞛愳毄 韥鞀れ槫氩� 頂勲攴鸽灗(Mullen FIVE)鞚� 氤措 欷戩瀰雼堧嫟.
欤检殧 鞙勴棙 鞖旍澑
- 鞐办啀鞝侅澑 毂勱秾 鞝勴櫂 氚� 鞗岆煱韸� 頄夓偓搿� 鞚疙暅 雽�攴滊 鞛犾灛 頋劃 氚� "鞓る矂頄�" 鞙勴棙.
- 雮橃姢雼� 靸侅灔 鞙犾毳� 鞙勴暅 於旉皜 鞐秳頃� 鞚橃〈.
- 旮办〈 鞖办劆欤� 氚� 鞝勴櫂歃濌秾鞐� 雮挫灛霅� 頋劃 氚╈ 旮半姤.
- 旮堨湹 靸來拡 甑“搿� 鞚疙暅 瓿惦Г霃� 鞎曤牓.
Mullen Automotive Inc. (Nasdaq : MULN) a d茅pos茅 l'Amendement n掳 2 脿 son formulaire S-1 afin d'enregistrer 40 millions d'actions ordinaires pour la revente par des investisseurs existants. Ces actions sont 茅mises lors de la conversion de billets convertibles senior garantis et de l'exercice sans num茅raire de bons de souscription d'actions 脿 cinq ans, 茅mis dans le cadre d'une s茅rie de placements priv茅s r茅alis茅s entre mai 2024 et avril 2025. Ce d茅p么t n'implique pas une offre primaire 鈥� Mullen ne recevra aucun produit des ventes d'actions par les actionnaires vendeurs et il est peu probable qu'elle re莽oive des liquidit茅s des exercices de bons, car ces derniers permettent un m茅canisme sans num茅raire qui devient plus avantageux lorsque le cours de l'action baisse.
Structure du capital et dilution potentielle
- Au 24 juin 2025, seulement 10 539 020 actions ordinaires 茅taient en circulation, mais les billets et bons d茅j脿 茅mis pourraient se convertir en 8,288 milliards d'actions 脿 leurs prix planchers 鈥� soit une augmentation d'environ 800 fois.
- Le d茅p么t couvre seulement 40 millions de ces actions potentielles ; d'autres d茅clarations d'enregistrement sont contractuellement requises.
- La conversion et l'exercice sont plafonn茅s 脿 9,99 % de propri茅t茅 b茅n茅ficiaire par d茅tenteur, mais les investisseurs peuvent convertir, vendre et reconvertir successivement, permettant un volume important sur le temps.
- Sept regroupements d'actions invers茅s (le plus r茅cent 1 pour 100 le 2 juin 2025) ont 茅t茅 r茅alis茅s depuis mai 2023 ; le conseil d'administration cherche l'autorisation pour un nouveau regroupement allant de 1 pour 2 脿 1 pour 250.
Financements
- Les billets senior garantis avec escompte initial de 5 % accumulent 15 % d'int茅r锚ts et arrivent 脿 茅ch茅ance quatre mois apr猫s 茅mission. Le prix de conversion est de 95 % du VWAP le plus bas des cinq jours de bourse pr茅c茅dents, soumis aux planchers indiqu茅s (1,16 $鈥�0,02 $).
- Les bons donnent droit 脿 200 % du nombre d'actions des billets au prix de 105 % du prix de r茅f茅rence ou par exercice sans num茅raire selon la formule de Black-Scholes avec un plancher 脿 0,01 $.
- Les investisseurs d茅tiennent des droits suppl茅mentaires pour acheter jusqu'脿 62,5 M$ (tour de mai 2024), 6,3 M$ (janvier 2025) et 3,1 M$ (f茅vrier 2025) de billets et bons suppl茅mentaires.
Statut de la cotation
- Le 25 f茅vrier 2025, Nasdaq a inform茅 Mullen que la valeur de march茅 des titres cot茅s 茅tait inf茅rieure au minimum de 35 M$ pendant 30 jours cons茅cutifs ; la soci茅t茅 dispose jusqu'au 25 ao没t 2025 pour se conformer 脿 nouveau.
