EV Maker Mullen Allegedly Had Merger Approved in ‘Tainted’ Vote

A merger between Mullen Automotive Inc.'s predecessor and a payment technology platform should be unraveled because the companies’ board members solicited the August 2021 vote with misleading public statements, a Mullen shareholder says in a new derivative suit.

An accompanying vote to divest the operations of the payment company, Net Element Inc., from the electric vehicle maker was also unsound, Marius Martis says in his complaint, filed Thursday in the US District Court for the District of New Jersey.

“Net’s extremely valuable payment processing operations were divested for inadequate consideration,” says Martis, who held Net stock before the merger and ...