# EDGAR Filing Document

**Accession Number:** 0001499961
**File Stem:** 0001104659-23-021790
**Filing Date:** 2023-2
**Character Count:** 246089
**Document Hash:** d2e5f334a89b2d64b71e07822dd04b18
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-021790.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001104659-23-021790

**CONFORMED SUBMISSION TYPE**: S-3ASR

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MULLEN AUTOMOTIVE INC.
- **CENTRAL INDEX KEY:** 0001499961
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
- **IRS NUMBER:** 901025599
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** S-3ASR
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-269766
- **FILM NUMBER:** 23630707

**BUSINESS ADDRESS:**
- **STREET 1:** 1405 PIONEER STREET
- **CITY:** BREA
- **STATE:** CA
- **ZIP:** 92821
- **BUSINESS PHONE:** 7146131900

**MAIL ADDRESS:**
- **STREET 1:** 1405 PIONEER STREET
- **CITY:** BREA
- **STATE:** CA
- **ZIP:** 92821

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Net Element, Inc.
- **DATE OF NAME CHANGE:** 20131206

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Net Element International, Inc.
- **DATE OF NAME CHANGE:** 20121002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Cazador Acquisition Corp Ltd.
- **DATE OF NAME CHANGE:** 20100825

**As filed with the Securities and Exchange Commission on February 14,** **2023**

**Registration No. 333-** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM S-3**

**REGISTRATION STATEMENT<br> UNDER**

**THE SECURITIES ACT OF 1933**

**MULLEN AUTOMOTIVE INC.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **86-3289406** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer<br> Identification Number) |

---

**1405 Pioneer St**

**Brea, CA 92821**

**(714) 613-1900**

(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

**David Michery<br> President, CEO and Chairman**

**1405 Pioneer St**

**Brea, CA 92821**

**Tel: (714) 613-1900**

(Name, address, including zip code, and telephone number, including area code, of agent for service)

***Copies of all communications, including communications sent to the agent for service, to:***

**Robert H. Cohen, Esq.**

**McDermott Will & Emery LLP**

**One Vanderbilt Avenue**

**New York, New York 10017**

**Tel: (212) 547-5400**

**Approximate date of commencement of proposed sale to the public**:

From time to time after this Registration Statement becomes effective.

If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please 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 interest 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, please 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) under 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, a 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: ◻ <br> Non-accelerated filer: ⌧ Smaller reporting company: ⌧ <br> 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 Securities Act ◻

**EXPLANATORY NOTE**

This Registration Statement contains two prospectuses:

&nbsp;&nbsp;&nbsp;&nbsp;• A base prospectus
 which covers the offering, issuance and sale by us of the securities identified below from time to time in one or more offerings;
 and

• A resale
 prospectus covering the resale from time to time by the selling shareholders named in such resale prospectus or such selling shareholders
 as may be named in one or more prospectus supplements of up to 2,492,823,467 shares of Common Stock, par value of $0.001.

The base prospectus immediately follows this explanatory note. The specific terms of any other securities to be offered pursuant to the base prospectus will be specified in one or more prospectus supplements to the base prospectus. The resale prospectus immediately follows the base prospectus.

**PROSPECTUS**

**MULLEN AUTOMOTIVE INC.**

**Shares of Common Stock**

**Preferred Stock**

**Warrants**

From time to time, we or selling shareholders may offer and sell any combination of the securities described in this prospectus, either individually or in combination with other securities. We or selling shareholders may also offer Common Stock upon conversion of Preferred Stock, or Common Stock or Preferred Stock upon the exercise of Warrants.

Each time we sell securities pursuant to this prospectus, we will provide the specific terms of these offerings and securities in one or more prospectus supplements and attach it to this prospectus. We may also authorize one or more free writing prospectuses to be provided to you in connection with these offerings. The prospectus supplement and any related free writing prospectus may also add, update or change information contained in this prospectus. You should carefully read this prospectus, the applicable prospectus supplement and any related free writing prospectus, as well as the documents incorporated by reference, before buying any of the securities being offered.

Our Common Stock is listed on The NASDAQ Capital Market under the symbol "MULN". On February 8, 2023, the last reported sale price of our Common Stock on The NASDAQ Capital Market was $0.39 per share.

***Investing in our securities involves risk. You should carefully consider the risks that we have described under the section captioned "Risk Factors" in this prospectus on page [2](#s1a_003)*** ***before buying our Securities.***

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

**The date of this prospectus is February 14, 2023**

**TABLE OF CONTENTS**

**<u>Page</u>**

---

| | |
|:---|:---|
| [FORWARD-LOOKING STATEMENTS](#s1a_001) | [1](#s1a_001) |
| [PROSPECTUS SUMMARY](#s1a_002) | [2](#s1a_002) |
| [RISK FACTORS](#s1a_003) | [2](#s1a_003) |
| [USE OF PROCEEDS](#s1a_004) | [3](#s1a_004) |
| [SELLING STOCKHOLDERS](#s1a_005) | [4](#s1a_005) |
| [PLAN OF DISTRIBUTION](#s1a_006) | [5](#s1a_006) |
| [DESCRIPTION OF CAPITAL STOCK](#s1a_007) | [7](#s1a_007) |
| [LEGAL MATTERS](#s1a_008) | [14](#s1a_008) |
| [EXPERTS](#s1a_009) | [15](#s1a_009) |
| [ADDITIONAL INFORMATION](#s1a_010) | [16](#s1a_010) |
| [INCORPORATION OF CERTAIN INFORMATION BY REFERENCE](#s1a_011) | [17](#s1a_011) |

---

Mullen Automotive Inc. and its consolidated subsidiaries are referred to herein as "Mullen," "the Company," "we," "us" and "our," unless the context indicates otherwise.

You may only rely on the information contained in this prospectus or that we have referred you to. We have not authorized anyone to provide you with different information. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities other than the securities offered by this prospectus. This prospectus and any future prospectus supplement do not constitute an offer to sell or a solicitation of an offer to buy any securities in any circumstances in which such offer or solicitation is unlawful. Neither the delivery of this prospectus or any prospectus supplement nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in our affairs since the date of this prospectus or such prospectus supplement or that the information contained by reference to this prospectus or any prospectus supplement is correct as of any time after its date.

i

**FORWARD-LOOKING STATEMENTS**

Some of the statements contained or incorporated by reference in this prospectus may include forward- looking statements that reflect our current views with respect to our research and development activities, business strategy, business plan, financial performance and other future events. These statements include forward-looking statements both with respect to us, specifically, and the electric vehicle sector, in general. We make these statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements that include the words "expect," "intend," "plan," "believe," "project," "estimate," "may," "should," "anticipate," "will" and similar statements of a future or forward-looking nature identify forward-looking statements for purposes of the federal securities laws or otherwise.

All forward-looking statements involve inherent risks and uncertainties, and there are or will be important factors that could cause actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to, those factors set forth under the caption "Risk Factors" in this prospectus and in our most recent Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q, all of which you should review carefully. Please consider our forward- looking statements in light of those risks as you read this prospectus. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

If one or more of these or other risks or uncertainties materializes, or if our underlying assumptions prove to be incorrect, actual results may vary materially from what we anticipate. All subsequent written and oral forward-looking statements attributable to us or individuals acting on our behalf are expressly qualified in their entirety by this Note. Before purchasing any of our securities, you should consider carefully all of the factors set forth or referred to in this prospectus that could cause actual results to differ.

**PROSPECTUS SUMMARY**

The following summary highlights some information from this prospectus. It is not complete and does not contain all of the information that you should consider before making an investment decision. You should read this entire prospectus, including the "Risk Factors" section on page 2, the financial statements and related notes and the other more detailed information appearing elsewhere or incorporated by reference into this prospectus.

**The Company**

Mullen Automotive Inc. is a Southern California-based electric vehicle company that operates in various verticals of businesses focused within the automotive industry. The Company's mission is to build the next-generation of premium passenger electric vehicles (EVs), and a portfolio of commercial vehicles. The Company was originally formed on April 20, 2010 as a developer and manufacturer of electric vehicle technology. On November 5, 2021, the Company (formerly known as Net Element, Inc.), completed its business combination (the "Merger") with Mullen Automotive, Inc. ("Mullen Automotive"), in accordance with the terms of the Second Amended and Restated Agreement and Plan of Merger, dated as of July 20, 2021, as amended (the "Merger Agreement"), by and among the Company, Mullen Acquisition, Inc. ("Merger Sub"), Mullen Automotive, and Mullen Technologies, Inc. ("Mullen Technologies"). Pursuant to the Merger, Merger Sub merged with and into Mullen Automotive, with Mullen Automotive surviving as a wholly owned subsidiary of the Company. In connection with the Merger, the Company changed its name from "Net Element, Inc." to "Mullen Automotive Inc." The Nasdaq Stock Market, LLC (Nasdaq Capital Market) ticker symbol for the Company's Common Stock changed from "NETE" to "MULN" at the opening of trading on November 5, 2021.

**Corporate Information**

Our principal offices are located at 1405 Pioneer St, Brea, CA 92821 and our telephone number is (714) 613-1900. Our website address is https://mullenusa.com/. Our website and the information contained on, or that can be accessed through, our website shall not be deemed to be incorporated by reference in, and are not considered part of, this prospectus. You should not rely on any such information in making your decision whether to purchase our common stock.

**RISK FACTORS**

Investing in our securities involves risks. You should carefully consider the risks, uncertainties and other factors described in the Company's [Annual Report on Form 10-K (File No. 001-34887) filed with the SEC on January 13, 2023](http://www.sec.gov/ix?doc=/Archives/edgar/data/1499961/000155837023000273/muln-20220930x10k.htm), as amended by [Amendment No. 1 to our Annual Report on Form 10-K for the fiscal year ended September 30, 2022, filed with the Commission on January 30, 2023](http://www.sec.gov/ix?doc=/Archives/edgar/data/1499961/000155837023000672/muln-20220930x10ka.htm), and as supplemented and updated by subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that we have filed or will file with the Securities and Exchange Commission (the "SEC" or the "Commission"), and in other documents which are incorporated by reference into this prospectus, as well as the risk factors and other information contained in or incorporated by reference into any accompanying prospectus supplement before investing in any of our securities. Our financial condition, results of operations or cash flows could be materially adversely affected by any of these risks. The risks and uncertainties described in the documents incorporated by reference herein are not the only risks and uncertainties that you may face.

**USE OF PROCEEDS**

Except as described in any applicable prospectus supplement or in any free writing prospectuses we have authorized for use in connection with a specific offering, we intend to use the net proceeds from the sale of the securities under this prospectus for general corporate purposes, which may include funding research and development and sales and marketing activities, increasing our working capital, acquisitions or investments in businesses, products or technologies that are complementary to our own, and capital expenditures. We will set forth in the applicable prospectus supplement our intended use for the net proceeds received from the sale of any securities. Pending the use of the net proceeds, we intend to invest the net proceeds in short-term, investment-grade, interest-bearing securities.

Unless the applicable prospectus supplement provides otherwise, we will not receive any of the proceeds from the sale of our securities by selling stockholders.

**SELLING STOCKHOLDERS**

Selling stockholders are persons or entities that, directly or indirectly, have acquired or will from time to time acquire from us, our securities. If the registration statement of which this prospectus forms a part is used by selling stockholders for the resale of any securities registered thereunder pursuant to a registration rights agreement between us and such selling stockholders or otherwise, information about such selling stockholders, their beneficial ownership of our securities and their relationship with us will be set forth in a prospectus supplement.

**PLAN OF DISTRIBUTION**

We or selling stockholders may sell the securities from time to time pursuant to underwritten public offerings, "at-the-market" offerings, negotiated transactions, block trades or a combination of these methods. We or selling stockholders may sell the securities to or through one or more underwriters or dealers (acting as principal or agent), through agents, or directly to one or more purchasers. We or selling stockholders may distribute securities from time to time in one or more transactions:

&nbsp;&nbsp;&nbsp;&nbsp;• at a fixed price or prices,
 which may be changed;

• at market prices prevailing
 at the time of sale;

• at prices related to such prevailing
 market prices; or

• at negotiated prices.

A prospectus supplement or supplements (and any related free writing prospectus that we may authorize to be provided to you) will describe the terms of the offering of the securities, including, to the extent applicable:

&nbsp;&nbsp;&nbsp;&nbsp;• the name or names of the underwriters,
 dealers or agents, if any;

• the name or names of the selling
 stockholders, if any;

• the purchase price of the securities
 or other consideration therefor, and the proceeds, if any, we will receive from the sale;

• any over-allotment or other
 options under which underwriters may purchase additional securities from us or any selling securityholders;

• any agency fees or underwriting
 discounts and other items constituting agents' or underwriters' compensation;

• any public offering price;

• any discounts or concessions
 allowed or re-allowed or paid to dealers; and

• any securities exchange or
 market on which the securities may be listed.

Only underwriters named in the prospectus supplement will be underwriters of the securities offered by the prospectus supplement. Dealers and agents participating in the distribution of the securities may be deemed to be underwriters, and compensation received by them on resale of the securities may be deemed to be underwriting discounts. If such dealers or agents were deemed to be underwriters, they may be subject to statutory liabilities under the Securities Act.

If underwriters are used in the sale, they will acquire the securities for their own account and may resell the securities from time to time in one or more transactions at a fixed public offering price or at varying prices determined at the time of sale. The obligations of the underwriters to purchase the securities will be subject to the conditions set forth in the applicable underwriting agreement. We or selling stockholders may offer the securities to the public through underwriting syndicates represented by managing underwriters or by underwriters without a syndicate. Subject to certain conditions, the underwriters will be obligated to purchase all of the securities offered by the prospectus supplement, other than securities covered by any over-allotment option. If a dealer is used in the sale of securities, we, a selling stockholder, or an underwriter will sell the securities to the dealer, as principal. The dealer may then resell the securities to the public at varying prices to be determined by the dealer at the time of resale. To the extent required, we will set forth in the prospectus supplement the name of the dealer and the terms of the transaction. Any public offering price and any discounts or concessions allowed or re-allowed or paid to dealers may change from time to time.

We or selling stockholders may use underwriters, dealers or agents with whom we have a material relationship. We will describe in the prospectus supplement, naming the underwriter, dealer or agent, the nature of any such relationship.

We or selling stockholders may sell securities directly or through agents we designate from time to time. We will name any agent involved in the offering and sale of securities and we will describe any commissions payable to the agent in the prospectus supplement. Unless the prospectus supplement states otherwise, the agent will act on a best-efforts basis for the period of its appointment.

We may provide agents, underwriters and dealers with indemnification against civil liabilities, including liabilities under the Securities Act, or contribution with respect to payments that the agents, underwriters or dealers may make with respect to these liabilities. Agents, underwriters and dealers, or their affiliates, may engage in transactions with, or perform services for, us in the ordinary course of business.

Selling stockholders may be deemed to be underwriters under the Securities Act in connection with the securities they resell and any profits on the sales may be deemed to be underwriting discounts and commissions under the Securities Act.

All securities we may offer, other than Common Stock, will be new issues of securities with no established trading market. Any underwriters may make a market in these securities, but will not be obligated to do so and may discontinue any market making at any time without notice. We cannot guarantee the liquidity of the trading markets for any securities.

Any underwriter may engage in over-allotment, stabilizing transactions, short-covering transactions and penalty bids in accordance with Regulation M under the Exchange Act. Over-allotment involves sales in excess of the offering size, which create a short position. Stabilizing transactions permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum price. Syndicate-covering or other short-covering transactions involve purchases of the securities, either through exercise of the over-allotment option or in the open market after the distribution is completed, to cover short positions. Penalty bids permit the underwriters to reclaim a selling concession from a dealer when the securities originally sold by the dealer are purchased in a stabilizing or covering transaction to cover short positions. Those activities may cause the price of the securities to be higher than it would otherwise be. If commenced, the underwriters may discontinue any of the activities at any time.

Any underwriters that are qualified market makers on The Nasdaq Capital Market may engage in passive market making transactions in the Common Stock on The Nasdaq Capital Market in accordance with Regulation M under the Exchange Act, during the business day prior to the pricing of the offering, before the commencement of offers or sales of the Common Stock. Passive market makers must comply with applicable volume and price limitations and must be identified as passive market makers. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid for such security; if all independent bids are lowered below the passive market maker's bid, however, the passive market maker's bid must then be lowered when certain purchase limits are exceeded. Passive market making may stabilize the market price of the securities at a level above that which might otherwise prevail in the open market and, if commenced, may be discontinued at any time.

**DESCRIPTION OF CAPITAL STOCK**

**General**

We are authorized to issue up to 5,500,000,000 shares of capital stock, including 5,000,000,000 shares of Common Stock, par value $0.001 per share, and 500,000,000 shares of preferred stock, par value $0.001 per share (the "Preferred Stock"), of which 200,000 shares are designated as "Series A Preferred Stock," 12,000,000 shares are designated as "Series B Preferred Stock," 40,000,000 shares are designated as "Series C Preferred Stock" and 437,500,001 shares are designated as "Series D Preferred Stock." As of February 8, 2023, we had 1,747,209,236 shares of Common Stock, 1,925 shares of Series A Preferred Stock, no shares of Series B Preferred Stock, 1,210,056 shares of Series C Preferred Stock and 363,098 shares of Series D Preferred Stock issued and outstanding.

The additional shares of our authorized stock available for issuance may be issued at times and under circumstances so as to have a dilutive effect on earnings per share and on the equity ownership of the holders of our Common Stock. The ability of our board of directors to issue additional shares of stock could enhance the board's ability to negotiate on behalf of the stockholders in a takeover situation but could also be used by the board to make a change-in-control more difficult, thereby denying stockholders the potential to sell their shares at a premium and entrenching current management. The following description is a summary of the material provisions of our capital stock. You should refer to our certificate of incorporation, as amended and bylaws, both of which are on file with the SEC as exhibits to previous SEC filings, for additional information. The summary below is qualified by provisions of applicable law.

**Common Stock**

Holders of our Common Stock are each entitled to cast one vote for each share held of record on all matters presented to stockholders, and shall be entitled to notice of any shareholders' meeting, in accordance with the bylaws. Cumulative voting is not allowed; the holders of a majority of our outstanding shares of capital stock may elect all directors. Holders of our Common Stock are entitled to receive such dividends as may be declared by our board out of funds legally available and, in the event of liquidation, to share pro rata in any distribution of our assets after payment of liabilities. Our directors are not obligated to declare a dividend. It is not anticipated that we will pay dividends in the foreseeable future. Holders of our do not have preemptive rights to subscribe to any additional shares we may issue in the future. There are no conversion, redemption, sinking fund or similar provisions regarding the Common Stock. All outstanding shares of Common Stock are fully paid and nonassessable.

The rights, preferences and privileges of holders of Common Stock are subject to the rights of the holders of any outstanding shares of preferred stock.

**Preferred Stock**

We may issue up to 500,000,000 shares of preferred stock, par value $0.001 per share, in one or more series. Our board of directors is hereby expressly authorized to provide, out of the unissued shares of preferred stock, for one or more series of preferred stock and, with respect to each such series, to fix the number of shares constituting such series and the designation of such series, the voting powers of the shares of such series, and the preferences and relative, participating, optional or other special rights and any qualifications, limitations or restrictions thereof, of the shares of such series. The powers, preferences and relative, participating, optional and other special rights of each series of preferred stock, and the qualifications, limitations or restrictions thereof, if any, may differ from those of any and all other series at any time outstanding.

The issuance of preferred stock could decrease the amount of earnings and assets available for distribution to the holders of Common Stock or adversely affect the rights and powers, including voting rights, of the holders of Common Stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring or preventing a change in control of the Company, which could depress the market price of our Common Stock.

***Voting Rights***

Except as otherwise expressly provided by the amended and restated certificate of incorporation or as provided by law, the holders of shares of Common Stock and Preferred Stock shall at all times vote together as a single class on all matters (including the election of directors) submitted to a vote of the stockholders; provided, however, that, any proposal which adversely affects the rights, preferences and privileges of the Series A, B, C or D Preferred Stock must be approved by a majority in interest of the affected Series of Preferred Stock, as the case may be. Each holder of Common Stock, Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock will have the right to one vote per share (on a fully converted basis) held of record by such holder and each holder of Series A Preferred Stock will have the right to 1000 votes per share (on a fully converted basis) held of record by such holder; provided, however, that after November 5, 2024, each holder of Series A Preferred Stock will have the right to one vote per share (on a fully converted basis) held of record by such holder.

***Series A Preferred Stock***

200,000 shares of Preferred Stock are designated as Series A Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Conversion*.
 The Series A Preferred Stock is convertible at the option of each holder at any time on a 100-for-1 basis (as adjusted for any
 stock splits, stock dividends, combinations, recapitalizations or the like with respect to the Common Stock). The Series A Preferred
 Stock will automatically convert into shares of Common Stock on a 100-for-1 basis (as so adjusted) upon the earlier of (i) a
 Qualified Public Offering (as such term is defined in the amended and restated certificate of incorporation) or (ii) the date
 specified by written consent or agreement of the holders of the then outstanding shares of Series A Preferred Stock.

***Series B Preferred Stock***

12,000,000 shares of Preferred Stock are designated as Series B Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Conversion*.
 The Series B Preferred Stock is convertible at the option of each holder at any time into the number of shares of Common Stock
 determined by dividing the Series B Original Issue Price (plus all unpaid accrued and accumulated dividends thereon, as applicable,
 whether or not declared), by the Series B Conversion Price, as applicable (in each case, the "Conversion Rate"),
 in effect on the date the certificate is surrendered for conversion. "Series B Original Issue Price" means $0.6877
 per share for each share of the Series B Preferred Stock (as adjusted for any stock splits, stock dividends, combinations, recapitalizations
 or the like with respect to the Series B Preferred Stock). The initial "Series B Conversion Price" is the Series B
 Original Issue Price, subject to adjustment as set forth in the amended and restated certificate of incorporation. Based on this
 formula, the Series B Preferred Stock is currently convertible into Common Stock on a 1-for-1 basis. The Series B Preferred
 Stock will automatically convert into shares of Common Stock upon the earlier of (i) a Qualified Public Offering (as such term
 is defined in the amended and restated certificate of incorporation) or (ii) the date specified by written consent or agreement
 of the holders of the then outstanding shares of Series B Preferred Stock. The Series B Preferred Stock will not be convertible
 by a holder to the extent that the holder or any of its affiliates would beneficially own in excess of 9.99% of the Common Stock,
 subject to certain protections as provided in the amended and restated certificate of incorporation.