- Les pr茅c茅dentes insuffisances du cours ont 茅t茅 corrig茅es par des regroupements invers茅s, mais des regroupements cumul茅s au-del脿 du ratio 250 pour 1 pourraient compromettre les p茅riodes futures de conformit茅.
Vue d'ensemble op茅rationnelle
- Mullen s'est tourn茅e vers les v茅hicules 茅lectriques commerciaux, acqu茅rant 95 % de Bollinger Motors et d茅butant les livraisons de camions de classe 3 (septembre 2023) et de fourgonnettes de classe 1 (novembre 2023).
- L'usine de Tunica, MS, est op茅rationnelle ; le camion de classe 4 de Bollinger est fabriqu茅 sous contrat par Roush (d茅but septembre 2024).
- Le programme crossover grand public (Mullen FIVE) est en pause.
Principaux risques soulign茅s
- Dilution potentielle massive et "overhang" d没 脿 la conversion continue des billets et 脿 l'exercice des bons.
- D茅pendance 脿 d'autres regroupements invers茅s pour maintenir la cotation Nasdaq.
- Caract茅ristiques anti-dilution dans les actions privil茅gi茅es et titres convertibles existants.
- Pression des ventes 脿 d茅couvert encourag茅e par la structure des instruments de financement.
Mullen Automotive Inc. (Nasdaq: MULN) hat die 脛nderung Nr. 2 zu seinem Formular S-1 eingereicht, um 40 Millionen Stammaktien zur Wiederver盲u脽erung durch bestehende Investoren zu registrieren. Die Aktien werden bei Umwandlung von vorrangigen besicherten Wandelanleihen und der barlosen Aus眉bung von f眉nfj盲hrigen Warrants ausgegeben, die in einer Reihe von Privatplatzierungen zwischen Mai 2024 und April 2025 ausgegeben wurden. Die Einreichung beinhaltet kein Prim盲rangebot 鈥� Mullen erh盲lt keine Erl枚se aus dem Verkauf der Aktien durch die verkaufenden Aktion盲re und wird voraussichtlich auch keinen Bargeldzufluss aus der Aus眉bung der Warrants erhalten, da diese einen barlosen Mechanismus zulassen, der bei fallendem Aktienkurs vorteilhafter wird.
Kapitalstruktur & potenzielle Verw盲sserung
- Am 24. Juni 2025 waren nur 10.539.020 Stammaktien ausstehend, doch die bereits ausgegebenen Anleihen und Warrants k枚nnten zu 8,288 Milliarden Aktien zu ihren Mindestpreisen konvertiert werden 鈥� eine etwa 800-fache Steigerung.
- Die Einreichung umfasst nur 40 Millionen dieser potenziellen Aktien; weitere Registrierungserkl盲rungen sind vertraglich erforderlich.
- Die Umwandlung und Aus眉bung sind auf 9,99 % wirtschaftliches Eigentum pro Inhaber begrenzt, aber Investoren k枚nnen nacheinander umwandeln, verkaufen und erneut umwandeln, was 眉ber die Zeit ein gro脽es Volumen erm枚glicht.
- Seit Mai 2023 wurden sieben Aktiensplits r眉ckw盲rts durchgef眉hrt (zuletzt 1:100 am 2. Juni 2025); der Vorstand strebt die Genehmigung f眉r einen weiteren Split von 1:2 bis 1:250 an.
Finanzierungen
- 5 % Original-Discount Senior Secured Notes akkumulieren 15 % Zinsen und laufen vier Monate nach Ausgabe ab. Der Umwandlungspreis betr盲gt 95 % des niedrigsten VWAP der vorangegangenen f眉nf Handelstage, vorbehaltlich der angegebenen Mindestpreise ($1,16鈥�$0,02).
- Warrants berechtigen die Inhaber zum Bezug von 200 % der Anleiheaktienanzahl zu 105 % des Referenzpreises oder zur barlosen Aus眉bung mittels Black-Scholes-Formel mit einem Mindestpreis von $0,01.
