GreenCarNewsBreaks – Net Element, Inc. (NASDAQ: NETE) Enters LOI to Merge with Electric Vehicle Company Mullen Technologies
Net Element (NASDAQ: NETE), a global technology and value-added solutions group that supports electronic payments acceptance in a multi-channel environment including point-of-sale (“POS”), e-commerce and mobile devices, Monday announced its entry into a binding Letter of Intent (“LOI”) to merge with privately-held Mullen Technologies, Inc., a Southern California-based electric vehicle company. According to the update, in the stock-for-stock reverse merger, Mullen's stockholders will receive the majority of the outstanding stock in the post-merger Company. Pending receipt of requisite approvals, the current Net Element management team and board of directors will resign at closing of the merger, with exception to Oleg…