***Series C Preferred Stock***

40,000,000 Shares of Preferred Stock are designated as Series C Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Conversion*.
 The Series C Preferred Stock is convertible at the option of each holder at any time into the *number* of shares of Common
 Stock determined by dividing the Series C Original Issue Price (plus all unpaid accrued and accumulated dividends thereon, as
 applicable, whether or not declared), by the Series C Conversion Price, as applicable (in each case, the "Conversion Rate"),
 in effect on the date the certificate is surrendered for conversion. The initial "Series C Conversion Price" is
 the Series C Original Issue Price, subject to adjustment as set forth in the amended and restated certificate of incorporation.
 Based on this formula, the Series C Preferred Stock is currently convertible into Common Stock on a 1-for-1 basis. All of the
 Series C Preferred Stock shall automatically convert into Common Stock at any such time as (i) the shares underlying the
 Series C Preferred Stock are subject to an effective registration statement, (ii) the trading price for the Common Stock
 is more than two times the Series C Conversion Price for twenty (20) trading days in any period of thirty (30) consecutive trading
 days on Nasdaq CM and (iii) the average daily trading dollar volume of the Common Stock during such twenty trading days is equal
 to or greater than $4.0 million. The Series C Preferred Stock will not be convertible by a holder to the extent that the holder
 or any of its affiliates would beneficially own in excess of 9.99% of the Common Stock, subject to certain protections as provided
 in the amended and restated certificate of incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Dividends*.
 The Series C Preferred Stock bears a cumulative 15.0% per annum fixed dividend payable no later than the 5th day after the end
 of each month on the Series C Original Issue Price plus unpaid accrued and accumulated dividends. "Series C Original
 Issue Price" means $0.6877 per share for each share of the Series C Preferred Stock (as adjusted for any stock splits,
 stock dividends, combinations, recapitalizations or the like with respect to the Series C Preferred Stock). Dividends on the
 Series C Preferred Stock are prior to any dividends on any other series of Preferred Stock or the Common Stock. The Company
 may elect to pay dividends for any month with a paid-in-kind election ("PIK") if (i) the shares issuable further
 to the PIK are subject to an effective registration statement, (ii) the Company is then in compliance with all listing requirements
 of Nasdaq and (iii) the average daily trading dollar volume of the Company's common stock for ten trading days in any
 period of twenty consecutive trading days on the NASDAQ is equal to or greater than $2 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Redemption Rights.* There is no mandatory redemption date, but, subject to the conditions set forth
 below, all, but not less than all, of the shares are redeemable by the Company at any time, provided that if the Company issues notice
 to redeem, investor shall have fifteen (15) days to convert such shares to common stock prior to the date of redemption. The redemption
 price is equal to the Series C Original Issue Price, plus accrued and accumulated dividends, (whether or not declared (the "Series C
 Redemption Price"). The conditions to the redemption are as follows: (i) the shares have been issued and outstanding for
 at least one (1) year, (ii) the issuance of the shares of Common Stock underlying the shares has been registered pursuant
 to the Securities Act and the registration statement is effective, and (iii) the trading price for the Common Stock is less
 than the Series C Conversion Price (as such term is defined in the amended and restated certificate of incorporation) for twenty
 (20) trading days in any period of thirty (30) consecutive trading days on the Nasdaq CM. In addition to the above, the shares are
 also redeemable in accordance with the following schedule provided the issuance of shares of Common Stock underlying the shares has
 been registered and the registration statement remains effective:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 1: No Redemption

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 2: Redemption at 120%
 of the Series C Redemption Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 3: Redemption at 115%
 of the Series C Redemption Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 4: Redemption at 110%
 of the Series C Redemption Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 5: Redemption at 105%
 of the Series C Redemption Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 6 and thereafter: Redemption
 at 100% of the Series C Redemption Price

***Series D Preferred Stock***

437,500,001 Shares of Preferred Stock are designated as Series D Preferred Stock.

*Voting Rights*. Except as provided by law, the Series D Preferred Stock will have no voting rights except that approval from a majority in interest of the Series D Preferred Stock, voting as a separate class, is required in the case of (i) a voluntary dissolution, liquidation or winding up of the Company or voluntary petition for bankruptcy or assignment for the benefit of creditors, (ii) a merger or consolidation of the Company with or into another entity, (iii) a Liquidation Event (as defined in the Company's Second Amended and Restated Certificate of Incorporation), (iv) any amendment to the Second Amended and Restated Certificate of Incorporation or the Company's bylaws which adversely affects the rights, preferences and privileges of the Series D Preferred, or (v) any authorization or issuance of any equity security (including any other security convertible into or exercisable for any such equity security) having a preference over or parity with the Series D Preferred Stock.

*Conversion*. The Series D Preferred Stock is automatically converted into shares of Common Stock at the applicable Conversion Rate at the time in effect immediately upon (A) the issuance of shares of Common Stock underlying the Series D Preferred Stock being registered pursuant to the Securities Act and such registration remaining effective, (B) the trading price for the Company's Common Stock being more than two times the Series D Conversion Price for 20 trading days in any period of 30 consecutive trading days on the Nasdaq Capital Market, and (C) the average daily trading dollar volume of Common Stock during such 20 trading days is equal to or greater than $27.5 million. The Series D Preferred Stock is convertible at the option of each holder at any time into the number of shares of Common Stock determined by dividing the Series D Original Issue Price (plus all unpaid accrued and accumulated dividends thereon, as applicable, whether or not declared), by the Series D Conversion Price (the "Conversion Rate"), in effect on the date the certificate is surrendered for conversion. The initial "Series D Conversion Price" is the Series D Original Issue Price, subject to adjustment as set forth in the amended and restated certificate of incorporation. The Series D Preferred Stock will not be convertible by a holder to the extent that the holder or any of its affiliates would beneficially own in excess of 9.99% of the Common Stock, subject to certain protections as provided in the amended and restated certificate of incorporation.

*Dividends*. The Series D Preferred Stock bears a cumulative 15.0% per annum fixed dividend payable no later than the 5th day after the end of each month on the Series D Original Issue Price plus unpaid accrued and accumulated dividends. "Series D Original Issue Price" means for each share of the Series D Preferred Stock the lower of (i) $1.27 or (ii) the closing price of the Common Stock on the trading day immediately preceding the Purchase Date (as adjusted for any stock splits, stock dividends, combinations, recapitalizations or the like with respect to the Series D Preferred Stock). Dividends on the Series D Preferred Stock will be prior to any dividends on any other series of Preferred Stock or the Common Stock. The Company may elect to pay dividends for any month with a paid-in-kind election ("PIK") if (i) the shares issuable further to the PIK are subject to an effective registration statement, (ii) the Company is then in compliance with all listing requirements of Nasdaq and (iii) the average daily trading dollar volume of the Company's common stock for ten trading days in any period of twenty consecutive trading days on the NASDAQ is equal to or greater than $27.5 million.

*Redemption Rights*. There is no mandatory redemption date, but, subject to the conditions set forth below, all, but not less than all, of the shares will be redeemable by the Company at any time, provided that if the Company issues notice to redeem, investors shall have 15 days to convert such shares to Common Stock prior to the date of redemption. The redemption price will be equal to the Series D Original Issue Price, plus accrued and accumulated dividends, (whether or not declared (the "Series D Redemption Price"). The conditions to the redemption will be follows: (i) the shares have been issued and outstanding for at least one year, (ii) the issuance of the shares of Common Stock underlying the shares has been registered pursuant to the Securities Act and the registration statement is effective, and (iii) the trading price for the Common Stock is less than the Series D Conversion Price (as such term is defined in the amended and restated certificate of incorporation) for 20 trading days in any period of 30 consecutive trading days on the Nasdaq CM. In addition to the above, the shares will also be redeemable in accordance with the following schedule provided the issuance of shares of Common Stock underlying the shares has been registered and the registration statement remains effective:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 1: No Redemption

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 2: Redemption at 120%
 of the Series D Redemption Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 3: Redemption at 115%
 of the Series D Redemption Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 4: Redemption at 110%
 of the Series D Redemption Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 5: Redemption at 105%
 of the Series D Redemption Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 6 and thereafter: Redemption
 at 100% of the Series D Redemption Price

**Anti-Takeover Effects of Certain Provisions of Delaware Law and Our Certificate of Incorporation and Bylaws**

Our Certificate of Incorporation, as amended, and Bylaws, as amended contain provisions that could have the effect of discouraging potential acquisition proposals or tender offers or delaying or preventing a change of control. These provisions, summarized below, are expected to discourage certain types of coercive takeover practices and inadequate takeover bids and are designed to encourage persons seeking to acquire control of us to negotiate with our board of directors. We believe that the benefits of increased protection against an unfriendly or unsolicited proposal to acquire or restructure us outweigh the disadvantages of discouraging such proposals. Among other things, negotiation of such proposals could result in an improvement of their terms. These provisions are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Stockholder Meetings*. Under our bylaws, only the Board of Directors, the chairman of the Board, the
 chief executive officer, or the president (in the absence of a chief executive officer) may call special meetings of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *No Cumulative Voting*. Our amended and restated certificate of incorporation and bylaws do not provide
 for cumulative voting in the election of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Amendment of Provisions in the Amended and Restated Certificate of Incorporation*. The amended and
 restated certificate of incorporation will generally require the affirmative vote of the holders of at least a majority of the outstanding
 voting stock in order to amend any provisions of the amended and restated certificate of incorporation concerning, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the required vote to amend
 certain provisions of the amended and restated certificate of incorporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the reservation of the Board
 of Director's right to amend the amended and restated bylaws.

• **  *Amendment of the bylaws*. An amendment of the bylaws by stockholders requires the affirmative vote of the holders of at least a majority
 of the outstanding voting stock.

We are subject to the provisions of Section 203 of the Delaware General Corporation Law, an anti- takeover law. Subject to certain exceptions, the statute prohibits a publicly held Delaware corporation from engaging in a "business combination" with an "interested stockholder" for a period of three years after the date of the transaction in which the person became an interested stockholder unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prior to
 such date, the board of directors of the corporation approved either the business combination or the transaction which resulted in
 the stockholder becoming an interested stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon consummation
 of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least
 eighty-five percent 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes
 of determining the number of shares outstanding those shares owned (1) by persons who are directors and also officers and (2) by
 employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject
 to the plan will be tendered in a tender or exchange offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on or after
 such date, the business combination is approved by the board of directors and authorized at an annual or special meeting of stockholders,
 and not by written consent, by the affirmative vote of at least sixty-six and two-thirds percent 662∕3% of the outstanding
 voting stock that is not owned by the interested stockholder.

Generally, for purposes of Section 203, a "business combination" includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. An "interested stockholder" is a person who, together with affiliates and associates, owns or, within three (3) years prior to the determination of interested stockholder status, owned fifteen percent (15%) or more of a corporation's outstanding voting securities.

**Potential Effects of Authorized but Unissued Stock**

We have shares of common stock and preferred stock available for future issuance without stockholder approval. We may utilize these additional shares for a variety of corporate purposes, including future public offerings to raise additional capital, to facilitate corporate acquisitions or payment as a dividend on the capital stock.

The existence of unissued and unreserved common stock and preferred stock may enable our board of directors to issue shares to persons friendly to current management or to issue preferred stock with terms that could render more difficult or discourage a third-party attempt to obtain control of us by means of a merger, tender offer, proxy contest or otherwise, thereby protecting the continuity of our management. In addition, the board of directors has the discretion to determine designations, rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences of each series of preferred stock, all to the fullest extent permissible under the DGCL and subject to any limitations set forth in our Certificate of Incorporation. The purpose of authorizing the board of directors to issue preferred stock and to determine the rights and preferences applicable to such preferred stock is to eliminate delays associated with a stockholder vote on specific issuances. The issuance of preferred stock, while providing desirable flexibility in connection with possible financings, acquisitions and other corporate purposes, could have the effect of making it more difficult for a third-party to acquire, or could discourage a third-party from acquiring, a majority of our outstanding voting stock.

**Warrants**

The following description, together with the additional information we may include in any applicable prospectus supplement and free writing prospectus, summarizes the material terms and provisions of the warrants that we may offer under this prospectus, which may consist of warrants to purchase Common Stock and may be issued in one or more series. Warrants may be offered independently or in combination with Common Stock or Preferred Stock offered by any prospectus supplement. While the terms we have summarized below will apply generally to any warrants that we may offer under this prospectus, we will describe the particular terms of any series of warrants in more detail in the applicable prospectus supplement. The following description of warrants will apply to the warrants offered by this prospectus unless we provide otherwise in the applicable prospectus supplement. The applicable prospectus supplement for a particular series of warrants may specify different or additional terms.

We have filed a form of the warrant agreement and warrant certificate containing the terms of the warrants that may be offered as exhibits to the registration statement of which this prospectus is a part. We will file as exhibits to the registration statement of which this prospectus is a part, or will incorporate by reference from reports that we file with the SEC, the form of warrant and/or the warrant agreement and warrant certificate, as applicable, that contain the terms of the particular series of warrants we are offering, and any supplemental agreements, before the issuance of such warrants. The following summaries of material terms and provisions of the warrants are subject to, and qualified in their entirety by reference to, all the provisions of the form of warrant and/or the warrant agreement and warrant certificate, as applicable, and any supplemental agreements applicable to a particular series of warrants that we or selling securityholders may offer under this prospectus. We urge you to read the applicable prospectus supplement related to the particular series of warrants that we or selling securityholders may offer under this prospectus, as well as any related free writing prospectus, and the complete form of warrant and/or the warrant agreement and warrant certificate, as applicable, and any supplemental agreements, that contain the terms of the warrants.

**General**

We will describe in the applicable prospectus supplement the terms of the series of warrants being offered, including:

&nbsp;&nbsp;&nbsp;&nbsp;• the offering price and aggregate number of warrants offered;

&nbsp;&nbsp;&nbsp;&nbsp;• the currency for which the warrants may be purchased;

&nbsp;&nbsp;&nbsp;&nbsp;• if applicable, the designation and terms of the securities with which the warrants are issued and the number of warrants issued with each such security or each principal amount of such security;

&nbsp;&nbsp;&nbsp;&nbsp;• in the case of warrants to purchase Common Stock, the number of shares of Common Stock purchasable upon the exercise of one warrant and the price at which these shares may be purchased upon such exercise;

&nbsp;&nbsp;&nbsp;&nbsp;• the effect of any merger, consolidation, sale or other disposition of our business on the warrant agreement and the warrants;

&nbsp;&nbsp;&nbsp;&nbsp;• the terms of any rights to redeem or call the warrants;

&nbsp;&nbsp;&nbsp;&nbsp;• any provisions for changes to or adjustments in the exercise price or number of securities issuable upon exercise of the warrants;

&nbsp;&nbsp;&nbsp;&nbsp;• the dates on which the right to exercise the warrants will commence and expire;

&nbsp;&nbsp;&nbsp;&nbsp;• the manner in which the warrant agreement and warrants may be modified;

&nbsp;&nbsp;&nbsp;&nbsp;• a discussion of material or special U.S. federal income tax considerations, if any, of holding or exercising the warrants;

&nbsp;&nbsp;&nbsp;&nbsp;• the terms of the securities issuable upon exercise of the warrants; and

&nbsp;&nbsp;&nbsp;&nbsp;• any other specific terms, preferences, rights or limitations of or restrictions on the warrants.

Before exercising their warrants, holders of warrants will not have any of the rights of holders of the securities purchasable upon such exercise, including the right to receive dividends, if any, or payments upon our liquidation, dissolution or winding up or to exercise voting rights, if any.

**Exercise of Warrants**

Each warrant will entitle the holder to purchase the securities that we specify in the applicable prospectus supplement at the exercise price that we describe in the applicable prospectus supplement. The warrants may be exercised as set forth in the prospectus supplement relating to the warrants offered. Unless we otherwise specify in the applicable prospectus supplement, warrants may be exercised at any time up to the close of business on the expiration date set forth in the prospectus supplement relating to the warrants offered thereby. After the close of business on the expiration date, unexercised warrants will become void.

Upon receipt of payment and the warrant or warrant certificate, as applicable, properly completed and duly executed at the corporate trust office of the warrant agent, if any, or any other office, including ours, as indicated in the prospectus supplement, we will, as soon as practicable, issue and deliver the securities purchasable upon such exercise. If less than all of the warrants (or the warrants represented by such warrant certificate) are exercised, a new warrant or a new warrant certificate, as applicable, will be issued for the remaining warrants.

**Governing Law**

Unless we provide otherwise in the applicable prospectus supplement, the warrants and any warrant agreements will be governed by and construed in accordance with the internal laws of the State of New York.

**Enforceability of Rights by Holders of Warrants**

Each warrant agent, if any, will act solely as our agent under the applicable warrant agreement and will not assume any obligation or relationship of agency or trust with any holder of any warrant. A single bank or trust company may act as warrant agent for more than one issue of warrants. A warrant agent will have no duty or responsibility in case of any default by us under the applicable warrant agreement or warrant, including any duty or responsibility to initiate any proceedings at law or otherwise, or to make any demand upon us. Any holder of a warrant may, without the consent of the related warrant agent or the holder of any other warrant, enforce by appropriate legal action its right to exercise, and receive the securities purchasable upon exercise of, its warrants.

**Transfer Agent and Registrar**

The transfer agent and registrar for our Common Stock is Continental Stock Transfer & Trust Company.

**LEGAL MATTERS**

Unless otherwise indicated in the applicable prospectus supplement, the validity of the securities offered hereby will be passed upon for us by McDermott, Will & Emery LLP. If the validity of the securities offered hereby in connection with offerings made pursuant to this prospectus are passed upon by counsel for the underwriters, dealers or agents, if any, such counsel will be named in the prospectus supplement relating to such offering.

**EXPERTS**

The consolidated financial statements at September 30, 2022 and 2021 and for the years then ended incorporated by reference in this prospectus have been so incorporated in reliance on the report of Daszkal Bolton LLP, an independent registered public accounting firm, incorporated herein by reference, given on the authority of said firm as experts in auditing and accounting.

**ADDITIONAL INFORMATION**

This prospectus is part of a registration statement on Form S-3 that we have filed with the SEC relating to the securities being offered hereby. This prospectus does not contain all of the information in the registration statement and its exhibits. The registration statement, its exhibits and the documents incorporated by reference in this prospectus and their exhibits, all contain information that is material to the offering of the securities hereby. Whenever a reference is made in this prospectus to any of our contracts or other documents, the reference may not be complete. You should refer to the exhibits that are a part of the registration statement in order to review a copy of the contract or documents. The registration statement and the exhibits are available at the SEC's Public Reference Room or through its website.

We file annual, quarterly and current reports, proxy statements and other information with the SEC. You can read and copy any materials we file with the SEC at its Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549 and at its regional offices, a list of which is available on the Internet at http://www.sec.gov/contact/addresses.htm. You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC maintains an Internet site at http://www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers, such as us, that file electronically with the SEC. Additionally, you may access our filings with the SEC through our website at https://investors.mullenusa.com/. The information on our website is not part of this prospectus.

We will provide you without charge, upon your oral or written request, with a copy of any or all reports, proxy statements and other documents we file with the SEC, as well as any or all of the documents incorporated by reference in this prospectus or the registration statement (other than exhibits to such documents unless such exhibits are specifically incorporated by reference into such documents). Requests for such copies should be directed to:

Mullen Automotive Inc.

Attn: David Michery, President, CEO and Chairman

1405 Pioneer St

Brea, CA 92821

(714) 613-1900

You should rely only on the information in this prospectus and the additional information described above and under the heading "Incorporation of Certain Information by Reference" below. We have not authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely upon it. We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information in this prospectus was accurate on the date of the front cover of this prospectus only. Our business, financial condition, results of operations and prospects may have changed since that date.

**INCORPORATION OF CERTAIN INFORMATION BY REFERENCE**

The SEC allows us to "incorporate by reference" information that we file with it into this prospectus, which means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is an important part of 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 information contained in this prospectus and any accompanying prospectus supplement.

We incorporate by reference the documents listed below that we have previously filed with the SEC:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [The Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2022, as filed with the Commission on January 13, 2023](http://www.sec.gov/ix?doc=/Archives/edgar/data/1499961/000155837023000273/muln-20220930x10k.htm) , as amended by [Amendment No. 1 to our Annual Report on Form 10-K for the fiscal year ended September 30, 2022, filed with the Commission on January 30, 2023](http://www.sec.gov/ix?doc=/Archives/edgar/data/1499961/000155837023000672/muln-20220930x10ka.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's Quarterly Report on Form 10-Q for the quarter ended December 31, 2022, filed with the Commission on [February 14, 2023](https://www.sec.gov/ix?doc=/Archives/edgar/data/1499961/000155837023001277/muln-20221231x10q.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Company's Current Reports on Form 8-K filed with the Commission on [October 14, 2022](http://www.sec.gov/ix?doc=/Archives/edgar/data/1499961/000110465922108851/tm2228242d1_8k.htm) , [October 17, 2022](http://www.sec.gov/ix?doc=/Archives/edgar/data/1499961/000110465922109397/tm2228253d1_8k.htm) , [November 14, 2022](http://www.sec.gov/ix?doc=/Archives/edgar/data/1499961/000110465922118725/tm2230523d1_8k.htm) [(Two Filings)](http://www.sec.gov/ix?doc=/Archives/edgar/data/1499961/000110465922118729/tm2230523d2_8k.htm) , [November 21, 2022](http://www.sec.gov/ix?doc=/Archives/edgar/data/1499961/000110465922120741/tm2230328d2_8k.htm) , [December 2, 2022](http://www.sec.gov/ix?doc=/Archives/edgar/data/1499961/000110465922124177/tm2231847d1_8k.htm) , [December 15, 2022](http://www.sec.gov/ix?doc=/Archives/edgar/data/1499961/000110465922127222/tm2232780d1_8k.htm) , [December 23, 2022](http://www.sec.gov/ix?doc=/Archives/edgar/data/1499961/000110465922129937/tm2233467d1_8k.htm) , [January 13, 2023](http://www.sec.gov/ix?doc=/Archives/edgar/data/1499961/000110465923003823/tm233350d1_8k.htm) , [January 23, 2023](http://www.sec.gov/ix?doc=/Archives/edgar/data/1499961/000110465923005913/tm234238d1_8k.htm) and [January 31, 2023](http://www.sec.gov/ix?doc=/Archives/edgar/data/1499961/000110465923008170/tm234957d1_8k.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [The description of the Company's securities contained in the Prospectus, dated April 15, 2022, filed with the Commission on April 18, 2022 pursuant to Rule 424(b)(4) under the Securities Act (File No. 333-263880)](http://www.sec.gov/Archives/edgar/data/1499961/000110465922046778/tm2212712-2_424b4.htm) ,
 relating to the Company's registration statement on [Form S-3 (File No. 333-263880) filed with the Commission on March 28, 2022](http://www.sec.gov/Archives/edgar/data/1499961/000110465922038322/tm2210485-1_s3.htm) , together with any amendment thereto filed with the Commission for the purpose of updating such description.