- Investoren haben zus盲tzliche Rechte zum Kauf von bis zu 62,5 Mio. $ (Mai 2024), 6,3 Mio. $ (Jan 2025) und 3,1 Mio. $ (Feb 2025) weiterer Notes und Warrants.
Notierungsstatus
- Am 25. Februar 2025 informierte Nasdaq Mullen, dass der Marktwert der gelisteten Wertpapiere 30 Tage in Folge unter dem Mindestwert von 35 Mio. $ lag; das Unternehmen hat bis zum 25. August 2025 Zeit, die Einhaltung wiederherzustellen.
- Fr眉here Kursm盲ngel wurden durch Reverse Splits behoben, aber kumulative Splits 眉ber dem Verh盲ltnis 250 zu 1 k枚nnten zuk眉nftige Compliance-Perioden gef盲hrden.
叠别迟谤颈别产蝉眉产别谤蝉颈肠丑迟
- Mullen hat sich auf kommerzielle Elektrofahrzeuge fokussiert, 95 % von Bollinger Motors 眉bernommen und mit der Lieferung von Klasse-3-Lkw (Sep 2023) und Klasse-1-Vans (Nov 2023) begonnen.
- Das Werk in Tunica, MS, ist in Betrieb; Bollingers Klasse-4-Lkw wird von Roush im Auftrag gefertigt (Start Sep 2024).
- Das Consumer-Crossover-Programm (Mullen FIVE) ist pausiert.
Hervorgehobene Hauptrisiken
- Massive potenzielle Verw盲sserung und "Overhang" durch kontinuierliche Anleihenumwandlung und Warrant-Aus眉bung.
- Abh盲ngigkeit von weiteren Reverse Splits zur Aufrechterhaltung der Nasdaq-Notierung.
- Antiverw盲sserungsmerkmale bei bestehenden Vorzugsaktien und Wandelwertpapieren.
- Leerverkaufsdruck beg眉nstigt durch die Struktur der Finanzierungsinstrumente.
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As filed with the Securities and Exchange Commission on June 30, 2025
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
CENTRAL PACIFIC FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
Hawaii (State or other jurisdiction of incorporation or organization) | 6022 (Primary Standard Industrial Classification Code Number) | 99-0212597 (I.R.S. Employer Identification Number) | ||||
220 South King Street
Honolulu, Hawaii 96813
(808) 544-0500
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
Glenn K.C. Ching, Esq.
Chief Legal Officer
220 South King Street
Honolulu, Hawaii 96813
(808) 544-0500
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Copies of Communications to:
Craig D. Miller, Esq.
Veronica Lah, Esq.
Manatt, Phelps & Phillips, LLP
One Embarcadero Center
San Francisco, California 94111
(415) 291-7400
Approximate date of commencement of proposed sale to the public: From time to time after the effective date of this registration statement.
If the only securities being registered on this form are being offered pursuant to dividend or interest reinvestment plans, check the following box. ☐
If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or reinvestment plans, check the following box. ☒
If this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If this form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. ☐
If this form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) of the Securities Act, check the following box. ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer | ☐ | Accelerated filer | ☒ | ||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||
Emerging growth company | ☐ | ||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐
The Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act or until the registration statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.
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The information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities, nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.
SUBJECT TO COMPLETION, DATED June 30, 2025 PROSPECTUS
$300,000,000
CENTRAL PACIFIC FINANCIAL CORP.
Common Stock
Preferred Stock
Depositary Shares
Debt Securities
Purchase Contracts
Rights
Units
Warrants
Central Pacific Financial Corp., a Hawaii corporation, (“we,” “us,” “our,” “Central Pacific” or the “Company”) may offer, issue and sell from time to time up to $300,000,000 of the securities listed above, together or separately, in one or more offerings. The securities we may offer may be convertible into or exchangeable for other securities. The aggregate offering price of the securities we sell pursuant to this prospectus will not exceed $300,000,000, or the foreign currency equivalent thereof.
We may sell these securities on a continuous or delayed basis directly to purchasers, to or through one or more agents, dealers, and/or underwriters as designated from time to time, or through a combination of these methods. For additional information on the method of sale, you should refer to the section of this prospectus entitled “Plan of Distribution.” The names of any agents, dealers or underwriters involved in the distribution of our securities, their compensation and any option they hold to acquire additional securities will be described in the applicable prospectus supplement.
