Mullen Group Ltd. Announces the Early Redemption of its 5.75% Convertible Unsecured Subordinated Debentures

OKOTOKS, Alberta, Oct. 21, 2025 (GLOBE NEWSWIRE) — (TSX: MTL) Mullen Group Ltd. (“Mullen Group” and/or the “Corporation“) announced today its intention to redeem in full on December 1, 2025 (the “Redemption Date“) all of its outstanding 5.75% convertible unsecured subordinated debentures due November 30, 2026 (“Debentures“) in accordance with the provisions of the indenture dated June 21, 2019 (the “Indenture“) between the Corporation and Computershare Trust Company of Canada (the “Trustee“).

The redemption price (the “Redemption Price“) for the Debentures will be 100.0 percent of the aggregate outstanding principal amount of $125.0 million, together with accrued and unpaid interest up to, but excluding, the Redemption Date. In accordance with the Indenture, Mullen Group intends to satisfy its obligation to pay the Redemption Price in cash. Interest upon the entire aggregate principal amount of the Debentures will cease to be payable from and after the Redemption Date.

Conversion of Debentures into Mullen Group Common Shares is permitted until 5:00pm MST on November 21, 2025. In the 5 business days preceding the scheduled Redemption Date of December 1, 2025, the Trustee is not required to transfer or exchange any Debentures. The Corporation encourages individual holders of Debentures (“Debentureholders“) to review redemption instructions from their financial institution to ensure a request for conversion, if desired, is submitted in advance of the cutoff time set by the Debentureholder’s financial institution. This can be several days in advance of the Redemption Date and is not controlled by the Corporation. No action is required to be taken by Debentureholders who wish to have their Debentures redeemed in cash.

The Debentures are listed on the TSX under the symbol “MTL.DB”.

About Mullen Group Ltd.

Mullen Group is a public company with a long history of acquiring companies in the transportation and logistics industries. Today, we have one of the largest portfolios of logistics companies in North America, providing a wide range of transportation, warehousing and distribution services through a network of independently operated businesses. Service offerings include less-than-truckload, customs brokerage, truckload, warehousing, logistics, transload, oversized, third-party logistics and specialized hauling transportation. In addition, our businesses provide a diverse set of specialized services related to the energy, mining, forestry and construction industries in western Canada, including water management, fluid hauling and environmental reclamation. The corporate office provides the capital and financial expertise, legal support, technology and systems support, shared services and strategic planning to its independent businesses.

Mullen Group is listed on the Toronto Stock Exchange under the symbol “MTL“. Additional information is available on our website at www.mullen-group.com or on the Corporation’s issuer profile on SEDAR+ at www.sedarplus.ca.

Contact Information

Mr. Murray K. Mullen – Chair, Senior Executive Officer and President
Mr. Richard J. Maloney – Senior Operating Officer
Mr. Carson P. Urlacher – Senior Financial Officer
Ms. Joanna K. Scott – Senior Corporate Officer

121A – 31 Southridge Drive
Okotoks, Alberta, Canada T1S 2N3
Telephone: 403-995-5200
Fax: 403-995-5296

Forward-Looking Statements

Certain statements included in this news release constitute “forward-looking statements” under Canadian securities laws, including statements relating to the redemption of the Debentures. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The Corporation cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes”, “expects”, “anticipates”, “assumes”, “outlook”, “plans”, “targets”, or other similar words.

Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause the actual results or performance of the Corporation to be materially different from the outlook or any future results or performance implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements include, but are not limited to, the effects of general economic and business conditions; industry competition; inflation, currency and interest rate fluctuations; changes in fuel prices; legislative and/or regulatory developments; compliance with environmental laws and regulations; actions by regulators; increases in maintenance and operating costs; security threats; reliance on technology and related cybersecurity risk; trade restrictions or other changes to international trade arrangements; transportation of hazardous materials; various events which could disrupt operations, including natural events such as severe weather, droughts, fires, floods and earthquakes; climate change; labor negotiations and disruptions; environmental claims; uncertainties of investigations, proceedings or other types of claims and litigation; timing and completion of capital programs; and other risks detailed from time to time in reports filed by Mullen Group with securities regulators in Canada. Reference should be made to Mullen Group’s Management’s Discussion and Analysis and Annual Information Form both of which are dated February 12, 2025, and can be found under the Corporation’s issuer profile on SEDAR+ (www.sedarplus.ca) and on Mullen Group’s website (www.mullen-group.com), for a description of major risk factors.

Forward-looking statements reflect information as of the date on which they are made. Mullen Group assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event Mullen Group does update any forward-looking statement, no inference should be made that Mullen Group will make additional updates with respect to that statement, related matters, or any other forward-looking statement.