All reports and other documents that we file with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of the initial registration statement and prior to effectiveness of the registration statement and after the date of this prospectus but before the termination of the offering of the securities hereunder will also be considered to be incorporated by reference into this prospectus from the date of the filing of these reports and documents, and will supersede the information herein; provided, however, that all reports, exhibits and other information that we "furnish" to the SEC will not be considered incorporated by reference into this prospectus. We undertake to provide without charge to each person (including any beneficial owner) who receives a copy of this prospectus, upon written or oral request, a copy of all of the preceding documents that are incorporated by reference (other than exhibits, unless the exhibits are specifically incorporated by reference into these documents). You may request a copy of these materials in the manner set forth under the heading "Additional Information," above.

**PROSPECTUS**

**MULLEN AUTOMOTIVE INC.**

**2,492,823,467** Shares of Common Stock**

This prospectus of Mullen Automotive Inc. (formerly known as Net Element, Inc.), a Delaware corporation (the "Company" or "Mullen"), relates solely to the resale by the investors listed in the section of this prospectus entitled "Selling Stockholders" (the "Selling Stockholders") of up to 2,492,823,467 shares ("Offered Shares") of our common stock, par value $0.001 per share ("Common Stock"). The Offered Shares consist solely of shares of Common Stock issuable upon conversion of convertible notes issued to investors on November 15, 2022 (each, a "Note"), shares of our Common Stock issuable upon exercise of warrants to purchase shares of our Common Stock (the "Warrants"), and shares of our Common Stock currently outstanding and issued to certain investors. For a description of the notes, see "Prospectus Summary — Securities Purchase Agreement".

The conversion price per share of outstanding amounts under each Note is equal to $0.303, the closing price of the Common Stock on Nasdaq on November 14, 2022, subject to a floor price of $0.10 per share. Each share of our Series D Preferred Stock shall initially be convertible into Common Stock on a 1:1 basis. The Warrants will have an exercise price of the lower of (i) $1.27, the closing price of the Company's stock on the date the Securities Purchase Agreement was executed, or (ii) the closing price of the Common Stock on the trading day immediately preceding the Purchase Date (as defined below), subject to a floor price of $0.10 per share (as adjusted as provided in the warrants and further in accordance with the Securities Purchase Agreement (defined below)). The Warrants will be exercisable upon issuance and will have a term of five years from the date of issuance. Additional shares of our Common Stock are being registered for resale pursuant to the terms of the Warrants and the Securities Purchase Agreement to cover additional shares of Common Stock that may be issuable under the anti-dilution provisions contained in the terms of the Series D Preferred Stock and the Warrants and described herein under "Selling Stockholders" and "Description of Capital Stock."

Our registration of the shares of Common Stock covered by this prospectus does not mean that the Selling Stockholders will offer or sell any of such shares of Common Stock. The Selling Stockholders may sell the shares of Common Stock covered by this prospectus in a number of different ways and at varying prices. For additional information on the possible methods of sale that may be used by the Selling Stockholders, you should refer to the section of this prospectus entitled "Plan of Distribution" of this prospectus. We will not receive any of the proceeds from the shares of Common Stock sold by the Selling Stockholders, other than any proceeds from any cash exercise of the Warrants.

No underwriter or other person has been engaged to facilitate the sale of our Common Stock in this offering. The Selling Stockholders and any broker-dealers or agents may, individually but not severally, be deemed to be an "underwriter" within the meaning of the Securities Act, of the shares of Common Stock that they are offering pursuant to this prospectus. We will bear all costs, expenses and fees in connection with the registration of such shares of Common Stock. The Selling Stockholders will bear all commissions and discounts, if any, attributable to their respective sales of our Common Stock.

You should read this prospectus, any applicable prospectus supplement and any related free writing prospectus carefully before you invest. Our common stock is listed on The NASDAQ Capital Market under the symbol "MULN". On February 8, 2023, the last reported sale price of our common stock on The NASDAQ Capital Market was $0.39 per share.

***Investing in our securities involves risk. You should carefully consider the risks that we have described under the section captioned "Risk Factors" in this prospectus on page [5](#s-3_003) before buying our Securities.***

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

**The date of this prospectus is February 14, 2023**

**TABLE OF CONTENTS**

**<u>Page</u>**

---

| | |
|:---|:---|
| [FORWARD-LOOKING STATEMENTS](#s-3_001) | [1](#s-3_001) |
| [PROSPECTUS SUMMARY](#s-3_002) | [2](#s-3_002) |
| [RISK FACTORS](#s-3_003) | [5](#s-3_003) |
| [USE OF PROCEEDS](#s-3_004) | [7](#s-3_004) |
| [SELLING STOCKHOLDERS](#s-3_005) | [8](#s-3_005) |
| [PLAN OF DISTRIBUTION](#s-3_006) | [10](#s-3_006) |
| [DETERMINATION OF OFFERING PRICE](#s-3_007) | [12](#s-3_007) |
| [DESCRIPTION OF CAPITAL STOCK](#s-3_008) | [13](#s-3_008) |
| [LEGAL MATTERS](#s-3_009) | [20](#s-3_009) |
| [EXPERTS](#s-3_010) | [21](#s-3_010) |
| [ADDITIONAL INFORMATION](#s-3_011) | [22](#s-3_011) |
| [INCORPORATION OF CERTAIN INFORMATION BY REFERENCE](#s-3_012) | [23](#s-3_012) |

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Mullen Automotive Inc. and its consolidated subsidiaries are referred to herein as "Mullen," "the Company," "we," "us" and "our," unless the context indicates otherwise.

You may only rely on the information contained in this prospectus or that we have referred you to. We have not authorized anyone to provide you with different information. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities other than the securities offered by this prospectus. This prospectus and any future prospectus supplement do not constitute an offer to sell or a solicitation of an offer to buy any securities in any circumstances in which such offer or solicitation is unlawful. Neither the delivery of this prospectus or any prospectus supplement nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in our affairs since the date of this prospectus or such prospectus supplement or that the information contained by reference to this prospectus or any prospectus supplement is correct as of any time after its date.

i

**FORWARD-LOOKING STATEMENTS**

Some of the statements contained or incorporated by reference in this prospectus may include forward- looking statements that reflect our current views with respect to our research and development activities, business strategy, business plan, financial performance and other future events. These statements include forward-looking statements both with respect to us, specifically, and the electric vehicle sector, in general. We make these statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements that include the words "expect," "intend," "plan," "believe," "project," "estimate," "may," "should," "anticipate," "will" and similar statements of a future or forward-looking nature identify forward-looking statements for purposes of the federal securities laws or otherwise.

All forward-looking statements involve inherent risks and uncertainties, and there are or will be important factors that could cause actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to, those factors set forth under the caption "Risk Factors" in this prospectus and in our most recent Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q, all of which you should review carefully. Please consider our forward- looking statements in light of those risks as you read this prospectus. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

If one or more of these or other risks or uncertainties materializes, or if our underlying assumptions prove to be incorrect, actual results may vary materially from what we anticipate. All subsequent written and oral forward-looking statements attributable to us or individuals acting on our behalf are expressly qualified in their entirety by this Note. Before purchasing any of our securities, you should consider carefully all of the factors set forth or referred to in this prospectus that could cause actual results to differ.

**PROSPECTUS SUMMARY**

The following summary highlights some information from this prospectus. It is not complete and does not contain all of the information that you should consider before making an investment decision. You should read this entire prospectus, including the "Risk Factors" section on page 5, the financial statements and related notes and the other more detailed information appearing elsewhere or incorporated by reference into this prospectus.

**The Company**

Mullen Automotive Inc. is a Southern California-based electric vehicle company that operates in various verticals of businesses focused within the automotive industry. The Company's mission is to build the next-generation of premium passenger electric vehicles (EVs), and a portfolio of commercial vehicles. The Company was originally formed on April 20, 2010 as a developer and manufacturer of electric vehicle technology. On November 5, 2021, the Company (formerly known as Net Element, Inc.), completed its business combination (the "Merger") with Mullen Automotive, Inc. ("Mullen Automotive"), in accordance with the terms of the Second Amended and Restated Agreement and Plan of Merger, dated as of July 20, 2021, as amended (the "Merger Agreement"), by and among the Company, Mullen Acquisition, Inc. ("Merger Sub"), Mullen Automotive, and Mullen Technologies, Inc. ("Mullen Technologies"). Pursuant to the Merger, Merger Sub merged with and into Mullen Automotive, with Mullen Automotive surviving as a wholly owned subsidiary of the Company. In connection with the Merger, the Company changed its name from "Net Element, Inc." to "Mullen Automotive Inc." The Nasdaq Stock Market, LLC (Nasdaq Capital Market) ticker symbol for the Company's Common Stock changed from "NETE" to "MULN" at the opening of trading on November 5, 2021.

**Corporate Information**

Our principal offices are located at 1405 Pioneer St, Brea, CA 92821 and our telephone number is (714) 613-1900. Our website address is https://mullenusa.com/. Our website and the information contained on, or that can be accessed through, our website shall not be deemed to be incorporated by reference in, and are not considered part of, this prospectus. You should not rely on any such information in making your decision whether to purchase our common stock.

**This Offering**

We are registering for resale by the Selling Stockholders named herein the 2,492,823,467 shares of our Common Stock as described below.

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| | |
|:---|:---|
| Securities being offered: | Shares of our Common Stock issuable upon conversion of the Notes, shares of our Common Stock issuable upon conversion of our Series D Preferred Stock and shares of our Common Stock issuable upon exercise of Warrants. |
| Use of proceeds: | We will not receive any of the proceeds from the sale or other disposition of shares of our Common Stock by the Selling Stockholders. See the section of this prospectus titled "Use of Proceeds." |
| Market for Common Stock: | Our Common Stock is listed on The NASDAQ Capital Market under the symbol "MULN." On February 8, 2023, the last reported sale price of our Common Stock on The NASDAQ Capital Market was $0.39 per share. |
| Risk factors: | See "Risk Factors" beginning on page 5 for risks you should consider before investing in our shares. |

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**RISK FACTORS**

Investing in our securities involves risks. You should carefully consider the risks, uncertainties and other factors described in the Company's [Annual Report on Form 10-K (File No. 001-34887) filed with the SEC on January 13, 2023](http://www.sec.gov/ix?doc=/Archives/edgar/data/1499961/000155837023000273/muln-20220930x10k.htm), as amended by [Amendment No. 1 to our Annual Report on Form 10-K for the fiscal year ended September 30, 2022, filed with the Commission on January 30, 2023](http://www.sec.gov/ix?doc=/Archives/edgar/data/1499961/000155837023000672/muln-20220930x10ka.htm), and as supplemented and updated by subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that we have filed or will file with the Securities and Exchange Commission (the "SEC" or the "Commission"), and in other documents which are incorporated by reference into this prospectus, as well as the risk factors and other information contained in or incorporated by reference into any accompanying prospectus supplement before investing in any of our securities. Our financial condition, results of operations or cash flows could be materially adversely affected by any of these risks. The risks and uncertainties described in the documents incorporated by reference herein are not the only risks and uncertainties that you may face.

**Risks Related to the Offering**

***The Selling Stockholders may sell a large number of shares, resulting in substantial diminution to the value of shares of Common Stock held by our current stockholders.***

Pursuant to the terms of the Notes, the Notes may not be converted into shares of Common Stock to the extent that the issuance of shares of Common Stock would cause the Selling Stockholder to beneficially own more than 9.99% of our then outstanding shares of Common Stock.

However, we do not have the right to control the timing and amount of any sales by the Selling Stockholders of the shares registered for resale hereunder. In addition, these restrictions do not prevent the Selling Stockholders from selling shares of Common Stock received in connection with such conversions or exercises and then receiving additional shares of Common Stock in connection with a subsequent issuance. In this way, the Selling Securityholders could sell more than 9.99% of the outstanding shares of Common Stock in a relatively short time frame while never holding more than 9.99% at any one time.

The market price of shares of our Common Stock could decline as a result of substantial sales of our Common Stock, particularly sales by our directors, executive officers and significant stockholders. Further, the registration of the sale of shares of our Common Stock hereunder may create a circumstance commonly referred to as an "overhang" whereby a large number of shares of our Common Stock become available for sale or the perception in the market that holders of a large number of shares intend to sell their shares.

The existence of an overhang and the anticipation of such sales, whether or not sales have occurred or are occurring, could cause the market price of our Common Stock to fall. It could make more difficult our ability to raise additional financing through the sale of equity or equity-related securities in the future at a time and price that we deem reasonable or appropriate.

***Our outstanding shares of convertible preferred stock contain anti-dilution protection, which may cause significant dilution to our stockholders.***

As of February 8, 2023, we had outstanding 1,747,209,236 shares of Common Stock. As of that same date, we also had outstanding 1,925 shares of Series A Preferred Stock convertible into an aggregate of 192,500 shares of Common Stock, 1,210,056 shares of Series C Preferred Stock convertible into an aggregate of 1,210,056 shares of Common Stock and 363,098 shares of Series D Preferred Stock convertible into an aggregate of 363,098 shares of Common Stock. The issuance of shares of Common Stock upon the conversion of such shares of preferred stock would dilute the percentage ownership interest of holders of our Common Stock, dilute the book value per share of our Common Stock and increase the number of our publicly traded shares, which could depress the market price of our Common Stock.

In addition, the shares of Series D Preferred Stock contain weighted average anti-dilution provisions which, subject to limited exceptions, would increase the number of shares issuable upon conversion of such preferred stock (by reducing the conversion price of the Series D Preferred Stock) in the event that we in the future issue Common Stock, or securities convertible into or exercisable to purchase Common Stock, at a price per share lower than the conversion price then in effect.

***Our commitments to issue shares of Common Stock or securities that are convertible into shares of Common Stock may cause significant dilution to our stockholders***

Pursuant to Amendment No. 3, the investors paid $150 million and in lieu of receiving shares of Series D Preferred Stock and Warrants, the investors received the Notes, which outstanding principal and accrued but unpaid interest on the Notes convert into shares of Common Stock. The conversion price per share of Common Stock is equal to the lower of (i) $0.303, the closing price of the Common Stock on Nasdaq on November 14, 2022, and (ii) (A) if mandatorily converted on November 21, 2022, the closing price of the Common Stock on Nasdaq on November 18, 2022 or (B) if converted after January 3, 2022, the closing price of the Common Stock on Nasdaq on January 3, 2022, both (A) and (B) being subject to a floor price of $0.10 per share.

For no additional consideration, for every share of Common Stock issued to a holder upon conversion of a Note, the holder shall receive Warrants exercisable for 185% of the Common Stock at an exercise price equal to the conversion price applicable at the time of conversion of such Note, subject to further adjustment as provided in the Warrant.

Amendment No. 3 further provides that the remaining $90 million of the Commitment Amount shall be paid in two tranches, on January 24, 2023 and February 24, 2023. The purchase price per share of Series D Preferred Stock will be the lower of (i) $1.27, the closing price of the Company's stock on the date the Securities Purchase Agreement was executed, or (ii) the closing price of the Common Stock on the trading day immediately preceding the respective Purchase Date, subject to a floor price of $0.10 per share. For no additional consideration, for every share of Series D Preferred Stock purchased, such investor shall receive Warrants exercisable for 185% shares of Series D Preferred Stock purchased by the investors at an exercise price equal to the purchase price for shares of Series D Preferred Stock.

Finally, Amendment No. 3 further provides that from April 1, 2023 until June 30, 2023, the investors shall have the right, but not the obligation, at any time from time to time, in each investors sole and absolute discretion to purchase from the Company additional shares of Series D Preferred Stock in an amount equal to such investor's pro rata portion of $100,000,000 on the same terms and conditions as applicable to the purchase and sale of shares of Series D Preferred Stock as provided under the Securities Purchase Agreement, including that each investor exercising such right shall receive a proportional amount of Warrants exercisable for 110% of shares of Series D Preferred Stock purchased by the investors at an exercise price equal to the purchase price for shares of Series D Preferred Stock.

On January 13, 2023, the Company entered into Settlement Agreements and Releases (the "Share Issuance Settlement Agreement") with Acuitas Capital LLC, Jim Fallon and Mank Capital (the "Holders") pursuant to which the Holders agreed to remit to the Company an aggregate of approximately $17.8 million (collectively, the "Settlement Payment") for the erroneous issuance by the Company of an aggregate of 1,660,988 shares of common stock in connection with the exercise of warrants. In consideration of the settlement, the Holders received the right to purchase (the "Settlement Additional Purchase Right") additional shares of Series D Preferred Stock and warrants in an amount equal to $20 million on the same terms and conditions as provided under the Securities Purchase Agreement, dated as of June 7, 2022 (as amended, the "Series D Securities Purchase Agreement") of units, consisting of one share of Preferred Stock and 185% Warrants for each share of Preferred Stock issued. The Settlement Additional Purchase Right may be exercised by a Holder from time to time, in its sole and absolute discretion in accordance with the same terms that apply to Additional Purchases (as defined in the Series D Securities Purchase Agreement); provided, however, that if a Holder exercises its Settlement Additional Purchase Right, it shall receive Additional Warrants (as defined in the Series D Securities Purchase Agreement) exercisable for 185% of shares of Common Stock at an exercise price equal to the closing price of the Common Stock as of the date of the trading day immediately prior to the exercise of the Second Additional Purchase Right (as defined below) and the Holder agrees to issue to the Company a promissory note (the "Settlement Note"), which note will have a principal amount equal to the Settlement Payment applicable to such Holder and which will be immediately due and payable upon the earlier of (1) confirmation that the shares of common stock issuable upon conversion of the Series D Preferred Stock and warrants issued pursuant to the Settlement Additional Purchase Right have been reserved for issuance and that the resale of such reserved shares of common stock have been registered on a registration statement filed with the SEC and (ii) February 1, 2024. The Settlement Note will bear an annual interest rate of 3.5% and payment default will bear an additional rate of 2% and is immediately due in full upon an event of default, which includes a failure to pay, a breach of any representation and warranty, bankruptcy, insolvency or failure to give notice of an event of default.

In addition, on January 13, 2023, the Company entered into a Settlement Agreement and Release (the "Series D Settlement Agreement" and, together with the Share Issuance Settlement Agreement, the "Settlement Agreements") with the investors that entered into the Series D Securities Purchase Agreement pursuant to which such investors waived the default and all damages that are incurred as a result of the default prior to February 1, 2023 under the Series D Securities Purchase Agreement, and the Notes and the Warrants that were issued pursuant to Amendment No. 3. to the Series D Securities Purchase Agreement. In exchange, the Company agreed to grant the investors the right to purchase from the Company additional shares of Series D Preferred Stock and warrants in an amount equal to such investor's pro rata portion of $10 million on the same terms and conditions as applicable to the purchase and sale of shares of Series D Preferred Stock as provided under the Securities Purchase Agreement (the "Second Additional Purchase Right"). The Second Additional Purchase Right may be exercised by each investor from time to time, in its sole and absolute discretion in accordance with the same terms that apply to additional purchases as described in the Securities Purchase Agreement; provided, however, that any investor that exercises its Second Additional Purchase Right will receive additional five-year warrants exercisable for 185% of shares of common stock at an exercise price equal to the closing price of the common stock as of the date of the trading day immediately prior to the exercise of the Second Additional Purchase Right.

Implementation of Amendment No. 3 and the Settlement Agreements would cause issuance of additional shares Common Stock or issuance of shares Common Stock upon the conversion of shares of Series D Preferred Stock and Warrants, which in turn would dilute the percentage ownership interest of holders of our Common Stock, dilute the book value per share of our Common Stock and increase the number of our publicly traded shares, which could depress the market price of our Common Stock.

***Our commitment to issue shares of Common Stock pursuant to the terms of the Notes, our preferred stock and the Warrants could encourage short sales by third parties which could contribute to the future decline of our stock price.***

Our commitment to issue shares of Common Stock pursuant to the terms of the Notes, our preferred stock and the Warrants has the potential to cause significant downward pressure on the price of our Common Stock. In such an environment, short sellers may contribute exacerbate any decline of our stock price. If there are significant short sales of our Common Stock, the share price of our Common Stock may decline more than it would in an environment without such activity. This may cause other holders of our Common Stock to sell their shares. If there are many more shares of our Common Stock on the market for sale than the market will absorb, the price of our common shares will likely decline.

The Selling Stockholders may participate in short sales of our Common Stock. They may enter into hedging transactions with broker-dealers, which may in turn engage in short sales of the shares of Common Stock in the course of hedging in positions they assume. The Selling Stockholders may also sell shares of Common Stock short and deliver shares of Common Stock covered by this prospectus to close out short positions and to return borrowed shares in connection with such short sales. The Selling Stockholders may also loan or pledge shares of Common Stock to broker-dealers that in turn may sell such shares. Such activity could cause a decline in the market price of the shares of our Common Stock.

**USE OF PROCEEDS**

We will receive no proceeds from the sale of shares of Common Stock by the Selling Stockholders.

**SELLING STOCKHOLDERS**

The shares of Common Stock being offered by the Selling Stockholders are those issuable to the Selling Stockholders, upon the conversion of the Notes. For additional information regarding the issuances of those shares of Common Stock, see the section titled "Securities Purchase Agreement" above. We are registering the Common Stock in order to permit the Selling Stockholders to offer the shares for resale from time to time. Except for ownership of shares of our Common Stock, our preferred stock and the Warrants, the Selling Stockholders have not had any material relationship with us within the past three years.

The table below lists the Selling Stockholders and other information regarding the beneficial ownership of the shares of Common Stock by each of the Selling Stockholders. The second column lists the number of shares of Common Stock beneficially owned by each Selling Stockholder as of February 8, 2023, assuming conversion of all convertible securities and/or rights held by the Selling Stockholders on that date, without regard to any limitations on exercises. The third column lists the maximum number of shares of Common Stock being offered by this prospectus by each of the Selling Stockholders.

Under the terms of Notes, a Selling Stockholder may not convert Notes into Common Stock to the extent such exercise would cause such Selling Stockholder, together with its affiliates, to beneficially own a number of shares of Common Stock which would exceed 9.99%, as applicable, of our then outstanding Common Stock following such exercise, excluding for purposes of such determination Common Stock issuable upon conversion of other convertible securities which have not been converted. The number of shares in the second column does not reflect this limitation. The Selling Stockholders may sell all, some or none of their shares in this offering. See "Plan of Distribution."