Our common stock is listed on the New York Stock Exchange and trades under the ticker symbol “CPF.” Any prospectus supplement will indicate if the securities offered thereby will be listed on any securities exchange.
This prospectus describes some of the general terms that may apply to these securities and the general manner in which they may be offered. Each time we offer and sell any securities pursuant to this prospectus, we will provide you with a prospectus supplement, and, if necessary, a pricing supplement or other free writing prospectus, that will describe the specific amounts, prices and terms of the securities being offered. These supplements, free writing prospectuses and any documents incorporated by reference herein may also add, update or change information contained in this prospectus. Before you invest, you should carefully read this prospectus, the applicable prospectus supplement, any related free writing prospectus and all documents incorporated by reference before buying any of the securities being offered. This prospectus may not be used to consummate a sale of securities unless accompanied by the applicable prospectus supplement.
Our principal executive office is located at 220 South King Street, Honolulu, Hawaii 96813, and our telephone number at that address is (808) 544-0500.
Investing in our securities involves a high degree of risk. Before investing in our securities, you should carefully read this prospectus and the applicable prospectus supplement, including the section entitled “Risk Factors” beginning on page 2 of this prospectus, the section entitled “Risk Factors” in the applicable prospectus supplement and risk factors in our periodic reports and other information filed with the Securities and Exchange Commission.
These securities are not savings accounts, deposits or obligations of any of our bank or non-bank subsidiaries and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank or savings association.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus or any accompanying prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.
You should carefully read this prospectus together with the documents we incorporate by reference and the prospectus supplement before you invest in our securities.
This prospectus is not an offer to sell any securities other than the securities offered hereby. This prospectus is not an offer to sell securities in any jurisdictions or in any circumstances in which such an offer is unlawful.
The date of this prospectus is , 2025.
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Page | |||
ABOUT THIS PROSPECTUS | 1 | ||
RISK FACTORS | 2 | ||
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS | 3 | ||
WHERE YOU CAN FIND MORE INFORMATION | 5 | ||
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE | 6 | ||
ABOUT CENTRAL PACIFIC FINANCIAL CORP. | 7 | ||
THE OFFERING | 8 | ||
USE OF PROCEEDS | 9 | ||
DESCRIPTION OF COMMON STOCK WE MAY OFFER | 10 | ||
DESCRIPTION OF PREFERRED STOCK WE MAY OFFER | 14 | ||
DESCRIPTION OF DEPOSITARY SHARES WE MAY OFFER | 15 | ||
DESCRIPTION OF DEBT SECURITIES WE MAY OFFER | 17 | ||
DESCRIPTION OF PURCHASE CONTRACTS WE MAY OFFER | 33 | ||
DESCRIPTION OF RIGHTS WE MAY OFFER | 34 | ||
DESCRIPTION OF UNITS WE MAY OFFER | 36 | ||
DESCRIPTION OF WARRANTS WE MAY OFFER | 37 | ||
LEGAL OWNERSHIP AND BOOK-ENTRY ISSUANCE | 39 | ||
PLAN OF DISTRIBUTION | 44 | ||
CERTAIN ERISA CONSIDERATIONS | 47 | ||
VALIDITY OF THE SECURITIES | 48 | ||
EXPERTS | 48 | ||
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ABOUT THIS PROSPECTUS
This prospectus is part of a registration statement that we filed with the Securities and Exchange Commission (the “SEC”) utilizing a “shelf” registration process. Under this shelf registration process, we may offer and sell up to $300,000,000, or the foreign currency equivalent thereof, of the securities described in this prospectus in one or more offerings. This prospectus provides you with only a general description of the securities that we may offer. Each time we offer our securities, we will provide a prospectus supplement containing specific information about the terms of the securities being offered. That prospectus supplement may include a discussion of any risk factors or other special considerations that apply to those securities. The prospectus supplement and any related free writing prospectus may also add, update or change information contained in this prospectus. If there is any inconsistency between the information in this prospectus and in a prospectus supplement or free writing prospectus, you should rely on the information in that prospectus supplement or free writing prospectus, as applicable. You should read this prospectus, any prospectus supplement and any related free writing prospectus together with additional information described below under the heading “Where You Can Find More Information” and “Incorporation of Certain Documents by Reference.”