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| | | | |
|:---|:---|:---|:---|
| **Name of Selling Security holder** | **Number of<br> Shares of<br> Common<br> Stock<br> Owned<br> Prior to<br> Offering** | **Maximum<br> Number of<br> Shares of<br> Common<br> Stock to<br> be Sold<br> Pursuant<br> to this<br> Prospectus** | **Number of<br> Shares of<br> Common<br> Stock<br> Owned<br> After<br> Offering** |
| Esousa Holdings, LLC<sup>(1)</sup> | 0 | 901021101 | 0 \* |
| Acuitas Capital LLC<sup>(2)</sup> | 0 | 883354057 | 0 \* |
| Michael Friedlander<sup>(3)</sup> | 0 | 4416736 | 0 \* |
| Jess Mogul<sup>(4)</sup> | 0 | 44167721 | 0 \* |
| Jim Fallon<sup>(5)</sup> | 0 | 22083864 | 0 \* |
| Davis-Rice Pty Limited<sup>(6)</sup> | 0 | 441676994 | 0 \* |
| Digital Power Lending, LLC<sup>(7)</sup> | 0 | 132503118 | 0 \* |
| Robert Bollinger<sup>(8)</sup> | 51069546 | 51069546 | 0 \* |
| John Masters<sup>(9)</sup> | 2560707 | 2560707 | 0 \* |
| AMFCO-4 LLC<sup>(10)</sup> | 1178990 | 1178990 | 0 \* |
| Armory Fund LP<sup>(10)</sup> | 3395193 | 3395193 | 0 \* |
| SEAPORT GLOBAL ASSET MANAGEMENT SPV SUB-SERIES A-2 LLC<sup>(10)</sup> | 2813722 | 2813722 | 0 \* |
| The Seaport Group LLC Profit Sharing Plan<sup>(10)</sup> | 1744168 | 1744168 | 0 \* |
| POLAR BEAR CAPITAL T21 LLC<sup>(10)</sup> | 837550 | 837550 | 0 \* |

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\* Represents less than 1%

(1) Consists of (i) 31,921,374 shares of Common Stock, (ii) 458 shares of Common Stock issuable
 upon conversion of 458 shares of Series C Preferred Stock and (iii) 81,907,312 shares of
 Common Stock issuable upon partial conversion of a Note, which may be deemed to be beneficially owned
 through Esousa Holdings, LLC by Michael Wachs, who serves as the sole Managing Member of Esousa Holdings,
 LLC. Does not include additional shares of Common Stock issuable upon full conversion of a Note, which
 as of the date hereof had a principal amount outstanding of $55,636,363. See "Prospectus Summary — Securities Purchase Agreement".
 The address for Esousa Holdings, LLC and Michael Wachs is 211 E 43rd St, 4th Fl, New York, NY 10017.

(2) Consists of (i) 3 shares of Common Stock issuable upon exercise of Warrants and (ii) 80,301,289
 shares of Common Stock issuable upon partial conversion of a Note, which may be deemed to be beneficially
 owned by Terren Peizer, who serves as the Chief Executive Officer of Acuitas Capital LLC. Does not
 include additional shares of Common Stock issuable upon full conversion of a Note, which as of the
 date hereof had a principal amount outstanding of $54,545,456. See "Prospectus Summary — Securities Purchase Agreement".
 The address for Acuitas Capital LLC is 200 Dorado Beach Drive #3831, Dorado, Puerto Rico 00646.

(3) Consists of 401,503 shares of Common Stock issuable upon partial conversion of a Note. Does not
 include additional shares of Common Stock issuable upon full conversion of a Note, which as of the
 date hereof had a principal amount outstanding of $272,725, the full conversion of which is subject
 to stockholder approval. See "Prospectus Summary — Securities Purchase Agreement".
 The address for Michael Friedlander is 46 Tarryhill Rd, Tarrytown, NY 10591.

(4) Consists of 4,015,066 shares of Common Stock issuable upon partial conversion of a Note. Does not
 include additional shares of Common Stock issuable upon full conversion of a Note, which as of the
 date hereof had a principal amount outstanding of $2,727,274. See "Prospectus Summary — Securities Purchase Agreement".
 The address for Jess Mogul is 347 W 87 St, Apt 2R, New York, NY 10024.

(5) Consists of 2,007,533 shares of Common Stock issuable upon partial conversion of a Note. Does not
 include additional shares of Common Stock issuable upon full conversion of a Note, which as of the
 date hereof had a principal amount outstanding of $1,363,637. See "Prospectus Summary — Securities Purchase Agreement".
 The address for Jim Fallon is 137 West 83rd St, Apt 5W, New York, NY 10024.

(6) Consists of 40,150,642 shares of Common Stock issuable upon partial conversion of a Note. Does
 not include additional shares of Common Stock issuable upon full conversion of a Note, which as of
 the date hereof had a principal amount outstanding of $27,272,726. See "Prospectus Summary — Securities Purchase Agreement".
 Shares held by Davis-Rice Pty Limited may be deemed to be beneficially owned by Timothy Davis-Rice,
 who serves as the Director of Davis-Rice Pty Limited. The address for Davis-Rice Pty Limited is 4 Murchison
 Street, Mittagong, NSW 2575, Australia.

(7) Consists of (i) 1,211,299 shares of Common Stock issuable upon conversion of 1,211,299 shares
 of Series C Preferred Stock, (ii) 363,097 shares of Common Stock issuable upon conversion
 of 363,097 shares of Series D Preferred Stock, and (iii) 12,045,194 shares of Common Stock
 issuable upon partial conversion of a Note, which may be deemed to be beneficially owned by David Katzoff,
 who serves as the Manager of Digital Power Lending, LLC. Does not include additional shares of Common
 Stock issuable upon full conversion of a Note, which as of the date hereof had a principal amount outstanding
 of $8,181,819. See "Prospectus
 Summary — Securities Purchase Agreement". Digital Power Lending, LLC is a wholly owned
 subsidiary of Ault Global Holdings, Inc. The address for Digital Power Lending, LLC is 940 South
 Coast Drive, Ste 200, Costa Mesa, CA 92626.

&nbsp;&nbsp;&nbsp;&nbsp;(8) The address for Robert Bollinger is c/o Bollinger Motors, Inc., 14925 W. 11 Mile Road, Oak Park, MI 48237.

&nbsp;&nbsp;&nbsp;&nbsp;(9) The address for John Masters is c/o Bollinger Motors, Inc., 14925 W. 11 Mile Road, Oak Park, MI 48237.

&nbsp;&nbsp;&nbsp;&nbsp;(10) The address for AMFCO-4 LLC, Armory Fund LP, SEAPORT GLOBAL ASSET MANAGEMENT SPV SUB-SERIES A-2 LLC, The Seaport Group LLC Profit Sharing Plan and POLAR BEAR CAPITAL T21 LLC is c/o Seaport Global Asset Management, LLC, 360 Madison Avenue, 23<sup>rd</sup> Floor, New York, NY 10017.

**PLAN OF DISTRIBUTION**

We are registering the shares of Common Stock to permit the resale of these shares of Common Stock by the holders thereof from time to time after the date of this prospectus. We will not receive any of the proceeds from the sale by the Selling Stockholders of the shares of Common Stock. We will bear all fees and expenses incident to our obligation to register the shares of Common Stock

The Selling Stockholders may sell all or a portion of the shares of Common Stock beneficially owned by them and offered hereby from time to time directly or through one or more underwriters, broker-dealers or agents. If the shares of Common Stock are sold through underwriters or broker-dealers, the Selling Stockholders will be responsible for underwriting discounts or commissions or agent's commissions. The shares of Common Stock may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of sale, or at negotiated prices. These sales may be effected in transactions, which may involve crosses or block transactions,

&nbsp;&nbsp;&nbsp;&nbsp;• on any national securities exchange or quotation service on which
 the securities may

&nbsp;&nbsp;&nbsp;&nbsp;• be listed or quoted at the time of sale;

&nbsp;&nbsp;&nbsp;&nbsp;• in the over-the-counter market;

&nbsp;&nbsp;&nbsp;&nbsp;• in transactions otherwise than on these exchanges or systems
 or in the over-the-counter market;

&nbsp;&nbsp;&nbsp;&nbsp;• through the writing of options, whether such options are listed
 on an options exchange or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;• ordinary brokerage transactions and transactions in which the
 broker-dealer solicits purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;• block trades in which the broker-dealer
 will attempt to sell the shares as agent but may position and resell a portion of the block
 as principal to facilitate the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;• purchases by a broker-dealer as principal and resale by the broker-dealer
 for its account;

&nbsp;&nbsp;&nbsp;&nbsp;• an exchange distribution in accordance with the rules of
 the applicable exchange;

&nbsp;&nbsp;&nbsp;&nbsp;• privately negotiated transactions;

&nbsp;&nbsp;&nbsp;&nbsp;• short sales;

&nbsp;&nbsp;&nbsp;&nbsp;• sales pursuant to Rule 144;

&nbsp;&nbsp;&nbsp;&nbsp;• broker-dealers may agree with the selling securityholders to
 sell a specified number of

&nbsp;&nbsp;&nbsp;&nbsp;• such shares at a stipulated price per share;

&nbsp;&nbsp;&nbsp;&nbsp;• a combination of any such methods of sale; and

&nbsp;&nbsp;&nbsp;&nbsp;• any other method permitted pursuant to applicable law.

If the Selling Stockholders effect such transactions by selling shares of Common Stock to or through underwriters, broker-dealers or agents, such underwriters, broker-dealers or agents may receive commissions in the form of discounts, concessions or commissions from the Selling Stockholders or commissions from purchasers of the shares of Common Stock for whom they may act as agent or to whom they may sell as principal (which discounts, concessions or commissions as to particular underwriters, broker-dealers or agents may be in excess of those customary in the types of transactions involved). In connection with sales of the shares of Common Stock or otherwise, the Selling Stockholders may enter into hedging transactions with broker-dealers, which may in turn engage in short sales of the shares of Common Stock in the course of hedging in positions they assume. The Selling Stockholders may also sell shares of Common Stock short and deliver shares of Common Stock covered by this prospectus to close out short positions and to return borrowed shares in connection with such short sales. The Selling Stockholders may also loan or pledge shares of Common Stock to broker-dealers that in turn may sell such shares. The Selling Stockholders may pledge or grant a security interest in some or all of the warrants or shares of Common Stock owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the shares of Common Stock from time to time pursuant to this prospectus or any amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act of 1933, as amended, amending, if necessary, the list of Selling Stockholders to include the pledgee, transferee or other successors in interest as Selling Stockholders under this prospectus. The Selling Stockholders also may transfer and donate the shares of Common Stock in other circumstances in which case the transferees, donees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus.

The Selling Stockholders and any broker-dealer participating in the distribution of the shares of Common Stock may be deemed to be "underwriters" within the meaning of the Securities Act, and any commission paid, or any discounts or concessions allowed to, any such broker-dealer may be deemed to be underwriting commissions or discounts under the Securities Act. At the time a particular offering of the shares of Common Stock is made, a prospectus supplement, if required, will be distributed which will set forth the aggregate amount of shares of Common Stock being offered and the terms of the offering, including the name or names of any broker-dealers or agents, any discounts, commissions and other terms constituting compensation from the Selling Stockholders and any discounts, commissions or concessions allowed or reallowed or paid to broker-dealers.

Under the securities laws of some states, the shares of Common Stock may be sold in such states only through registered or licensed brokers or dealers. In addition, in some states the shares of Common Stock may not be sold unless such shares have been registered or qualified for sale in such state or an exemption from registration or qualification is available and is complied with. There can be no assurance that any Selling Stockholder will sell any or all of the shares of Common Stock registered pursuant to the registration statement, of which this prospectus form is a part.

The Selling Stockholders and any other person participating in such distribution will be subject to applicable provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, including, without limitation, Regulation M of the Exchange Act, which may limit the timing of purchases and sales of any of the shares of Common Stock by the Selling Stockholders and any other participating person. Regulation M may also restrict the ability of any person engaged in the distribution of the shares of Common Stock to engage in marketmaking activities with respect to the shares of Common Stock. All of the foregoing may affect the marketability of the shares of Common Stock and the ability of any person or entity to engage in market-making activities with respect to the shares of Common Stock. We will pay all expenses of the registration of the shares of Common Stock, estimated to be $125,192 in total, including, without limitation, Securities and Exchange Commission filing fees and expenses of compliance with state securities or "blue sky" laws; provided, however, that a Selling Stockholder will pay all underwriting discounts and selling commissions, if any. We will indemnify the Selling Stockholders against liabilities, including some liabilities under the Securities Act, in accordance with the registration rights agreements, or the Selling Stockholders will be entitled to contribution. We may be indemnified by the Selling Stockholders against civil liabilities, including liabilities under the Securities Act, that may arise from any written information furnished to us by the Selling Stockholder specifically for use in this prospectus, in accordance with the related registration rights agreement, or we may be entitled to contribution. Once sold under the registration statement, of which this prospectus forms a part, the shares of Common Stock will be freely tradable in the hands of persons other than our affiliates.

**DETERMINATION OF OFFERING PRICE**

The prices at which the shares of Common Stock covered by this prospectus may actually be sold will be determined by the prevailing public market price for shares of Common Stock, by negotiations between the Selling Stockholders and buyers of our Common Stock in private transactions or as otherwise described in "Plan of Distribution."

**DESCRIPTION OF CAPITAL STOCK**

**General**

We are authorized to issue up to 5,500,000,000 shares of capital stock, including 5,000,000,000 shares of Common Stock, par value $0.001 per share, and 500,000,000 shares of preferred stock, par value $0.001 per share (the "Preferred Stock"), of which 200,000 shares are designated as "Series A Preferred Stock," 12,000,000 shares are designated as "Series B Preferred Stock," 40,000,000 shares are designated as "Series C Preferred Stock" and 437,500,001 shares are designated as "Series D Preferred Stock." As of February 8, 2023, we had 1,747,209,236 shares of Common Stock, 1,925 shares of Series A Preferred Stock, no shares of Series B Preferred Stock, 1,210,056 shares of Series C Preferred Stock and 363,098 shares of Series D Preferred Stock issued and outstanding.

The additional shares of our authorized stock available for issuance may be issued at times and under circumstances so as to have a dilutive effect on earnings per share and on the equity ownership of the holders of our Common Stock. The ability of our board of directors to issue additional shares of stock could enhance the board's ability to negotiate on behalf of the stockholders in a takeover situation but could also be used by the board to make a change-in-control more difficult, thereby denying stockholders the potential to sell their shares at a premium and entrenching current management. The following description is a summary of the material provisions of our capital stock. You should refer to our certificate of incorporation, as amended and bylaws, both of which are on file with the SEC as exhibits to previous SEC filings, for additional information. The summary below is qualified by provisions of applicable law.

**Common Stock**

Holders of our Common Stock are each entitled to cast one vote for each share held of record on all matters presented to stockholders, and shall be entitled to notice of any shareholders' meeting, in accordance with the bylaws. Cumulative voting is not allowed; the holders of a majority of our outstanding shares of capital stock may elect all directors. Holders of our Common Stock are entitled to receive such dividends as may be declared by our board out of funds legally available and, in the event of liquidation, to share pro rata in any distribution of our assets after payment of liabilities. Our directors are not obligated to declare a dividend. It is not anticipated that we will pay dividends in the foreseeable future. Holders of our do not have preemptive rights to subscribe to any additional shares we may issue in the future. There are no conversion, redemption, sinking fund or similar provisions regarding the Common Stock. All outstanding shares of Common Stock are fully paid and nonassessable.

The rights, preferences and privileges of holders of Common Stock are subject to the rights of the holders of any outstanding shares of preferred stock.

**Preferred Stock**

We may issue up to 500,000,000 shares of preferred stock, par value $0.001 per share, in one or more series. Our board of directors is hereby expressly authorized to provide, out of the unissued shares of preferred stock, for one or more series of preferred stock and, with respect to each such series, to fix the number of shares constituting such series and the designation of such series, the voting powers of the shares of such series, and the preferences and relative, participating, optional or other special rights and any qualifications, limitations or restrictions thereof, of the shares of such series. The powers, preferences and relative, participating, optional and other special rights of each series of preferred stock, and the qualifications, limitations or restrictions thereof, if any, may differ from those of any and all other series at any time outstanding.

The issuance of preferred stock could decrease the amount of earnings and assets available for distribution to the holders of Common Stock or adversely affect the rights and powers, including voting rights, of the holders of Common Stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring or preventing a change in control of the Company, which could depress the market price of our Common Stock.

***Voting Rights***

Except as otherwise expressly provided by the amended and restated certificate of incorporation or as provided by law, the holders of shares of Common Stock and Preferred Stock shall at all times vote together as a single class on all matters (including the election of directors) submitted to a vote of the stockholders; provided, however, that, any proposal which adversely affects the rights, preferences and privileges of the Series A, B, C or D Preferred Stock must be approved by a majority in interest of the affected Series of Preferred Stock, as the case may be. Each holder of Common Stock, Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock will have the right to one vote per share (on a fully converted basis) held of record by such holder and each holder of Series A Preferred Stock will have the right to 1000 votes per share (on a fully converted basis) held of record by such holder; provided, however, that after November 5, 2024, each holder of Series A Preferred Stock will have the right to one vote per share (on a fully converted basis) held of record by such holder.

***Series A Preferred Stock***

200,000 shares of Preferred Stock are designated as Series A Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;• *Conversion*. The Series A Preferred Stock is convertible
 at the option of each holder at any time on a 100-for-1 basis (as adjusted for any stock
 splits, stock dividends, combinations, recapitalizations or the like with respect to the
 Common Stock). The Series A Preferred Stock will automatically convert into shares of
 Common Stock on a 100-for-1 basis (as so adjusted) upon the earlier of (i) a Qualified
 Public Offering (as such term is defined in the amended and restated certificate of incorporation)
 or (ii) the date specified by written consent or agreement of the holders of the then
 outstanding shares of Series A Preferred Stock.

***Series B Preferred Stock***

12,000,000 shares of Preferred Stock are designated as Series B Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;• *Conversion*. The Series B Preferred Stock is convertible
 at the option of each holder at any time into the number of shares of Common Stock determined
 by dividing the Series B Original Issue Price (plus all unpaid accrued and accumulated
 dividends thereon, as applicable, whether or not declared), by the Series B Conversion
 Price, as applicable (in each case, the "Conversion Rate"), in effect on the
 date the certificate is surrendered for conversion. "Series B Original Issue Price"
 means $0.6877 per share for each share of the Series B Preferred Stock (as adjusted
 for any stock splits, stock dividends, combinations, recapitalizations or the like with respect
 to the Series B Preferred Stock). The initial "Series B Conversion Price"
 is the Series B Original Issue Price, subject to adjustment as set forth in the amended
 and restated certificate of incorporation. Based on this formula, the Series B Preferred
 Stock is currently convertible into Common Stock on a 1-for-1 basis. The Series B Preferred
 Stock will automatically convert into shares of Common Stock upon the earlier of (i) a
 Qualified Public Offering (as such term is defined in the amended and restated certificate
 of incorporation) or (ii) the date specified by written consent or agreement of the
 holders of the then outstanding shares of Series B Preferred Stock. The Series B
 Preferred Stock will not be convertible by a holder to the extent that the holder or any
 of its affiliates would beneficially own in excess of 9.99% of the Common Stock, subject
 to certain protections as provided in the amended and restated certificate of incorporation.

***Series C Preferred Stock***

40,000,000 Shares of Preferred Stock are designated as Series C Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;• *Conversion*. The Series C Preferred Stock is convertible
 at the option of each holder at any time into the *number* of shares of Common Stock
 determined by dividing the Series C Original Issue Price (plus all unpaid accrued and
 accumulated dividends thereon, as applicable, whether or not declared), by the Series C
 Conversion Price, as applicable (in each case, the "Conversion Rate"), in effect
 on the date the certificate is surrendered for conversion. The initial "Series C
 Conversion Price" is the Series C Original Issue Price, subject to adjustment
 as set forth in the amended and restated certificate of incorporation. Based on this formula,
 the Series C Preferred Stock is currently convertible into Common Stock on a 1-for-1
 basis. All of the Series C Preferred Stock shall automatically convert into Common Stock
 at any such time as (i) the shares underlying the Series C Preferred Stock are
 subject to an effective registration statement, (ii) the trading price for the Common
 Stock is more than two times the Series C Conversion Price for twenty (20) trading days
 in any period of thirty (30) consecutive trading days on Nasdaq CM and (iii) the average
 daily trading dollar volume of the Common Stock during such twenty trading days is equal
 to or greater than $4.0 million. The Series C Preferred Stock will not be convertible
 by a holder to the extent that the holder or any of its affiliates would beneficially own
 in excess of 9.99% of the Common Stock, subject to certain protections as provided in the
 amended and restated certificate of incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;• *Dividends*. The Series C Preferred Stock bears a cumulative
 15.0% per annum fixed dividend payable no later than the 5th day after the end of each month
 on the Series C Original Issue Price plus unpaid accrued and accumulated dividends.
 "Series C Original Issue Price" means $0.6877 per share for each share of
 the Series C Preferred Stock (as adjusted for any stock splits, stock dividends, combinations,
 recapitalizations or the like with respect to the Series C Preferred Stock). Dividends
 on the Series C Preferred Stock are prior to any dividends on any other series of Preferred
 Stock or the Common Stock. The Company may elect to pay dividends for any month with a paid-in-kind
 election ("PIK") if (i) the shares issuable further to the PIK are subject
 to an effective registration statement, (ii) the Company is then in compliance with
 all listing requirements of Nasdaq and (iii) the average daily trading dollar volume
 of the Company's common stock for ten trading days in any period of twenty consecutive
 trading days on the NASDAQ is equal to or greater than $2 million.

&nbsp;&nbsp;&nbsp;&nbsp;• *Redemption Rights.* There is no mandatory redemption date,
 but, subject to the conditions set forth below, all, but not less than all, of the shares
 are redeemable by the Company at any time, provided that if the Company issues notice to
 redeem, investor shall have fifteen (15) days to convert such shares to common stock prior
 to the date of redemption. The redemption price is equal to the Series C Original Issue
 Price, plus accrued and accumulated dividends, (whether or not declared (the "Series C
 Redemption Price"). The conditions to the redemption are as follows: (i) the shares
 have been issued and outstanding for at least one (1) year, (ii) the issuance of
 the shares of Common Stock underlying the shares has been registered pursuant to the Securities
 Act and the registration statement is effective, and (iii) the trading price for the
 Common Stock is less than the Series C Conversion Price (as such term is defined in
 the amended and restated certificate of incorporation) for twenty (20) trading days in any
 period of thirty (30) consecutive trading days on the Nasdaq CM. In addition to the above,
 the shares are also redeemable in accordance with the following schedule provided the issuance
 of shares of Common Stock underlying the shares has been registered and the registration
 statement remains effective:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 1: No Redemption

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 2: Redemption at 120% of the Series C Redemption Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 3: Redemption at 115% of the Series C Redemption Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 4: Redemption at 110% of the Series C Redemption Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 5: Redemption at 105% of the Series C Redemption Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 6 and thereafter: Redemption at 100% of the Series C
 Redemption Price

***Series D Preferred Stock***

437,500,001 Shares of Preferred Stock are designated as Series D Preferred Stock.

*Voting Rights*. Except as provided by law, the Series D Preferred Stock will have no voting rights except that approval from a majority in interest of the Series D Preferred Stock, voting as a separate class, is required in the case of (i) a voluntary dissolution, liquidation or winding up of the Company or voluntary petition for bankruptcy or assignment for the benefit of creditors, (ii) a merger or consolidation of the Company with or into another entity, (iii) a Liquidation Event (as defined in the Company's Second Amended and Restated Certificate of Incorporation), (iv) any amendment to the Second Amended and Restated Certificate of Incorporation or the Company's bylaws which adversely affects the rights, preferences and privileges of the Series D Preferred, or (v) any authorization or issuance of any equity security (including any other security convertible into or exercisable for any such equity security) having a preference over or parity with the Series D Preferred Stock.

*Conversion*. The Series D Preferred Stock is automatically converted into shares of Common Stock at the applicable Conversion Rate at the time in effect immediately upon (A) the issuance of shares of Common Stock underlying the Series D Preferred Stock being registered pursuant to the Securities Act and such registration remaining effective, (B) the trading price for the Company's Common Stock being more than two times the Series D Conversion Price for 20 trading days in any period of 30 consecutive trading days on the Nasdaq Capital Market, and (C) the average daily trading dollar volume of Common Stock during such 20 trading days is equal to or greater than $27.5 million. The Series D Preferred Stock is convertible at the option of each holder at any time into the number of shares of Common Stock determined by dividing the Series D Original Issue Price (plus all unpaid accrued and accumulated dividends thereon, as applicable, whether or not declared), by the Series D Conversion Price (the "Conversion Rate"), in effect on the date the certificate is surrendered for conversion. The initial "Series D Conversion Price" is the Series D Original Issue Price, subject to adjustment as set forth in the amended and restated certificate of incorporation. The Series D Preferred Stock will not be convertible by a holder to the extent that the holder or any of its affiliates would beneficially own in excess of 9.99% of the Common Stock, subject to certain protections as provided in the amended and restated certificate of incorporation.

*Dividends*. The Series D Preferred Stock bears a cumulative 15.0% per annum fixed dividend payable no later than the 5th day after the end of each month on the Series D Original Issue Price plus unpaid accrued and accumulated dividends. "Series D Original Issue Price" means for each share of the Series D Preferred Stock the lower of (i) $1.27 or (ii) the closing price of the Common Stock on the trading day immediately preceding the Purchase Date (as adjusted for any stock splits, stock dividends, combinations, recapitalizations or the like with respect to the Series D Preferred Stock). Dividends on the Series D Preferred Stock will be prior to any dividends on any other series of Preferred Stock or the Common Stock. The Company may elect to pay dividends for any month with a paid-in-kind election ("PIK") if (i) the shares issuable further to the PIK are subject to an effective registration statement, (ii) the Company is then in compliance with all listing requirements of Nasdaq and (iii) the average daily trading dollar volume of the Company's common stock for ten trading days in any period of twenty consecutive trading days on the NASDAQ is equal to or greater than $27.5 million.

*Redemption Rights*. There is no mandatory redemption date, but, subject to the conditions set forth below, all, but not less than all, of the shares will be redeemable by the Company at any time, provided that if the Company issues notice to redeem, investors shall have 15 days to convert such shares to Common Stock prior to the date of redemption. The redemption price will be equal to the Series D Original Issue Price, plus accrued and accumulated dividends, (whether or not declared (the "Series D Redemption Price"). The conditions to the redemption will be follows: (i) the shares have been issued and outstanding for at least one year, (ii) the issuance of the shares of Common Stock underlying the shares has been registered pursuant to the Securities Act and the registration statement is effective, and (iii) the trading price for the Common Stock is less than the Series D Conversion Price (as such term is defined in the amended and restated certificate of incorporation) for 20 trading days in any period of 30 consecutive trading days on the Nasdaq CM. In addition to the above, the shares will also be redeemable in accordance with the following schedule provided the issuance of shares of Common Stock underlying the shares has been registered and the registration statement remains effective:

&nbsp;&nbsp;&nbsp;&nbsp;• Year 1: No Redemption

&nbsp;&nbsp;&nbsp;&nbsp;• Year 2: Redemption at 120% of the Series D Redemption Price

&nbsp;&nbsp;&nbsp;&nbsp;• Year 3: Redemption at 115% of the Series D Redemption Price

&nbsp;&nbsp;&nbsp;&nbsp;• Year 4: Redemption at 110% of the Series D Redemption Price

&nbsp;&nbsp;&nbsp;&nbsp;• Year 5: Redemption at 105% of the Series D Redemption Price

&nbsp;&nbsp;&nbsp;&nbsp;• Year 6 and thereafter: Redemption at 100% of the Series D
 Redemption Price

**Anti-Takeover Effects of Certain Provisions of Delaware Law and Our Certificate of Incorporation and Bylaws**

Our Certificate of Incorporation, as amended, and Bylaws, as amended contain provisions that could have the effect of discouraging potential acquisition proposals or tender offers or delaying or preventing a change of control. These provisions, summarized below, are expected to discourage certain types of coercive takeover practices and inadequate takeover bids and are designed to encourage persons seeking to acquire control of us to negotiate with our board of directors. We believe that the benefits of increased protection against an unfriendly or unsolicited proposal to acquire or restructure us outweigh the disadvantages of discouraging such proposals. Among other things, negotiation of such proposals could result in an improvement of their terms. These provisions are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• *Stockholder Meetings*. Under our bylaws, only the Board
 of Directors, the chairman of the Board, the chief executive officer, or the president (in
 the absence of a chief executive officer) may call special meetings of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;• *No Cumulative Voting*. Our amended and restated certificate
 of incorporation and bylaws do not provide for cumulative voting in the election of directors.

&nbsp;&nbsp;&nbsp;&nbsp;• *Amendment of Provisions in the Amended and Restated Certificate of Incorporation*. The amended and restated certificate of incorporation will generally
 require the affirmative vote of the holders of at least a majority of the outstanding voting
 stock in order to amend any provisions of the amended and restated certificate of incorporation
 concerning, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the required vote to amend certain provisions of the amended
 and restated certificate of incorporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the reservation of the Board of Director's right to amend
 the amended and restated bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;• *Amendment of the bylaws*. An amendment of the bylaws by
 stockholders requires the affirmative vote of the holders of at least a majority of the outstanding
 voting stock.

We are subject to the provisions of Section 203 of the Delaware General Corporation Law, an anti- takeover law. Subject to certain exceptions, the statute prohibits a publicly held Delaware corporation from engaging in a "business combination" with an "interested stockholder" for a period of three years after the date of the transaction in which the person became an interested stockholder unless:

&nbsp;&nbsp;&nbsp;&nbsp;• prior to such date, the board of directors of the corporation
 approved either the business combination or the transaction which resulted in the stockholder
 becoming an interested stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;• upon consummation of the transaction which resulted in the stockholder
 becoming an interested stockholder, the interested stockholder owned at least eighty-five
 percent 85% of the voting stock of the corporation outstanding at the time the transaction
 commenced, excluding for purposes of determining the number of shares outstanding those shares
 owned (1) by persons who are directors and also officers and (2) by employee stock
 plans in which employee participants do not have the right to determine confidentially whether
 shares held subject to the plan will be tendered in a tender or exchange offer; or

&nbsp;&nbsp;&nbsp;&nbsp;• on
 or after such date, the business combination is approved by the board of directors and authorized
 at an annual or special meeting of stockholders, and not by written consent, by the affirmative
 vote of at least sixty-six and two-thirds percent 66 2 ∕ 3 %
 of the outstanding voting stock that is not owned by the interested stockholder.

Generally, for purposes of Section 203, a "business combination" includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. An "interested stockholder" is a person who, together with affiliates and associates, owns or, within three (3) years prior to the determination of interested stockholder status, owned fifteen percent (15%) or more of a corporation's outstanding voting securities.

**Potential Effects of Authorized but Unissued Stock**

We have shares of common stock and preferred stock available for future issuance without stockholder approval. We may utilize these additional shares for a variety of corporate purposes, including future public offerings to raise additional capital, to facilitate corporate acquisitions or payment as a dividend on the capital stock.

The existence of unissued and unreserved common stock and preferred stock may enable our board of directors to issue shares to persons friendly to current management or to issue preferred stock with terms that could render more difficult or discourage a third-party attempt to obtain control of us by means of a merger, tender offer, proxy contest or otherwise, thereby protecting the continuity of our management. In addition, the board of directors has the discretion to determine designations, rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences of each series of preferred stock, all to the fullest extent permissible under the DGCL and subject to any limitations set forth in our Certificate of Incorporation. The purpose of authorizing the board of directors to issue preferred stock and to determine the rights and preferences applicable to such preferred stock is to eliminate delays associated with a stockholder vote on specific issuances. The issuance of preferred stock, while providing desirable flexibility in connection with possible financings, acquisitions and other corporate purposes, could have the effect of making it more difficult for a third-party to acquire, or could discourage a third-party from acquiring, a majority of our outstanding voting stock.

**Warrants**

The exercise price of the Warrants will be the lower of (i) $1.27 or (ii) the closing price of the Common Stock on the trading day immediately preceding the Purchase Date, subject to a floor price of $0.10 per share. The Company must reserve out of authorized and unissued shares a number of shares of Common Stock equal to 250% of the maximum number of shares of Common Stock that are issuable upon exercise of the Warrants from time to time. If the Company fails to timely deliver shares upon exercise of the Warrant, the Company will be required to either (A) pay the holder for each trading day on which shares are not delivered 1% of the product of the number of shares not so issued multiplied by the closing sale price of the Common Stock on the trading day immediately preceding the required delivery date, or (B) if the holder purchases shares of Common Stock in anticipation of delivery of shares upon exercise of the Warrant, cash in an amount equal to holder's total purchase price of such shares.

The Warrants will provide for cashless exercise pursuant to which the holder will receive upon exercise a "net number" of shares of Common Stock determined according to the following formula (the "Cashless Exercise"):

Net Number = (A x B) / C

For purposes of the foregoing formula:

---

| | |
|:---|:---|
| A= | The total number of shares with respect to which the Warrant is then being exercised. |

---

B= The Black Scholes Value (as described below).

---

| | |
|:---|:---|
| C= | The lower of the two Closing Bid Prices of the Common Stock in the two days prior the time of such exercise (as such Closing Bid Price is defined in Section 16 herein), but in any event not less than $0.01(as may be adjusted for stock dividends, subdivisions, or combinations in the manner described in Section 2(a) of the Series D Securities Purchase Agreement). |

---

For purposes of the Cashless Exercise, "Black Scholes Value" means the Black Scholes value of an option for one share of Common Stock at the date of the applicable Cashless Exercise, as such Black Scholes value is determined, calculated using the Black Scholes Option Pricing Model obtained from the "OV" function on Bloomberg utilizing (i) an underlying price per share equal to the Exercise Price, as adjusted, (ii) a risk-free interest rate corresponding to the U.S. Treasury rate, (iii) a strike price equal to the Exercise Price in effect at the time of the applicable Cashless Exercise, (iv) an expected volatility equal to 135%, and (v) a deemed remaining term of the Warrant of 5 years (regardless of the actual remaining term of the Warrant).

The exercise price and number of shares issuable upon exercise of the Warrants will further be adjusted upon the occurrence of certain events and holders will be allowed to participate in certain issuances and distributions (subject to certain limitations and restrictions), including certain stock dividends and splits, dilutive issuances of additional common stock, and dilutive issuances of, or changes in option price or rate of conversion of, options or convertible securities, as well as the issuance of purchase rights or distributions of assets.

If, during restricted period, the Company effects a subsequent financing, including the issuance of options and convertible securities, any Common Stock, issued or sold or deemed to have been issued or sold) for a consideration per share less than a price equal to the current exercise price of the Warrant (a "Dilutive Issuance"), then immediately after such issuance, the exercise price will be reduced (and in no event increased) to the price per share as determined in accordance with the following formula:

EP2 = EP1 x (A + B) / (A + C)

For purposes of the foregoing formula:

---

| | |
|:---|:---|
| A= | The total number of Warrant Shares with respect to which this Warrant may be exercised. |
| B= | The total number of shares of Common Stock that would be issued or issuable under the Dilutive Issuance if issued at a per share equal to EP1. |
| C= | The total number of shares of Common Stock actually issued or issuable under the Dilutive Issuance. |
| EP<sub>1</sub>= | The Exercise Price in effect immediately prior to a Dilutive Issuance. |
| EP<sub>2</sub>= | The Exercise Price immediately after such Dilutive Issuance; provided, however, that such price shall in no event be less than $0.01 per share of Common Stock. |

---

"Purchase Date" means the 90<sup>th</sup> day following the date on which a registration statement covering the registration for resale of securities issued during May 2022 pursuant to additional investment rights provided in the Exchange Agreement dated May 7, 2021 and a $20 million securities purchase agreement.

"Restricted period" means the period commencing on the Purchase Date and ending on the earlier of (i) the date immediately following the 90th day after a registration statement registering for the securities has been declared effective by the SEC and (ii) the 90th day after the securities purchased are saleable under Rule 144 without the requirement for current public information and without volume or manner of sale limitations.

The Warrants will provide for certain purchase rights whereby if the Company grants, issues or sells any options, convertible securities or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of Common Stock, then the holder will be entitled to acquire such purchase rights which the holder could have acquired if the holder had held the number of shares of Common Stock acquirable upon complete exercise of the Warrant.

The exercisability of the Warrants may also be limited if, upon exercise, the holder and its affiliates would in aggregate beneficially own more than 9.99% of the Common Stock.

The Company would also agree not to enter into any fundamental, transaction, such as a merger, sale of more than 50% of the outstanding voting shares, sale of substantially all assets, or business combination, unless the successor entity assumes all of the obligations of the Company under the Warrants and the other transaction documents related to the Warrants.

**Transfer Agent and Registrar**

The transfer agent and registrar for our Common Stock is Continental Stock Transfer & Trust Company.

**LEGAL MATTERS**

Unless otherwise indicated in the applicable prospectus supplement, the validity of the securities offered hereby will be passed upon for us by McDermott, Will & Emery LLP. If the validity of the securities offered hereby in connection with offerings made pursuant to this prospectus are passed upon by counsel for the underwriters, dealers or agents, if any, such counsel will be named in the prospectus supplement relating to such offering.

**EXPERTS**

The consolidated financial statements at September 30, 2022 and 2021 and for the years then ended incorporated by reference in this prospectus have been so incorporated in reliance on the report of Daszkal Bolton LLP, an independent registered public accounting firm, incorporated herein by reference, given on the authority of said firm as experts in auditing and accounting.

**ADDITIONAL INFORMATION**

This prospectus is part of a registration statement on Form S-3 that we have filed with the SEC relating to the securities being offered hereby. This prospectus does not contain all of the information in the registration statement and its exhibits. The registration statement, its exhibits and the documents incorporated by reference in this prospectus and their exhibits, all contain information that is material to the offering of the securities hereby. Whenever a reference is made in this prospectus to any of our contracts or other documents, the reference may not be complete. You should refer to the exhibits that are a part of the registration statement in order to review a copy of the contract or documents. The registration statement and the exhibits are available at the SEC's Public Reference Room or through its website.

We file annual, quarterly and current reports, proxy statements and other information with the SEC. You can read and copy any materials we file with the SEC at its Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549 and at its regional offices, a list of which is available on the Internet at http://www.sec.gov/contact/addresses.htm. You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC maintains an Internet site at http://www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers, such as us, that file electronically with the SEC. Additionally, you may access our filings with the SEC through our website at https://investors.mullenusa.com/. The information on our website is not part of this prospectus.

We will provide you without charge, upon your oral or written request, with a copy of any or all reports, proxy statements and other documents we file with the SEC, as well as any or all of the documents incorporated by reference in this prospectus or the registration statement (other than exhibits to such documents unless such exhibits are specifically incorporated by reference into such documents). Requests for such copies should be directed to:

Mullen Automotive Inc.

Attn: David Michery, President, CEO and Chairman

1405 Pioneer St

Brea, CA 92821

(714) 613-1900

You should rely only on the information in this prospectus and the additional information described above and under the heading "Incorporation of Certain Information by Reference" below. We have not authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely upon it. We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information in this prospectus was accurate on the date of the front cover of this prospectus only. Our business, financial condition, results of operations and prospects may have changed since that date.

**INCORPORATION OF CERTAIN INFORMATION BY REFERENCE**

The SEC allows us to "incorporate by reference" information that we file with it into this prospectus, which means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is an important part of 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 information contained in this prospectus and any accompanying prospectus supplement.

We incorporate by reference the documents listed below that we have previously filed with the SEC:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [The Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2022, as filed with the Commission on January 13, 2023](http://www.sec.gov/ix?doc=/Archives/edgar/data/1499961/000155837023000273/muln-20220930x10k.htm) , as amended by [Amendment No. 1 to our Annual Report on Form 10-K for the fiscal year ended September 30, 2022, filed with the Commission on January 30, 2023](http://www.sec.gov/ix?doc=/Archives/edgar/data/1499961/000155837023000672/muln-20220930x10ka.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's Quarterly Report on Form 10-Q for the quarter ended December 31, 2022, filed with the Commission on [February 14, 2023](https://www.sec.gov/ix?doc=/Archives/edgar/data/1499961/000155837023001277/muln-20221231x10q.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's Current
 Reports on Form 8-K filed with the Commission on [October 14, 2022](https://www.sec.gov/ix?doc=/Archives/edgar/data/1499961/000110465922108851/tm2228242d1_8k.htm) , [October 17, 2022](https://www.sec.gov/ix?doc=/Archives/edgar/data/1499961/000110465922109397/tm2228253d1_8k.htm) , [November 14, 2022](https://www.sec.gov/ix?doc=/Archives/edgar/data/1499961/000110465922118725/tm2230523d1_8k.htm) [(Two Filings)](https://www.sec.gov/ix?doc=/Archives/edgar/data/1499961/000110465922118729/tm2230523d2_8k.htm) , [November 21, 2022](https://www.sec.gov/ix?doc=/Archives/edgar/data/1499961/000110465922120741/tm2230328d2_8k.htm) , [December 2, 2022](https://www.sec.gov/ix?doc=/Archives/edgar/data/1499961/000110465922124177/tm2231847d1_8k.htm) , [December 15, 2022](https://www.sec.gov/ix?doc=/Archives/edgar/data/1499961/000110465922127222/tm2232780d1_8k.htm) , [December 23, 2022](https://www.sec.gov/ix?doc=/Archives/edgar/data/1499961/000110465922129937/tm2233467d1_8k.htm) , [January 13, 2023](http://www.sec.gov/ix?doc=/Archives/edgar/data/1499961/000110465923003823/tm233350d1_8k.htm) , [January 23, 2023](http://www.sec.gov/ix?doc=/Archives/edgar/data/1499961/000110465923005913/tm234238d1_8k.htm) and [January 31, 2023](http://www.sec.gov/ix?doc=/Archives/edgar/data/1499961/000110465923008170/tm234957d1_8k.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;• [The description of the Company's securities contained in the Prospectus, dated April 15, 2022, filed with the Commission on April 18, 2022 pursuant to Rule 424(b)(4) under the Securities Act (File No. 333-263880)](https://www.sec.gov/Archives/edgar/data/1499961/000110465922046778/tm2212712-2_424b4.htm) , relating to the Company's registration
 statement on [Form S-3 (File No. 333-263880) filed with the Commission on March 28, 2022](https://www.sec.gov/Archives/edgar/data/1499961/000110465922038322/tm2210485-1_s3.htm) , together
 with any amendment thereto filed with the Commission for the purpose of updating such description.

All reports and other documents that we file with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of the initial registration statement and prior to effectiveness of the registration statement and after the date of this prospectus but before the termination of the offering of the securities hereunder will also be considered to be incorporated by reference into this prospectus from the date of the filing of these reports and documents, and will supersede the information herein; provided, however, that all reports, exhibits and other information that we "furnish" to the SEC will not be considered incorporated by reference into this prospectus. We undertake to provide without charge to each person (including any beneficial owner) who receives a copy of this prospectus, upon written or oral request, a copy of all of the preceding documents that are incorporated by reference (other than exhibits, unless the exhibits are specifically incorporated by reference into these documents). You may request a copy of these materials in the manner set forth under the heading "Additional Information," above.

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

**Item 14. Other Expenses of Issuance and Distribution**

The following table sets forth the costs and expenses payable in connection with the sale and distribution of the securities being registered. All amounts are estimates except the Securities and Exchange Commission ("SEC") registration fee.

---

| | |
|:---|:---|
| SEC Registration Fee | $96299.29 |
| &nbsp;&nbsp;&nbsp;Legal Fees and Expenses | $100000.00 \* |
| &nbsp;&nbsp;&nbsp;Accounting Fees and Expenses | $5000.00 \* |
| Printing | $6000.00 \* |
| Miscellaneous | $7500.00 \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**214799.29** |

---

\* Estimated.

**Item 15. Indemnification of Directors and Officers**

Section 145 of the Delaware General Corporation Law (the "DGCL") provides, in general, that a corporation incorporated under the laws of the State of Delaware, as we are, may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding (other than a derivative action by or in the right of the corporation) by reason of the fact that such person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the corporation and, with respect to any criminal action or proceeding, had no reasonable cause to believe such person's conduct was unlawful. In the case of a derivative action, a Delaware corporation may indemnify any such person against expenses (including attorneys' fees) actually and reasonably incurred by such person in connection with the defense or settlement of such action or suit if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the corporation, except that no indemnification will be made in respect of any claim, issue or matter as to which such person will have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery of the State of Delaware or any other court in which such action was brought determines such person is fairly and reasonably entitled to indemnity for such expenses.