You should rely only on the information contained or incorporated by reference in this prospectus, any prospectus supplement and any related free writing prospectus. We have not authorized anyone to provide you with different information. If anyone provides you with different information, you should not rely on it. You should assume that the information contained in this prospectus is accurate only as of the date on the front cover of this prospectus. Our business, financial condition, results of operations and prospects may have changed since that date. We are not making offers to sell the securities in any jurisdiction in which an offer or solicitation is not authorized or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make an offer or solicitation.
The rules of the SEC allow us to incorporate by reference information into this prospectus. The information incorporated by reference is considered to be a part of this prospectus, and information that we file later with the SEC will automatically update and supersede this information.
You should not assume that the information in this prospectus, any prospectus supplement, any free writing prospectus or any document incorporated by reference is truthful or complete as of any date other than the date indicated on the cover page of the specific document.
Unless otherwise indicated or unless the context requires otherwise, all references in this prospectus to “Central Pacific,” the “Company,” “we,” “us,” “our” or similar references mean Central Pacific Financial Corp. and its wholly-owned bank subsidiary, Central Pacific Bank, unless the context otherwise requires. References in this prospectus to the “Bank” are to Central Pacific Bank.
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RISK FACTORS
Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risk factors incorporated by reference in this prospectus from our latest Annual Report on Form 10-K and other information contained or incorporated by reference in this prospectus and any accompanying prospectus supplements, as the same may be amended and updated from time-to-time by our future filings under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). For more information, see “Where You Can Find More Information” in this prospectus. If any of these risks actually occurs, our business, results of operations, and financial condition could suffer. In that case, the trading price of our securities could decline, and you could lose all or part of your investment. Additional risks and uncertainties not currently known to us, or that we currently believe are immaterial, may also adversely affect our business, operating results, and financial condition and the value of an investment in our securities. In addition, past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results or trends in future periods.
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus, any prospectus supplement and any related free writing prospectus, including information included or incorporated by reference, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, expectations and intentions that are not historical facts, and statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change.
The following factors, among others, could cause actual results to differ materially from the anticipated results expressed or implied by the forward-looking statements, including those set forth in this prospectus, any accompanying prospectus supplement, any related free writing prospectus or the documents incorporated by reference, including the “Risk Factors,” “Business” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our annual or quarterly reports, and other documents we file with the SEC: the effects of the persistence of current inflationary pressures, or the resurgence of elevated levels of inflation, in the United States and our market areas, and its impact on market interest rates, the economy and credit quality; the effect of trade policy and tariffs and other executive orders; the adverse effects of bank failures and the potential impact of such developments on customer confidence, deposit behavior, liquidity and regulatory responses thereto; the adverse effects of pandemic viruses (and their variants) epidemics and public health emergencies on local, national and international economies, including, but not limited to, the adverse impact on tourism and construction in the State of Hawaii, our borrowers, customers, third-party contractors, vendors and employees, as well as the effects of government programs and initiatives in response thereto; supply chain disruptions; labor contract disputes and potential strikes; the increase in inventory or adverse conditions in the real estate market and deterioration in the construction industry; adverse changes in the financial performance and/or condition of our borrowers and, as a result, increased loan delinquency rates, deterioration in asset quality, and losses in our loan portfolio; the impact of local, national, and international economies and events (including natural disasters such as wildfires, volcanic eruptions, hurricanes, tsunamis, storms, and earthquakes) on the Company’s business and operations and on tourism, the military, and other major industries operating within the Hawaii market and any other markets in which the Company does business; deterioration or malaise in domestic economic conditions, including any destabilization in the financial industry and deterioration of the real estate market, as well as the impact of declining levels of consumer and business confidence in the state of the economy in general and in financial institutions in particular; changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act, changes in capital standards, other regulatory reform and federal and state legislation, including but not limited to regulations promulgated by the Consumer Financial Protection Bureau, government-sponsored enterprise reform, and any related rules and regulations which affect our business operations