Article VIII of our certificate of incorporation, as amended, states that to the fullest extent permitted by the DGCL, a director of the corporation shall not be liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director.

Under Article IX of our certificate of incorporation, any person who was or is made a party or is threatened to be made a party to or is in any way involved in any threatened, pending or completed action suit or proceeding, whether civil, criminal, administrative or investigative, including any appeal therefrom, by reason of the fact that he is or was a director or officer of ours or was serving at our request as a director or officer of another entity or enterprise (including any subsidiary), may be indemnified and held harmless by us, and we may advance all expenses incurred by such person in defense of any such proceeding prior to its final determination, if this person acted in good faith and in a manner reasonably believed to be in and not opposed to our best interest, and, with respect to any criminal action or proceeding, the indemnified party had no reason to believe his or her conduct was unlawful. The indemnification provided in our bylaws is not exclusive of any other rights to which those seeking indemnification may otherwise be entitled.

We maintain a general liability insurance policy that covers certain liabilities of directors and officers of our corporation arising out of claims based on acts or omissions in their capacities as directors or officers.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling persons pursuant to the foregoing provisions, or otherwise, we have been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.

**Item 16. Exhibits**

**INDEX TO EXHIBITS**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 1.1\*\* | Form of Underwriting Agreement |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.1](https://www.sec.gov/Archives/edgar/data/1499961/000110465921138173/tm2132610d1_ex3-2.htm) | [Second Amended and Restated Certificate of Incorporation of Mullen Automotive Inc., a Delaware corporation, filed with the Secretary of State of Delaware on October 2, 2012 (incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K filed with the SEC on November 12, 2021).](https://www.sec.gov/Archives/edgar/data/1499961/000110465921138173/tm2132610d1_ex3-2.htm) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.1(a)](https://www.sec.gov/Archives/edgar/data/1499961/000185173422000139/ex_345446.htm) | [Certificate of Amendment to the Second Amended and Restated Certificate of Incorporation of Mullen Automotive, Inc., dated March 8, 2022 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed with the SEC on March 10, 2022).](https://www.sec.gov/Archives/edgar/data/1499961/000185173422000139/ex_345446.htm) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.1(b)](https://www.sec.gov/Archives/edgar/data/1499961/000110465922083189/tm2221853d1_ex3-1.htm) | [Amendment to Second Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 of the Company's Current Report on Form 8-K filed with the SEC on July 27, 2022).](https://www.sec.gov/Archives/edgar/data/1499961/000110465922083189/tm2221853d1_ex3-1.htm) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.1(c)](https://www.sec.gov/Archives/edgar/data/1499961/000110465922101204/tm2223556d2_ex4-1c.htm) | [Certificate of Designations, Preferences and Rights of Series D Convertible Preferred Stock (incorporated by reference to Exhibit 4.1(c) of the Company's Registration Statement on Form S-3 filed with the SEC on September 19, 2022).](https://www.sec.gov/Archives/edgar/data/1499961/000110465922101204/tm2223556d2_ex4-1c.htm) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.1(d)](https://www.sec.gov/Archives/edgar/data/1499961/000110465922109393/tm2228068d2_ex4-1d.htm) | [Certificate of Mullen Automotive Inc. Increasing Number of Shares of Preferred Stock Designated as Series D Convertible Preferred Stock (incorporated by reference to Exhibit 4.1(d) of the Company's Registration Statement on Form S-3 filed with the SEC on October 17, 2022).](https://www.sec.gov/Archives/edgar/data/1499961/000110465922109393/tm2228068d2_ex4-1d.htm) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.1(e)](https://www.sec.gov/Archives/edgar/data/1499961/000110465922118729/tm2230523d2_ex3-1.htm) | [Certificate of Designation of Series AA Preferred Stock, filed November 14, 2022 (incorporated by reference to Exhibit 3.1 of the Company's Current Report on Form 8-K filed with the SEC on November 14, 2022).](https://www.sec.gov/Archives/edgar/data/1499961/000110465922118729/tm2230523d2_ex3-1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.1(f)](http://www.sec.gov/Archives/edgar/data/1499961/000110465923008170/tm234957d1_ex3-1.htm) | [Certificate of Cancellation filed on January 30, 2023 (incorporated by reference to Exhibit 3.1 of the Company's Current Report on Form 8-K filed with the SEC on January 31, 2023)](http://www.sec.gov/Archives/edgar/data/1499961/000110465923008170/tm234957d1_ex3-1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.1(g)](http://www.sec.gov/Archives/edgar/data/1499961/000110465923008170/tm234957d1_ex3-2.htm) | [Certificate of Amendment to the Second Amended and Restated Certificate of Incorporation filed on January 30, 2023 (incorporated by reference to Exhibit 3.2 of the Company's Current Report on Form 8-K filed with the SEC on January 31, 2023)](http://www.sec.gov/Archives/edgar/data/1499961/000110465923008170/tm234957d1_ex3-2.htm) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.2](https://www.sec.gov/Archives/edgar/data/1499961/000114420412054961/v325148_ex3-3.htm) | [Amended and Restated Bylaws (incorporated by reference to Exhibit 3.3 to the Company's Current Report on Form 8-K, filed with the SEC on October 5, 2012).](https://www.sec.gov/Archives/edgar/data/1499961/000114420412054961/v325148_ex3-3.htm) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.2(a)](https://www.sec.gov/Archives/edgar/data/1499961/000114420415037450/v413336_ex3-2.htm) | [Amendment No. 1 to the Bylaws, dated June 15, 2015 (incorporated by reference to Exhibit 3.2 of the Company's Current Report on Form 8-K filed with the SEC on June 16, 2015).](https://www.sec.gov/Archives/edgar/data/1499961/000114420415037450/v413336_ex3-2.htm) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.2(b)](https://www.sec.gov/Archives/edgar/data/1499961/000114420415041922/v415249_ex3-1.htm) | [Amendment No. 2 to the Bylaws, dated July 10, 2015 (incorporated by reference to Exhibit 3.1 of the Company's Current Report on Form 8-K filed with the SEC on July 10, 2015).](https://www.sec.gov/Archives/edgar/data/1499961/000114420415041922/v415249_ex3-1.htm) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.2(c)](https://www.sec.gov/Archives/edgar/data/1499961/000110465922118725/tm2230523d1_ex3-1.htm) | [Amendment No. 3 to the Amended and Restated Bylaws of Mullen Automotive Inc., as amended (incorporated by reference to Exhibit 3.1 of the Company's Current Report on Form 8-K filed with the SEC on November 14, 2022).](https://www.sec.gov/Archives/edgar/data/1499961/000110465922118725/tm2230523d1_ex3-1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3\*\* | Form of Certificate of Designation of Preferred Stock |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.4\*](tm2233761d1_ex4-4.htm) | [Form of Warrant Agreement and Warrant Certificate](tm2233761d1_ex4-4.htm) |

---

[5.1\*](tm2233761d1_ex5-1.htm) [Legal opinion McDermott, Will & Emery, LLP.](tm2233761d1_ex5-1.htm)

[23.1\*](tm2233761d1_ex23-1.htm) [Consent of Daszkal Bolton LLP, Independent Registered Public Accounting Firm.](tm2233761d1_ex23-1.htm)

[23.2\*](tm2233761d1_ex5-1.htm) [Consent of McDermott, Will & Emery, LLP (included in Exhibit 5.1).](tm2233761d1_ex5-1.htm)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[24.1\*](#s-3_013) | [Power of Attorney (included on the signature page).](#s-3_013) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[99.1](https://www.sec.gov/Archives/edgar/data/1499961/000110465922070216/tm2218156d1_ex10-1.htm) | [Securities Purchase Agreement dated June 7, 2022 between the Company and certain investors (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed with the SEC on June 10, 2022).](https://www.sec.gov/Archives/edgar/data/1499961/000110465922070216/tm2218156d1_ex10-1.htm) |

---

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[99.2](https://www.sec.gov/Archives/edgar/data/1499961/000110465922074013/tm2219358d1_ex10-1.htm) | [Amendment No. 1 dated June 23, 2022 to Securities Purchase Agreement dated June 7, 2022 (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed with the SEC on June 24, 2022).](https://www.sec.gov/Archives/edgar/data/1499961/000110465922074013/tm2219358d1_ex10-1.htm) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[99.3](https://www.sec.gov/Archives/edgar/data/1499961/000110465922101204/tm2223556d2_ex99-3.htm) | [Amendment No. 2 dated September 19, 2022 to Securities Purchase Agreement dated June 7, 2022 (incorporated by reference to Exhibit 99.3 of the Company's Registration Statement on Form S-3 filed with the SEC on September 19, 2022).](https://www.sec.gov/Archives/edgar/data/1499961/000110465922101204/tm2223556d2_ex99-3.htm) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[99.4](https://www.sec.gov/Archives/edgar/data/1499961/000110465922120741/tm2230328d2_ex10-1.htm) | [Amendment No. 3 dated November 15, 2022 to Securities Purchase Agreement dated June 7, 2022 (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed with the SEC on November 21, 2022).](https://www.sec.gov/Archives/edgar/data/1499961/000110465922120741/tm2230328d2_ex10-1.htm) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[99.5](https://www.sec.gov/Archives/edgar/data/1499961/000110465922120741/tm2230328d2_ex10-2.htm) | [Form of Convertible Note (incorporated by reference to Exhibit 10.2 of the Company's Current Report on Form 8-K filed with the SEC on November 21, 2022).](https://www.sec.gov/Archives/edgar/data/1499961/000110465922120741/tm2230328d2_ex10-2.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[99.6](http://www.sec.gov/Archives/edgar/data/1499961/000155837023000273/muln-20220930xex10d23.htm) | [Settlement Agreement dated January 13, 2023 with Acuitas, J. Fallon and Mank Capital (incorporated by reference to Exhibit 10.23 of the Company's Annual Report on Form 10-K filed with the SEC on January 1, 2023)](http://www.sec.gov/Archives/edgar/data/1499961/000155837023000273/muln-20220930xex10d23.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[99.7](http://www.sec.gov/Archives/edgar/data/1499961/000155837023000273/muln-20220930xex10d25.htm) | [Settlement Agreement dated January 13, 2023 with respect to Series D Securities Purcashe Agreement (incorporated by reference to Exhibit 10.25 of the Company's Annual Report on Form 10-K filed with the SEC on January 1, 2023)](http://www.sec.gov/Archives/edgar/data/1499961/000155837023000273/muln-20220930xex10d25.htm) |

---

[107\*](tm2233761d1_ex-filingfees.htm) [Filing Fee Table filed herewith as EX-FILING FEES](tm2233761d1_ex-filingfees.htm)

\* Filed herewith <br> \*\* To be filed by amendment or as an exhibit to a Current Report on Form 8-K and incorporated herein by reference, if applicable.

**Item 17. Undertakings**

The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made,
 a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To include any prospectus required by Section 10(a)(3) of
 the Securities Act of 1933,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To reflect in the prospectus any facts or events arising after the
 effective date of the registration statement (or the most recent post-effective amendment
 thereof) which, individually or in the aggregate, represent a fundamental change in the information
 set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease
 in volume of securities offered (if the total dollar value of securities offered would not
 exceed that which was registered) and any deviation from the low or high end of the estimated
 maximum offering range may be reflected in the form of prospectus filed with the Commission
 pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price
 represent no more than a 20 percent change in the maximum aggregate offering price set forth
 in the "Calculation of Registration Fee" table in the effective registration
 statement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To include any material information with respect to the plan of distribution
 not previously disclosed in the registration statement or any material change to such information
 in the registration statement.

*Provided*, *however*, that paragraphs (1)(a), (1)(b) and (1)(c) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities
 Act of 1933, each such post- effective amendment shall be deemed to be a new registration
 statement relating to the securities offered therein, and the offering of such securities
 at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment
 any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;(4) That, for the purpose of determining liability under the Securities
 Act of 1933 to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the registrant is relying on Rule 430B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each prospectus filed by the registrant pursuant to Rule 424(b)(3)shall
 be deemed to be part of the registration statement as of the date the filed prospectus was
 deemed part of and included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each prospectus required to be filed pursuant to Rule 424(b)(2),
 (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B
 relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the
 purpose of providing the information required by section 10(a) of the Securities Act
 of 1933 shall be deemed to be part of and included in the registration statement as of the
 earlier of the date such form of prospectus is first used after effectiveness or the date
 of the first contract of sale of securities in the offering described in the prospectus.
 As provided in Rule 430B, for liability purposes of the issuer and any person that is
 at that date an underwriter, such date shall be deemed to be a new effective date of the
 registration statement relating to the securities in the registration statement to which
 that prospectus relates, and the offering of such securities at that time shall be deemed
 to be the initial bona fide offering thereof. Provided, however, that no statement made in
 a registration statement or prospectus that is part of the registration statement or made
 in a document incorporated or deemed incorporated by reference into the registration statement
 or prospectus that is part of the registration statement will, as to a purchaser with a time
 of contract of sale prior to such effective date, supersede or modify any statement that
 was made in the registration statement or prospectus that was part of the registration statement
 or made in any such document immediately prior to such effective date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the registrant is subject to Rule 430C, each prospectus filed
 pursuant to Rule 424(b) as part of a registration statement relating to an offering,
 other than registration statements relying on Rule 430B or other than prospectuses filed
 in reliance on Rule 430A, shall be deemed to be a part of and included in the registration
 statement as of the date it is first used after effectiveness. *Provided*, *however*,
 that no statement made in a registration statement or prospectus that is part of the registration
 statement or made in a document incorporated or deemed incorporated by reference into the
 registration statement or prospectus that is part of the registration statement will, as
 to a purchaser with a time of contract of sale prior to such first use, supersede or modify
 any statement that was made in the registration statement or prospectus that was part of
 the registration statement or made in any such document immediately prior to such date of
 first use.

&nbsp;&nbsp;&nbsp;&nbsp;(5) That, for the purpose of determining liability of the registrant
 under the Securities Act of 1933 to any purchaser in the initial distribution of the securities,
 the registrant undertakes that in a primary offering of securities of the registrant pursuant
 to this registration statement, regardless of the underwriting method used to sell the securities
 to the purchaser, if the securities are offered or sold to such purchaser by means of any
 of the following communications, the registrant will be a seller to the purchaser and will
 be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any preliminary prospectus or prospectus of the registrant relating
 to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any free writing prospectus relating to the offering prepared by
 or on behalf of the registrant or used or referred to by the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The portion of any other free writing prospectus relating to the
 offering containing material information about registrant or its securities provided by or
 on behalf of the registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any other communication that is an offer in the offering made by
 a registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;(6) That, for purposes of determining any liability under the Securities
 Act of 1933, each filing of the registrant's annual report pursuant to Section 13(a) or
 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of
 an employee benefit plan's annual report pursuant to Section 15(d) of the
 Securities Exchange Act of 1934) that is incorporated by reference in the registration statement
 shall be deemed to be a new registration statement relating to the securities offered therein,
 and the offering of such securities at that time shall be deemed to be the initial bona fide
 offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Insofar as indemnification
 for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers
 and controlling persons of the registrant pursuant to the forgoing provisions, or otherwise,
 the registrant has been advised that in the opinion of the Securities and Exchange Commission
 such indemnification is against public policy as expressed in the Act and is, therefore,
 unenforceable. In the event that a claim for indemnification against such liabilities (other
 than the payment by the registrant of expenses incurred or paid by a director, officer or
 controlling person of the registrant in the successful defense of any action, suit or proceeding)
 is asserted by such director, officer or controlling person in connection with the securities
 being registered, the registrant will, unless in the opinion of its counsel the matter has
 been settled by controlling precedent, submit to a court of appropriate jurisdiction the
 question whether such indemnification by it is against public policy as expressed in the
 Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this amendment to the registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the Brea, California as of February 14, 2023.

**MULLEN AUTOMOTIVE INC.**

---

| | |
|:---|:---|
| By: | /s/ David Michery |
|  | David Michery |
|  | Chief Executive Officer, President and Chairman of the Board |

---

**KNOW ALL MEN BY THESE PRESENTS**, that each person whose signature appears below constitutes and appoints David Michery and Kerri Sadler, and each of them, each with full power to act without the other, his true and lawful attorneys-in-fact and agents, each with full power of substitution and resubstitution, for such person and in his name, place and stead, in any and all capacities, to sign any amendments to this registration statement, and to sign any registration statement for the same offering covered by this registration statement, including post-effective amendments or registration statements filed pursuant to Rule 462(b) under the Securities Act of 1933, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming that each of said such attorneys-in-fact and agents or his substitute or substitutes, may do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/ David Michery*<br> David Michery | President, Chief Executive Officer and Chairman (Principal Executive Officer) | February 14, 2023 |
| */s/ Jonathan New*<br> Jonathan New | Chief Financial Officer<br> (Principal Financial Officer) | February 14, 2023 |
| */s/ Kerri Sadler*<br> Kerri Sadler | Chief Accounting Officer<br> (Principal Accounting Officer) | February 14, 2023 |
| */s/ Ignacio Novoa*<br> Ignacio Novoa | Director | February 14, 2023 |
| */s/ Mary Winter*<br> Mary Winter | Secretary and Director | February 14, 2023 |
| */s/ Kent Puckett*<br> Kent Puckett | Director | February 14, 2023 |
| */s/ Mark Betor*<br> Mark Betor | Director | February 14, 2023 |
| */s/ William Miltner*<br> William Miltner | Director | February 14, 2023 |
| */s/ John K. Anderson*<br> John K. Anderson | Director | February 14, 2023 |

---

## Exhibit 4.4

**Exhibit 4.4**

------

**Mullen Automotive** **INC.**

**AND**

**, A** **S WARRANT AGENT**

**F** **ORM OF COMMON STOCK**

**W** **ARRANT AGREEMENT**

**D** **ATED AS OF**

------

**Mullen Automotive** **INC. FORM OF COMMON STOCK WARRANT AGREEMENT**

**T** **HIS COMMON STOCK WARRANT AGREEMENT** (this "***Agreement***"), dated as of [●], between **Mullen Automotive** **I** **NC.**, a Delaware corporation (the "***Company***"), and [●], a [corporation] [national banking association] organized and existing under the laws of [●] and having a corporate trust office in [●], as warrant agent (the "***Warrant Agent***").

**W** **HEREAS,** the Company proposes to sell [If Warrants are sold with other securities -[title of such other securities being offered] (the "***Other Securities***") with] warrant certificates evidencing one or more warrants (the "***Warrants***" or, individually, a "***Warrant***") representing the right to purchase Common Stock of the Company, par value $0.001 per share (the "***Warrant Securities***"), such warrant certificates and other warrant certificates issued pursuant to this Agreement being herein called the "***Warrant Certificates***"; and

**W** **HEREAS,** the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act, in connection with the issuance, registration, transfer, exchange, exercise and replacement of the Warrant Certificates, and in this Agreement wishes to set forth, among other things, the form and provisions of the Warrant Certificates and the terms and conditions on which they may be issued, registered, transferred, exchanged, exercised and replaced.

**N** **OW THEREFORE,** in consideration of the premises and of the mutual agreements herein contained, the parties hereto agree as follows:

**ARTICLE 1**

**ISSUANCE OF WARRANTS AND EXECUTION AND**

**DELIVERY OF WARRANT CERTIFICATES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1 Issuance of Warrants.** [***If Warrants alone*** -Upon issuance, each Warrant Certificate shall evidence one or more Warrants.] [***If Other Securities and Warrants*** -Warrant Certificates will be issued in connection with the issuance of the Other Securities but shall be separately transferable and each Warrant Certificate shall evidence one or more Warrants.] Each Warrant evidenced thereby shall represent the right, subject to the provisions contained herein and therein, to purchase one Warrant Security. [***If Other Securities and Warrants*** -Warrant Certificates will be issued with the Other Securities and each Warrant Certificate will evidence [●] Warrants for each [$[●] principal amount] [[●] shares] of Other Securities issued.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2 Execution and Delivery of Warrant Certificates.** Each Warrant Certificate, whenever issued, shall be in registered form substantially in the form set forth in **Exhibit A** hereto, shall be dated the date of its countersignature by the Warrant Agent and may have such letters, numbers, or other marks of identification or designation and such legends or endorsements printed, lithographed or engraved thereon as the officers of the Company executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Agreement, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange on which the Warrants may be listed, or to conform to usage. The Warrant Certificates shall be signed on behalf of the Company by any of its present or future chief executive officers, presidents, senior vice presidents, vice presidents, chief financial officers, chief legal officers, treasurers, assistant treasurers, controllers, assistant controllers, secretaries or assistant secretaries under its corporate seal reproduced thereon. Such signatures may be manual or facsimile signatures of such authorized officers and may be imprinted or otherwise reproduced on the Warrant Certificates. The seal of the Company may be in the form of a facsimile thereof and may be impressed, affixed, imprinted or otherwise reproduced on the Warrant Certificates.

No Warrant Certificate shall be valid for any purpose, and no Warrant evidenced thereby shall be exercisable, until such Warrant Certificate has been countersigned by the manual signature of the Warrant Agent. Such signature by the Warrant Agent upon any Warrant Certificate executed by the Company shall be conclusive evidence that the Warrant Certificate so countersigned has been duly issued hereunder.

In case any officer of the Company who shall have signed any of the Warrant Certificates either manually or by facsimile signature shall cease to be such officer before the Warrant Certificates so signed shall have been countersigned and delivered by the Warrant Agent, such Warrant Certificates may be countersigned and delivered notwithstanding that the person who signed such Warrant Certificates ceased to be such officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by such persons as, at the actual date of the execution of such Warrant Certificate, shall be the proper officers of the Company, although at the date of the execution of this Agreement any such person was not such officer.

The term "***holder***" or "***holder of a Warrant Certificate***" as used herein shall mean any person in whose name at the time any Warrant Certificate shall be registered upon the books to be maintained by the Warrant Agent for that purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3 Issuance of Warrant Certificates.** Warrant Certificates evidencing the right to purchase Warrant Securities may be executed by the Company and delivered to the Warrant Agent upon the execution of this Agreement or from time to time thereafter. The Warrant Agent shall, upon receipt of Warrant Certificates duly executed on behalf of the Company, countersign such Warrant Certificates and shall deliver such Warrant Certificates to or upon the order of the Company.

**ARTICLE 2**

**WARRANT PRICE, DURATION AND EXERCISE OF WARRANTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 Warrant Price.** During the period specified in Section 2.2, each Warrant shall, subject to the terms of this Agreement and the applicable Warrant Certificate, entitle the holder thereof to purchase the number of Warrant Securities specified in the applicable Warrant Certificate at an exercise price of $[●] per Warrant Security, subject to adjustment upon the occurrence of certain events, as hereinafter provided. Such purchase price per Warrant Security is referred to in this Agreement as the "***Warrant Price.***"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2 Duration of Warrants.** Each Warrant may be exercised in whole or in part at any time, as specified herein, on or after [the date thereof] [●] and at or before [●] p.m., [City] time, on [●] or such later date as the Company may designate by notice to the Warrant Agent and the holders of Warrant Certificates mailed to their addresses as set forth in the record books of the Warrant Agent (the "***Expiration Date***"). Each Warrant not exercised at or before [●] p.m., [City] time, on the Expiration Date shall become void, and all rights of the holder of the Warrant Certificate evidencing such Warrant under this Agreement shall cease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3 Exercise of Warrants.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** During the period specified in Section 2.2, the Warrants may be exercised to purchase a whole number of Warrant Securities in registered form by providing certain information as set forth on the reverse side of the Warrant Certificate and by paying in full, in lawful money of the United States of America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds] the Warrant Price for each Warrant Security with respect to which a Warrant is being exercised to the Warrant Agent at its corporate trust office, provided that such exercise is subject to receipt within five business days of such payment by the Warrant Agent of the Warrant Certificate with the form of election to purchase Warrant Securities set forth on the reverse side of the Warrant Certificate properly completed and duly executed. The date on which payment in full of the Warrant Price is received by the Warrant Agent shall, subject to receipt of the Warrant Certificate as aforesaid, be deemed to be the date on which the Warrant is exercised; provided, however, that if, at the date of receipt of such Warrant Certificates and payment in full of the Warrant Price, the transfer books for the Warrant Securities purchasable upon the exercise of such Warrants shall be closed, no such receipt of such Warrant Certificates and no such payment of such Warrant Price shall be effective to constitute the person so designated to be named as the holder of record of such Warrant Securities on such date, but shall be effective to constitute such person as the holder of record of such Warrant Securities for all purposes at the opening of business on the next succeeding day on which the transfer books for the Warrant Securities purchasable upon the exercise of such Warrants shall be opened, and the certificates for the Warrant Securities in respect of which such Warrants are then exercised shall be issuable as of the date on such next succeeding day on which the transfer books shall next be opened, and until such date the Company shall be under no duty to deliver any certificate for such Warrant Securities. The Warrant Agent shall deposit all funds received by it in payment of the Warrant Price in an account of the Company maintained with it and shall advise the Company by telephone at the end of each day on which a payment for the exercise of Warrants is received of the amount so deposited to its account. The Warrant Agent shall promptly confirm such telephone advice to the Company in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** The Warrant Agent shall, from time to time, as promptly as practicable, advise the Company of (i) the number of Warrant Securities with respect to which Warrants were exercised, (ii) the instructions of each holder of the Warrant Certificates evidencing such Warrants with respect to delivery of the Warrant Securities to which such holder is entitled upon such exercise, (iii) delivery of Warrant Certificates evidencing the balance, if any, of the Warrants for the remaining Warrant Securities after such exercise, and (iv) such other information as the Company shall reasonably require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** As soon as practicable after the exercise of any Warrant, the Company shall issue to or upon the order of the holder of the Warrant Certificate evidencing such Warrant the Warrant Securities to which such holder is entitled, in fully registered form, registered in such name or names as may be directed by such holder. If fewer than all of the Warrants evidenced by such Warrant Certificate are exercised, the Company shall execute, and an authorized officer of the Warrant Agent shall manually countersign and deliver, a new Warrant Certificate evidencing Warrants for the number of Warrant Securities remaining unexercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** The Company shall not be required to pay any stamp or other tax or other governmental charge required to be paid in connection with any transfer involved in the issue of the Warrant Securities, and in the event that any such transfer is involved, the Company shall not be required to issue or deliver any Warrant Security until such tax or other charge shall have been paid or it has been established to the Company's satisfaction that no such tax or other charge is due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** Prior to the issuance of any Warrants there shall have been reserved, and the Company shall at all times through the Expiration Date keep reserved, out of its authorized but unissued Warrant Securities, a number of shares sufficient to provide for the exercise of the Warrants.

**ARTICLE 3**

**OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF**

**WARRANT CERTIFICATES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 No Rights as Warrant Securityholder Conferred by Warrants or Warrant Certificates.** No Warrant Certificate or Warrant evidenced thereby shall entitle the holder thereof to any of the rights of a holder of Warrant Securities, including, without limitation, the right to receive the payment of dividends or distributions, if any, on the Warrant Securities or to exercise any voting rights, except to the extent expressly set forth in this Agreement or the applicable Warrant Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2 Lost, Stolen, Mutilated or Destroyed Warrant Certificates.** Upon receipt by the Warrant Agent of evidence reasonably satisfactory to it and the Company of the ownership of and the loss, theft, destruction or mutilation of any Warrant Certificate and/or indemnity reasonably satisfactory to the Warrant Agent and the Company and, in the case of mutilation, upon surrender of the mutilated Warrant Certificate to the Warrant Agent for cancellation, then, in the absence of notice to the Company or the Warrant Agent that such Warrant Certificate has been acquired by a bona fide purchaser, the Company shall execute, and an authorized officer of the Warrant Agent shall manually countersign and deliver, in exchange for or in lieu of the lost, stolen, destroyed or mutilated Warrant Certificate, a new Warrant Certificate of the same tenor and evidencing Warrants for a like number of Warrant Securities. Upon the issuance of any new Warrant Certificate under this Section 3.2, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Warrant Agent) in connection therewith. Every substitute Warrant Certificate executed and delivered pursuant to this Section 3.2 in lieu of any lost, stolen or destroyed Warrant Certificate shall represent an additional contractual obligation of the Company, whether or not the lost, stolen or destroyed Warrant Certificate shall be at any time enforceable by anyone, and shall be entitled to the benefits of this Agreement equally and proportionately with any and all other Warrant Certificates duly executed and delivered hereunder. The provisions of this Section 3.2 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement of mutilated, lost, stolen or destroyed Warrant Certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3 Holder of Warrant Certificate May Enforce Rights.** Notwithstanding any of the provisions of this Agreement, any holder of a Warrant Certificate, without the consent of the Warrant Agent, the holder of any Warrant Securities or the holder of any other Warrant Certificate, may, in such holder's own behalf and for such holder's own benefit, enforce, and may institute and maintain any suit, action or proceeding against the Company suitable to enforce, or otherwise in respect of, such holder's right to exercise the Warrants evidenced by such holder's Warrant Certificate in the manner provided in such holder's Warrant Certificate and in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4 Adjustments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** In case the Company shall at any time subdivide its outstanding shares of Common Stock into a greater number of shares, the Warrant Price in effect immediately prior to such subdivision shall be proportionately reduced and the number of Warrant Securities purchasable under the Warrants shall be proportionately increased. Conversely, in case the outstanding shares of Common Stock of the Company shall be combined into a smaller number of shares, the Warrant Price in effect immediately prior to such combination shall be proportionately increased and the number of Warrant Securities purchasable under the Warrants shall be proportionately decreased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** If at any time or from time to time the holders of Common Stock (or any shares of stock or other securities at the time receivable upon the exercise of the Warrants) shall have received or become entitled to receive, without payment therefor,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** Common Stock or any shares of stock or other securities which are at any time directly or indirectly convertible into or exchangeable for Common Stock, or any rights or options to subscribe for, purchase or otherwise acquire any of the foregoing by way of dividend or other distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** any cash paid or payable otherwise than as a cash dividend paid or payable out of the Company's current or retained earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** any evidence of the Company's indebtedness or rights to subscribe for or purchase the Company's indebtedness; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** Common Stock or additional stock or other securities or property (including cash) by way of spinoff, split-up, reclassification, combination of shares or similar corporate rearrangement (other than shares of Common Stock issued as a stock split or adjustments in respect of which shall be covered by the terms of Section 3.4(a) above), then and in each such case, the holder of each Warrant shall, upon the exercise of the Warrant, be entitled to receive, in addition to the number of Warrant Securities receivable thereupon, and without payment of any additional consideration therefore, the amount of stock and other securities and property (including cash and indebtedness or rights to subscribe for or purchase indebtedness) which such holder would hold on the date of such exercise had such holder been the holder of record of such Warrant Securities as of the date on which holders of Common Stock received or became entitled to receive such shares or all other additional stock and other securities and property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** In case of (i) any reclassification, capital reorganization, or change in the Common Stock of the Company (other than as a result of a subdivision, combination, or stock dividend provided for in Section 3.4(a) or Section 3.4(b) above), (ii) share exchange, merger or similar transaction of the Company with or into another person or entity (other than a share exchange, merger or similar transaction in which the Company is the acquiring or surviving corporation and which does not result in any change in the Common Stock other than the issuance of additional shares of Common Stock) or (iii) the sale, exchange, lease, transfer or other disposition of all or substantially all of the properties and assets of the Company as an entirety (in any such case, a "***Reorganization Event***"), then, as a condition of such Reorganization Event, lawful provisions shall be made, and duly executed documents evidencing the same from the Company or its successor shall be delivered to the holders of the Warrants, so that the holders of the Warrants shall have the right at any time prior to the expiration of the Warrants to purchase, at a total price equal to that payable upon the exercise of the Warrants, the kind and amount of shares of stock and other securities and property receivable in connection with such Reorganization Event by a holder of the same number of Warrant Securities as were purchasable by the holders of the Warrants immediately prior to such Reorganization Event. In any such case appropriate provisions shall be made with respect to the rights and interests of the holders of the Warrants so that the provisions hereof shall thereafter be applicable with respect to any shares of stock or other securities and property deliverable upon exercise the Warrants, and appropriate adjustments shall be made to the Warrant Price payable hereunder provided the aggregate purchase price shall remain the same. In the case of any transaction described in clauses (ii) and (iii) above, the Company shall thereupon be relieved of any further obligation hereunder or under the Warrants, and the Company as the predecessor corporation may thereupon or at any time thereafter be dissolved, wound up or liquidated. Such successor or assuming entity thereupon may cause to be signed, and may issue either in its own name or in the name of the Company, any or all of the Warrants issuable hereunder which heretofore shall not have been signed by the Company, and may execute and deliver securities in its own name, in fulfillment of its obligations to deliver Warrant Securities upon exercise of the Warrants. All the Warrants so issued shall in all respects have the same legal rank and benefit under this Agreement as the Warrants theretofore or thereafter issued in accordance with the terms of this Agreement as though all of such Warrants had been issued at the date of the execution hereof. In any case of any such Reorganization Event, such changes in phraseology and form (but not in substance) may be made in the Warrants thereafter to be issued as may be appropriate. The Warrant Agent may receive a written opinion of legal counsel as conclusive evidence that any such Reorganization Event complies with the provisions of this Section 3.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** The Company may, at its option, at any time until the Expiration Date, reduce the then current Warrant Price to any amount deemed appropriate by the Board of Directors of the Company for any period not exceeding twenty consecutive days (as evidenced in a resolution adopted by such Board of Directors), but only upon giving the notices required by Section 3.5 at least ten days prior to taking such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** Except as herein otherwise expressly provided, no adjustment in the Warrant Price shall be made by reason of the issuance of shares of Common Stock, or securities convertible into or exchangeable for shares of Common Stock, or securities carrying the right to purchase any of the foregoing or for any other reason whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** No fractional Warrant Securities shall be issued upon the exercise of Warrants. If more than one Warrant shall be exercised at one time by the same holder, the number of full Warrant Securities which shall be issuable upon such exercise shall be computed on the basis of the aggregate number of Warrant Securities purchased pursuant to the Warrants so exercised. Instead of any fractional Warrant Security which would otherwise be issuable upon exercise of any Warrant, the Company shall pay a cash adjustment in respect of such fraction in an amount equal to the same fraction of the last reported sale price (or bid price if there were no sales) per Warrant Security, in either case as reported on the principal registered national securities exchange on which the Warrant Securities are listed or admitted to trading on the business day that next precedes the day of exercise or, if the Warrant Securities are not then listed or admitted to trading on any registered national securities exchange, the average of the closing high bid and low asked prices as reported on the OTC Bulletin Board Service (the "***OTC Bulletin Board***") operated by the Financial Industry Regulatory Authority, Inc. ("***FINRA***") or, if not available on the OTC Bulletin Board, then the average of the closing high bid and low asked prices as reported on any other U.S. quotation medium or inter-dealer quotation system on such date, or if on any such date the Warrant Securities are not listed or admitted to trading on a registered national securities exchange, are not included in the OTC Bulletin Board, and are not quoted on any other U.S. quotation medium or inter-dealer quotation system, an amount equal to the same fraction of the average of the closing bid and asked prices as furnished by any FINRA member firm selected from time to time by the Company for that purpose at the close of business on the business day that next precedes the day of exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** Whenever the Warrant Price then in effect is adjusted as herein provided, the Company shall mail to each holder of the Warrants at such holder's address as it shall appear on the books of the Company a statement setting forth the adjusted Warrant Price then and thereafter effective under the provisions hereof, together with the facts, in reasonable detail, upon which such adjustment is based.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** Notwithstanding anything to the contrary herein, in no event shall the Warrant Price, as adjusted in accordance with the terms hereof, be less than the par value per share of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5 Notice to Warrantholders.** In case the Company shall (a) effect any dividend or distribution described in Section 3.4(b), (b) effect any Reorganization Event, (c) make any distribution on or in respect of the Common Stock in connection with the dissolution, liquidation or winding up of the Company, or (d) reduce the then current Warrant Price pursuant to Section 3.4(d), then the Company shall mail to each holder of Warrants at such holder's address as it shall appear on the books of the Warrant Agent, at least ten days prior to the applicable date hereinafter specified, a notice stating (x) the record date for such dividend or distribution, or, if a record is not to be taken, the date as of which the holders of record of Common Stock that will be entitled to such dividend or distribution are to be determined, (y) the date on which such Reorganization Event, dissolution, liquidation or winding up is expected to become effective, and the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their shares of Common Stock for securities or other property deliverable upon such Reorganization Event, dissolution, liquidation or winding up, or (z) the first date on which the then current Warrant Price shall be reduced pursuant to Section 3.4(d). No failure to mail such notice nor any defect therein or in the mailing thereof shall affect any such transaction or any adjustment in the Warrant Price required by Section 3.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6** [If the Warrants are Subject to Acceleration by the Company, Insert - Acceleration of Warrants by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** At any time on or after [●], the Company shall have the right to accelerate any or all Warrants at any time by causing them to expire at the close of business on the day next preceding a specified date (the "***Acceleration Date***"), if the Market Price (as hereinafter defined) of the Common Stock equals or exceeds [●] percent ([●]%) of the then effective Warrant Price on any twenty Trading Days (as hereinafter defined) within a period of thirty consecutive Trading Days ending no more than five Trading Days prior to the date on which the Company gives notice to the Warrant Agent of its election to accelerate the Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) (b)** "***Market Price***" for each Trading Day shall be, if the Common Stock is listed or admitted to trading on any registered national securities exchange, the last reported sale price, regular way (or, if no such price is reported, the average of the reported closing bid and asked prices, regular way) of Common Stock, in either case as reported on the principal registered national securities exchange on which the Common Stock is listed or admitted to trading or, if not listed or admitted to trading on any registered national securities exchange, the average of the closing high bid and low asked prices as reported on the OTC Bulletin Board operated by FINRA, or if not available on the OTC Bulletin Board, then the average of the closing high bid and low asked prices as reported on any other U.S. quotation medium or inter-dealer quotation system, or if on any such date the shares of Common Stock are not listed or admitted to trading on a registered national securities exchange, are not included in the OTC Bulletin Board, and are not quoted on any other U.S. quotation medium or inter-dealer quotation system, the average of the closing bid and asked prices as furnished by any FINRA member firm selected from time to time by the Company for that purpose. "Trading Day" shall be each Monday through Friday, other than any day on which securities are not traded in the system or on the exchange that is the principal market for the Common Stock, as determined by the Board of Directors of the Company. In the event of an acceleration of less than all of the Warrants, the Warrant Agent shall select the Warrants to be accelerated by lot, pro rata or in such other manner as it deems, in its discretion, to be fair and appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** Notice of an acceleration specifying the Acceleration Date shall be sent by mail first class, postage prepaid, to each registered holder of a Warrant Certificate representing a Warrant accelerated at such holder's address appearing on the books of the Warrant Agent not more than sixty days nor less than thirty days before the Acceleration Date. Such notice of an acceleration also shall be given no more than twenty days, and no less than ten days, prior to the mailing of notice to registered holders of Warrants pursuant to this Section 3.6, by publication at least once in a newspaper of general circulation in the City of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** Any Warrant accelerated may be exercised until [●] p.m., [City] time, on the business day next preceding the Acceleration Date. The Warrant Price shall be payable as provided in Section 2.]

**ARTICLE 4**

**EXCHANGE AND TRANSFER OF WARRANT CERTIFICATES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** Exchange and Transfer of Warrant Certificates. Upon surrender at the corporate trust office of the Warrant Agent, Warrant Certificates evidencing Warrants may be exchanged for Warrant Certificates in other denominations evidencing such Warrants or the transfer thereof may be registered in whole or in part; provided that such other Warrant Certificates evidence Warrants for the same aggregate number of Warrant Securities as the Warrant Certificates so surrendered. The Warrant Agent shall keep, at its corporate trust office, books in which, subject to such reasonable regulations as it may prescribe, it shall register Warrant Certificates and exchanges and transfers of outstanding Warrant Certificates, upon surrender of the Warrant Certificates to the Warrant Agent at its corporate trust office for exchange or registration of transfer, properly endorsed or accompanied by appropriate instruments of registration of transfer and written instructions for transfer, all in form satisfactory to the Company and the Warrant Agent. No service charge shall be made for any exchange or registration of transfer of Warrant Certificates, but the Company may require payment of a sum sufficient to cover any stamp or other tax or other governmental charge that may be imposed in connection with any such exchange or registration of transfer. Whenever any Warrant Certificates are so surrendered for exchange or registration of transfer, an authorized officer of the Warrant Agent shall manually countersign and deliver to the person or persons entitled thereto a Warrant Certificate or Warrant Certificates duly authorized and executed by the Company, as so requested. The Warrant Agent shall not be required to effect any exchange or registration of transfer which will result in the issuance of a Warrant Certificate evidencing a Warrant for a fraction of a Warrant Security or a number of Warrants for a whole number of Warrant Securities and a fraction of a Warrant Security. All Warrant Certificates issued upon any exchange or registration of transfer of Warrant Certificates shall be the valid obligations of the Company, evidencing the same obligations and entitled to the same benefits under this Agreement as the Warrant Certificate surrendered for such exchange or registration of transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 Treatment of Holders of Warrant Certificates.** The Company, the Warrant Agent and all other persons may treat the registered holder of a Warrant Certificate as the absolute owner thereof for any purpose and as the person entitled to exercise the rights represented by the Warrants evidenced thereby, any notice to the contrary notwithstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 Cancellation of Warrant Certificates.** Any Warrant Certificate surrendered for exchange, registration of transfer or exercise of the Warrants evidenced thereby shall, if surrendered to the Company, be delivered to the Warrant Agent and all Warrant Certificates surrendered or so delivered to the Warrant Agent shall be promptly canceled by the Warrant Agent and shall not be reissued and, except as expressly permitted by this Agreement, no Warrant Certificate shall be issued hereunder in exchange therefor or in lieu thereof. The Warrant Agent shall deliver to the Company from time to time or otherwise dispose of canceled Warrant Certificates in a manner satisfactory to the Company.