and competitiveness; the costs and effects of legal and regulatory developments, including legal proceedings and lawsuits we are or may become subject to, or regulatory or other governmental inquiries and proceedings and the resolution thereof; the results of regulatory examinations or reviews and the effect of, and our ability to comply with, any regulations or regulatory orders or actions we are or may become subject to, and the effect of any recurring or special FDIC assessments; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the PCAOB, the FASB and other accounting standard setters and the cost and resources required to implement such changes; the effects of and changes in trade, monetary and fiscal policies and laws, including the interest rate policies of the Board of Governors of the Federal Reserve System; securities market and monetary fluctuations, including the impact resulting from the elimination of the LIBOR Index; negative trends in our market capitalization and adverse changes in the price of the Company's common stock; the effects of any potential or actual acquisitions or dispositions we may make or evaluate, and the related costs associated therewith; political instability; acts of war or terrorism; changes in consumer spending, borrowings and savings habits; technological changes and developments; cybersecurity and data privacy breaches, including those involving our third-party vendors or other service providers, and the consequence therefrom; failure to maintain effective internal control over financial reporting or disclosure controls and procedures; our ability to address deficiencies in our internal controls over financial reporting or disclosure controls and procedures; changes in the competitive environment among
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financial holding companies and other financial service providers; our ability to successfully implement our initiatives to lower our efficiency ratio; our ability to attract and retain key personnel; changes in our personnel, organization, compensation and benefit plans; our ability to successfully implement and achieve the objectives of our Banking-as-a-Service (“BaaS”) initiatives, including adoption of the initiatives by customers and risks faced by any of our bank collaborations including reputational and regulatory risk; uncertainty regarding United States fiscal debt, deficit and budget matters; and our success at managing the risks involved in the foregoing items.
Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in “Risk Factors” above, in our reports filed with the SEC and any risk factors included in any applicable prospectus supplement. We believe the expectations reflected in our forward-looking statements are reasonable, based on information available to us on the date hereof. However, given the described uncertainties and risks, we cannot guarantee our future performance or results of operations, and you should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they were made. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable law. The risks described in our other SEC filings and any risk factors included in any applicable prospectus supplement should be considered when reading any forward-looking statements in this document. All forward-looking statements, expressed or implied, included in this prospectus, any applicable prospectus supplement or in a document incorporated by reference herein or therein are expressly qualified in their entirety by these cautionary statements.
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WHERE YOU CAN FIND MORE INFORMATION
We are a reporting company and file annual, quarterly and current reports, proxy information and other information with the SEC. The SEC maintains a website that contains reports, proxy statements and other information about issuers, like us, who file reports electronically with the SEC. The address of that site is www.sec.gov. However, information on this website does not constitute a part of this prospectus.
We have filed with the SEC a registration statement on Form S-3, which registers the securities that we may offer under this prospectus. This prospectus is part of that registration statement and, as permitted by the SEC’s rules, does not contain all the information required to be set forth in the registration statement. We believe that we have included or incorporated by reference all information material to investors in this prospectus, but some details that may be important for specific investment purposes have not been included. For further information, you should read the registration statement and the exhibits filed with or incorporated by reference into the registration statement. You can get a copy of the registration statement and the documents referred to above under “Incorporation of Certain Documents by Reference” from the SEC website or our website listed below.
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INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The SEC allows us to incorporate by reference information into this prospectus. This means that we can disclose important information to you by referring you to another document filed separately with the SEC. The information incorporated by reference is considered to be part of this prospectus, except for any information that is superseded by subsequent incorporated documents or by information that is included directly in this prospectus, any prospectus supplement or any related free writing prospectus. We incorporate by reference the documents listed below and any future filings we make with the SEC after the date of this prospectus and until the termination of the offering of securities hereby under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act (other than, in each case, documents or information that is deemed, under the Exchange Act, in accordance with the Exchange Act and SEC rules, to be “furnished” and not filed with the SEC):
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