**ARTICLE 5**

**CONCERNING THE WARRANT AGENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1 Warrant Agent.** The Company hereby appoints [●] as Warrant Agent of the Company in respect of the Warrants and the Warrant Certificates upon the terms and subject to the conditions herein set forth, and [●] hereby accepts such appointment. The Warrant Agent shall have the powers and authority granted to and conferred upon it in the Warrant Certificates and hereby and such further powers and authority to act on behalf of the Company as the Company may hereafter grant to or confer upon it. All of the terms and provisions with respect to such powers and authority contained in the Warrant Certificates are subject to and governed by the terms and provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2 Conditions of Warrant Agent's Obligations.** The Warrant Agent accepts its obligations herein set forth upon the terms and conditions hereof, including the following to all of which the Company agrees and to all of which the rights hereunder of the holders from time to time of the Warrant Certificates shall be subject:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Compensation and Indemnification.** The Company agrees promptly to pay the Warrant Agent the compensation to be agreed upon with the Company for all services rendered by the Warrant Agent and to reimburse the Warrant Agent for reasonable out-of-pocket expenses (including reasonable counsel fees) incurred without negligence, bad faith or willful misconduct by the Warrant Agent in connection with the services rendered hereunder by the Warrant Agent. The Company also agrees to indemnify the Warrant Agent for, and to hold it harmless against, any loss, liability or expense incurred without negligence, bad faith or willful misconduct on the part of the Warrant Agent, arising out of or in connection with its acting as Warrant Agent hereunder, including the reasonable costs and expenses of defending against any claim of such liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Agent for the Company.** In acting under this Agreement and in connection with the Warrant Certificates, the Warrant Agent is acting solely as agent of the Company and does not assume any obligations or relationship of agency or trust for or with any of the holders of Warrant Certificates or beneficial owners of Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Counsel.** The Warrant Agent may consult with counsel satisfactory to it, which may include counsel for the Company, and the written advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice of such counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Documents.** The Warrant Agent shall be protected and shall incur no liability for or in respect of any action taken or omitted by it in reliance upon any Warrant Certificate, notice, direction, consent, certificate, affidavit, statement or other paper or document reasonably believed by it to be genuine and to have been presented or signed by the proper parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Certain Transactions.** The Warrant Agent, and its officers, directors and employees, may become the owner of, or acquire any interest in, Warrants, with the same rights that it or they would have if it were not the Warrant Agent hereunder, and, to the extent permitted by applicable law, it or they may engage or be interested in any financial or other transaction with the Company and may act on, or as depositary, trustee or agent for, any committee or body of holders of Warrant Securities or other obligations of the Company as freely as if it were not the Warrant Agent hereunder. Nothing in this Agreement shall be deemed to prevent the Warrant Agent from acting as trustee under any indenture to which the Company is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f) No Liability for Interest.** Unless otherwise agreed with the Company, the Warrant Agent shall have no liability for interest on any monies at any time received by it pursuant to any of the provisions of this Agreement or of the Warrant Certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g) No Liability for Invalidity.** The Warrant Agent shall have no liability with respect to any invalidity of this Agreement or any of the Warrant Certificates (except as to the Warrant Agent's countersignature thereon).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h) No Responsibility for Representations.** The Warrant Agent shall not be responsible for any of the recitals or representations herein or in the Warrant Certificates (except as to the Warrant Agent's countersignature thereon), all of which are made solely by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i) No Implied Obligations.** The Warrant Agent shall be obligated to perform only such duties as are herein and in the Warrant Certificates specifically set forth and no implied duties or obligations shall be read into this Agreement or the Warrant Certificates against the Warrant Agent. The Warrant Agent shall not be under any obligation to take any action hereunder which may tend to involve it in any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion, assured to it. The Warrant Agent shall not be accountable or under any duty or responsibility for the use by the Company of any of the Warrant Certificates authenticated by the Warrant Agent and delivered by it to the Company pursuant to this Agreement or for the application by the Company of the proceeds of the Warrant Certificates. The Warrant Agent shall have no duty or responsibility in case of any default by the Company in the performance of its covenants or agreements contained herein or in the Warrant Certificates or in the case of the receipt of any written demand from a holder of a Warrant Certificate with respect to such default, including, without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise or, except as provided in Section 6.2 hereof, to make any demand upon the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3 Resignation, Removal and Appointment of Successors.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The Company agrees, for the benefit of the holders from time to time of the Warrant Certificates, that there shall at all times be a Warrant Agent hereunder until all the Warrants have been exercised or are no longer exercisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** The Warrant Agent may at any time resign as agent by giving written notice to the Company of such intention on its part, specifying the date on which its desired resignation shall become effective; provided that such date shall not be less than three months after the date on which such notice is given unless the Company otherwise agrees. The Warrant Agent hereunder may be removed at any time by the filing with it of an instrument in writing signed by or on behalf of the Company and specifying such removal and the intended date when it shall become effective. Such resignation or removal shall take effect upon the appointment by the Company, as hereinafter provided, of a successor Warrant Agent (which shall be a bank or trust company authorized under the laws of the jurisdiction of its organization to exercise corporate trust powers) and the acceptance of such appointment by such successor Warrant Agent. The obligation of the Company under Section 5.2(a) shall continue to the extent set forth therein notwithstanding the resignation or removal of the Warrant Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** In case at any time the Warrant Agent shall resign, or shall be removed, or shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or shall commence a voluntary case under the Federal bankruptcy laws, as now or hereafter constituted, or under any other applicable Federal or state bankruptcy, insolvency or similar law or shall consent to the appointment of or taking possession by a receiver, custodian, liquidator, assignee, trustee, sequestrator (or other similar official) of the Warrant Agent or its property or affairs, or shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due, or shall take corporate action in furtherance of any such action, or a decree or order for relief by a court having jurisdiction in the premises shall have been entered in respect of the Warrant Agent in an involuntary case under the Federal bankruptcy laws, as now or hereafter constituted, or any other applicable Federal or state bankruptcy, insolvency or similar law, or a decree or order by a court having jurisdiction in the premises shall have been entered for the appointment of a receiver, custodian, liquidator, assignee, trustee, sequestrator (or similar official) of the Warrant Agent or of its property or affairs, or any public officer shall take charge or control of the Warrant Agent or of its property or affairs for the purpose of rehabilitation, conservation, winding up or liquidation, a successor Warrant Agent, qualified as aforesaid, shall be appointed by the Company by an instrument in writing, filed with the successor Warrant Agent. Upon the appointment as aforesaid of a successor Warrant Agent and acceptance by the successor Warrant Agent of such appointment, the Warrant Agent shall cease to be Warrant Agent hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** Any successor Warrant Agent appointed hereunder shall execute, acknowledge and deliver to its predecessor and to the Company an instrument accepting such appointment hereunder, and thereupon such successor Warrant Agent, without any further act, deed or conveyance, shall become vested with all the authority, rights, powers, trusts, immunities, duties and obligations of such predecessor with like effect as if originally named as Warrant Agent hereunder, and such predecessor, upon payment of its charges and disbursements then unpaid, shall thereupon become obligated to transfer, deliver and pay over, and such successor Warrant Agent shall be entitled to receive, all monies, securities and other property on deposit with or held by such predecessor, as Warrant Agent hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** Any corporation into which the Warrant Agent hereunder may be merged or converted or any corporation with which the Warrant Agent may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party, or any corporation to which the Warrant Agent shall sell or otherwise transfer all or substantially all the assets and business of the Warrant Agent, provided that it shall be qualified as aforesaid, shall be the successor Warrant Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto.

**ARTICLE 6**

**MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1 Amendment.** This Agreement may be amended by the parties hereto, without the consent of the holder of any Warrant Certificate, for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein, or making any other provisions with respect to matters or questions arising under this Agreement as the Company and the Warrant Agent may deem necessary or desirable; provided that such action shall not materially adversely affect the interests of the holders of the Warrant Certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2 Notices and Demands to the Company and Warrant Agent.** If the Warrant Agent shall receive any notice or demand addressed to the Company by the holder of a Warrant Certificate pursuant to the provisions of the Warrant Certificates, the Warrant Agent shall promptly forward such notice or demand to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3 Addresses.** Any communication from the Company to the Warrant Agent with respect to this Agreement shall be addressed to [●], Attention: [●] and any communication from the Warrant Agent to the Company with respect to this Agreement shall be addressed to Mullen Automotive Inc. 1405 Pioneer Street, Brea, California 92821, Attention: [●] (or such other address as shall be specified in writing by the Warrant Agent or by the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4 Governing Law.** This Agreement and each Warrant Certificate issued hereunder shall be governed by and construed in accordance with the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5 Delivery of Prospectus.** The Company shall furnish to the Warrant Agent sufficient copies of a prospectus meeting the requirements of the Securities Act of 1933, as amended, relating to the Warrant Securities deliverable upon exercise of the Warrants (the "***Prospectus***"), and the Warrant Agent agrees that upon the exercise of any Warrant, the Warrant Agent will deliver to the holder of the Warrant Certificate evidencing such Warrant, prior to or concurrently with the delivery of the Warrant Securities issued upon such exercise, a Prospectus. The Warrant Agent shall not, by reason of any such delivery, assume any responsibility for the accuracy or adequacy of such Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6 Obtaining of Governmental Approvals.** The Company will from time to time take all action which may be necessary to obtain and keep effective any and all permits, consents and approvals of governmental agencies and authorities and securities act filings under United States Federal and state laws (including without limitation a registration statement in respect of the Warrants and Warrant Securities under the Securities Act of 1933, as amended), which may be or become requisite in connection with the issuance, sale, transfer, and delivery of the Warrant Securities issued upon exercise of the Warrants, the issuance, sale, transfer and delivery of the Warrants or upon the expiration of the period during which the Warrants are exercisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7 Persons Having Rights Under the Agreement.** Nothing in this Agreement shall give to any person other than the Company, the Warrant Agent and the holders of the Warrant Certificates any right, remedy or claim under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8 Headings.** The descriptive headings of the several Articles and Sections of this Agreement are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.9 Counterparts.** This Agreement may be executed in any number of counterparts, each of which as so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.10 Inspection of Agreement.** A copy of this Agreement shall be available at all reasonable times at the principal corporate trust office of the Warrant Agent for inspection by the holder of any Warrant Certificate. The Warrant Agent may require such holder to submit such holder's Warrant Certificate for inspection by it.

**I** **N WITNESS WHEREOF,** the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

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| |
|:---|
| Mullen Automotive Inc., as Company |
| By: |
| Name: |
| Title: |
| **ATTEST:** |
| **Countersigned** |
| **[**●**]**, as Warrant Agent |
| By: |
| Name: |
| Title: |
| **ATTEST:** |

---

[SIGNATURE PAGE TO Mullen Automotive INC. COMMON STOCK WARRANT AGREEMENT]

**E** **XHIBIT A**

**FORM OF WARRANT CERTIFICATE**

**[FACE OF WARRANT CERTIFICATE]**

---

| | |
|:---|:---|
| [***Form of Legend if Warrants are not immediately exercisable.***] | [Prior to [●], Warrants evidenced by this Warrant Certificate cannot be exercised.] |

---

EXERCISABLE ONLY IF COUNTERSIGNED BY THE WARRANT AGENT AS PROVIDED HEREIN

VOID AFTER [●] P.M., [City] time, ON [●].

**MULLEN AUTOMOTIVE INC.**

**WARRANT CERTIFICATE REPRESENTING**

**WARRANTS TO PURCHASE**

**COMMON STOCK, PAR VALUE $0.001 PER SHARE**

No. [●] [●] Warrants

This certifies that [●] or registered assigns is the registered owner of the above indicated number of Warrants, each Warrant entitling such owner to purchase, at any time [after [●] p.m., [City] time, [on [●] and] on or before [●] p.m., [City] time, on [●], [●] shares of Common Stock, par value $0.001 per share (the "***Warrant Securities***"), of Mullen Automotive Inc. (the "***Company***") on the following basis: during the period from [●], through and including [●], the exercise price per Warrant Security will be $[●], subject to adjustment as provided in the Warrant Agreement (as hereinafter defined) (the "***Warrant Price***"). The Holder may exercise the Warrants evidenced hereby by providing certain information set forth on the back hereof and by paying in full, in lawful money of the United States of America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds], the Warrant Price for each Warrant Security with respect to which this Warrant is exercised to the Warrant Agent (as hereinafter defined) and by surrendering this Warrant Certificate, with the purchase form on the back hereof duly executed, at the corporate trust office of [name of Warrant Agent], or its successor as warrant agent (the "***Warrant Agent***"), which is, on the date hereof, at the address specified on the reverse hereof, and upon compliance with and subject to the conditions set forth herein and in the Warrant Agreement (as hereinafter defined).

The term "***Holder***" as used herein shall mean the person in whose name at the time this Warrant Certificate shall be registered upon the books to be maintained by the Warrant Agent for that purpose pursuant to Section 4 of the Warrant Agreement.

The Warrants evidenced by this Warrant Certificate may be exercised to purchase a whole number of Warrant Securities in registered form. Upon any exercise of fewer than all of the Warrants evidenced by this Warrant Certificate, there shall be issued to the Holder hereof a new Warrant Certificate evidencing Warrants for the number of Warrant Securities remaining unexercised.

This Warrant Certificate is issued under and in accordance with the Warrant Agreement dated as of [●] (the "***Warrant Agreement***"), between the Company and the Warrant Agent and is subject to the terms and provisions contained in the Warrant Agreement, to all of which terms and provisions the Holder of this Warrant Certificate consents by acceptance hereof. Copies of the Warrant Agreement are on file at the above-mentioned office of the Warrant Agent.

Transfer of this Warrant Certificate may be registered when this Warrant Certificate is surrendered at the corporate trust office of the Warrant Agent by the registered owner or such owner's assigns, in the manner and subject to the limitations provided in the Warrant Agreement.

After countersignature by the Warrant Agent and prior to the expiration of this Warrant Certificate, this Warrant Certificate may be exchanged at the corporate trust office of the Warrant Agent for Warrant Certificates representing Warrants for the same aggregate number of Warrant Securities.

This Warrant Certificate shall not entitle the Holder hereof to any of the rights of a holder of the Warrant Securities, including, without limitation, the right to receive payments of dividends or distributions, if any, on the Warrant Securities (except to the extent set forth in the Warrant Agreement) or to exercise any voting rights.

Reference is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

This Warrant Certificate shall not be valid or obligatory for any purpose until countersigned by the Warrant Agent.

**I** **N WITNESS WHEREOF**, the Company has caused this Warrant to be executed in its name and on its behalf by the facsimile signatures of its duly authorized officers.

Dated:

---

| |
|:---|
| **Mullen Automotive, Inc**., as Company |
| By: |
| Name: |
| Title: |
| **ATTEST:** |

---

---

| |
|:---|
| **COUNTERSIGNED [●]**, as Warrant Agent |
| By: |
| Name: |
| Title: |
| **ATTEST:** |

---

**[REVERSE OF WARRANT CERTIFICATE]**

**(Instructions for Exercise of Warrant)**

To exercise any Warrants evidenced hereby for Warrant Securities (as hereinafter defined), the Holder must pay, in lawful money of the United States of America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds], the Warrant Price in full for Warrants exercised, to [●] [address of Warrant Agent], Attention: [●], which payment must specify the name of the Holder and the number of Warrants exercised by such Holder. In addition, the Holder must complete the information required below and present this Warrant Certificate in person or by mail (certified or registered mail is recommended) to the Warrant Agent at the appropriate address set forth above. This Warrant Certificate, completed and duly executed, must be received by the Warrant Agent within five business days of the payment.

(To be executed upon exercise of Warrants)

The undersigned hereby irrevocably elects to exercise Warrants, evidenced by this Warrant Certificate, to purchase shares of the Common Stock, par value $0.001 per share (the "***Warrant Securities***"), of Mullen Automotive Inc. and represents that the undersigned has tendered payment for such Warrant Securities, in lawful money of the United States of America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds], to the order of Mullen Automotive Inc., c/o [insert name and address of Warrant Agent], in the amount of $ in accordance with the terms hereof. The undersigned requests that said Warrant Securities be in fully registered form in the authorized denominations, registered in such names and delivered all as specified in accordance with the instructions set forth below.

If the number of Warrants exercised is less than all of the Warrants evidenced hereby, the undersigned requests that a new Warrant Certificate evidencing the Warrants for the number of Warrant Securities remaining unexercised be issued and delivered to the undersigned unless otherwise specified in the instructions below.

---

| | |
|:---|:---|
| Dated: | Name: |
|  | Please Print |
| Address: |  |
| (Insert Social Security or Other Identifying Number of Holder) |  |
| Signature Guaranteed: |  |
| Signature |  |

---

(Signature must conform in all respects to name of holder as specified on the face of this Warrant Certificate and must bear a signature guarantee by a FINRA member firm).

This Warrant may be exercised at the following addresses: By hand at:

[●]

By mail at:

[Instructions as to form and delivery of Warrant Securities and, if applicable, Warrant Certificates evidencing Warrants for the number of Warrant Securities remaining unexercised-complete as appropriate.]

**ASSIGNMENT**

[Form of assignment to be executed if Warrant Holder desires to transfer Warrant]

**F** **OR VALUE RECEIVED,** hereby sells, assigns and transfers unto:

(Please print name and address including zip code) Please print Social Security or other identifying number

the right represented by the within Warrant to purchase shares of [Title of Warrant Securities] of Mullen Automotive Inc. to which the within Warrant relates and appoints attorney to transfer such right on the books of the Warrant Agent with full power of substitution in the premises.

Dated: Name: <br> Signature

(Signature must conform in all respects to name of holder as specified on the face of the Warrant)

Signature Guaranteed

## Exhibit 5.1

**Exhibit 5.1**

![](tm2233761d1_ex5-1img001.jpg)

February 14, 2023

Mullen Automotive Inc.

1405 Pioneer Street

Brea, California 92821

Re: <u>Registration Statement on Form S-3</u>

Ladies and Gentlemen:

We have acted as counsel to Mullen Automotive Inc., a Delaware corporation (the "Company"), in connection with the preparation of the Company's registration statement on Form S-3 (the "Registration Statement"), under the Securities Act of 1933, as amended (the "Securities Act"). The Registration Statement relates to the offering for resale by the selling stockholders listed therein of up to an aggregate of 2,492,823,467 shares of the Company's common stock, par value $0.001 per share (the "Common Stock"), consisting of up to (i) 310,919,559 shares of Common Stock issuable upon conversion of convertible notes (the "Notes"); (ii) 817,065,596 shares of Common Stock issuable upon the exercise of warrants issued in connection with the partial conversion of the Notes on November 21, 2022 with an exercise price of $0.27; (iii) 1,150,402,368 shares of Common Stock issuable upon the exercise of warrants in connection with the full conversion of the Notes with an exercise price of $0.30; (iv) 51,069,546 shares of Common Stock to be registered pursuant to that certain Registration Rights Agreement, dated January 6, 2023, by and between the Company and Robert Bollinger; (v) 2,560,707 shares of Common Stock to be registered pursuant to that certain Registration Rights Agreement, dated January 6, 2023, by and between the Company and John Masters; and (vi) 9,969,623 shares of Common Stock to be registered pursuant to that certain Registration Rights Agreement, dated January 6, 2023, by and between the Company and Seaport Global Asset Management SPV LLC – Series A. Such shares of Common Stock are herein collectively referred to as the "Securities."

In rendering the opinion set forth herein, we have examined the originals, or photostatic or certified copies, of (i) the Company's Amended and Restated Certificate of Incorporation, as amended and supplemented (the "Amended and Restated Certificate of Incorporation"); (ii) the Company's Amended and Restated Bylaws (the "Amended and Restated Bylaws"); (iii) certain resolutions of the Board of Directors of the Company related to the filing of the Registration Statement, the authorization and issuance of the Securities and related matters, (v) the Registration Statement and all exhibits thereto, and (vi) such other records, documents and instruments as we deemed relevant and necessary for purposes of the opinion stated herein.

In making the foregoing examination we have assumed the genuineness of all signatures, the legal capacity of all natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as photostatic or certified copies, and the authenticity of the originals of such copies. We have assumed that the number of shares of Common Stock when issued upon conversion of the convertible notes shall, when combined with the number of authorized shares of Common Stock outstanding or otherwise reserved for issuance, be less than the number of shares of Common Stock authorized pursuant to the Amended and Restated Certificate of Incorporation. As to all questions of fact material to this opinion, where such facts have not been independently established, we have relied, to the extent we have deemed reasonably appropriate, upon representations or certificates of officers of the Company or governmental officials.

We do not express any opinion herein concerning any law other than the General Corporation Law of the State of Delaware.

Based on the foregoing, and subject to the assumptions, limitations and qualifications set forth herein, we are of the opinion that the Securities have been duly authorized and, when paid for and issued pursuant to the terms of the Amended and Restated Certificate of Incorporation and the convertible notes will be validly issued, fully paid and non-assessable.

This opinion speaks only as of the date hereof. We expressly disclaim any responsibility to advise you of any development or circumstance of any kind, including any change of law or fact, that may occur after the date of this opinion that might affect the opinions expressed therein.

We hereby consent to the filing of this opinion to the Commission as an exhibit to the Registration Statement. We hereby also consent to the reference to our firm under the caption "Legal Matters" in the Registration Statement. We do not admit in providing such consent that we are included within the category of persons whose consent is required under Section 7 of the Securities Act and the rules and regulations of the Commission thereunder.

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| Sincerely, |
| */s/ McDermott Will & Emery LLP* |

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## Exhibit 23.1

**Exhibit 23.1**

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Mullen Automotive Inc.

Brea, California

We hereby consent to the incorporation by reference in this Registration Statement on Form S-3 of our report dated January 13, 2023, relating to our audits of the consolidated financial statements of Mullen Automotive Inc. at and for the years ended September 30, 2022 and 2021, which appear in the Company's Annual Report on Form 10-K/A filed with the Securities and Exchange Commission on January 30, 2023. Our report contains an explanatory paragraph regarding the Company's ability to continue as a going concern.

/s/ Daszkal Bolton, LLP

Fort Lauderdale, Florida

February 14, 2023

## Ex-Filing

**EX-FILING FEES**

**Calculation of Filing Fee Tables**

**FORM S-3**<br> (Form Type)

**MULLEN AUTOMOTIVE INC.**<br> (Exact Name of Registrant as Specified in its Charter)

**Table 1: Newly Registered and Carry Forward Securities**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Security Type** | **Security<br> Class<br> Title** | **Fee<br> Calculation<br> or Carry<br> Forward Rule** | **Amount<br> Registered<sup>(1)</sup>** | **Proposed<br> Maximum<br> Offering Price<br> Per Share** | **Maximum<br> Aggregate<br> Offering Price** | **Fee Rate** | **Amount of<br> Registration Fee** | **Carry<br> Forward<br> Form Type** | **Carry<br> Forward<br> File Number** | **Carry<br> Forward<br> Initial<br> effective date** | **Filing Fee<br> Previously Paid<br> In Connection<br> with Unsold<br> Securities<br> to be Carried<br> Forward** |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to Be Paid | Equity | Common Stock | 457(c) | 2492823467 | $0.35055<sup>(2)</sup> | $873859266.36 | $110.20 per $1,000,000 | $96299.29 |  |  |  |  |
| Fees Previously Paid |  |  |  |  |  |  |  |  |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** |  |  |  | $96299.29 |  |  |  |  |
|  | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** |  |  |  | $0 |  |  |  |  |
|  | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** |  |  |  | $0 |  |  |  |  |
|  | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  |  | $96299.29 |  |  |  |  |

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(1) There are being registered hereunder an aggregate of up to 2,492,823,467 shares of common stock issuable upon conversion of notes to be offered by certain of selling stockholders named herein. Pursuant to Rule 416 under the Securities Act, this registration statement covers an indeterminate number of shares that may be issued upon stock splits, stock dividends or similar transactions.

(2) Estimated in accordance with Rule 457(c) under the Securities Act of 1933, as amended, solely for the purpose of calculating the registration fee, based on the average of the high and low prices of shares of the registrant's Common Stock, as reported on the Nasdaq Capital Market on February 10, 2023, a date within five business days prior to the initial filing of this registration statement.

**Table 2: Fee Offset Claims and Sources**

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Registrant or<br> Filer Name** | **Form or<br> Filing Type** | **File<br> Number** | **Initial<br> Filing Date** | **Filing Date** | **Fee Offset<br> Claimed** | **Security Type<br> Associated with<br> Fee Offset Claimed** | **Security Title<br> Associated with<br> Fee Offset Claimed** | **Unsold<br> Securities<br> Associated with<br> Fee Offset Claimed** | **Unsold Aggregate<br> Offering Amount<br> Associated with<br> Fee Offset Claimed** | **Fee Paid with<br> Fee Offset Source** |
| **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims |  |  |  |  |  |  |  |  |  |  |  |
| Fee Offset Sources |  |  |  |  |  |  |  |  |  |  |  |
| **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims |  |  |  |  |  |  |  |  |  |  |  |
| Fee Offset Sources |  |  |  |  |  |  |  |  |  |  |  |

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**Table 3: Combined Prospectuses**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Security Class Title** | **Amount of Securities<br> Previously Registered** | **Maximum Aggregate<br> Offering Price<br> of Securities<br> Previously Registered** | **Form<br> Type** | **File<br> Number** | **Initial<br> Effective Date** |

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