Net Element Shareholders Approve Merger with Mullen Automotive

MIAMI, Aug. 31, 2021 (GLOBE NEWSWIRE) — via InvestorWire — Net Element, Inc. (NASDAQ:NETE) (“Net Element” or the “Company”), a global technology and value-added solutions group that supports electronic payments, announces today that its stockholders have approved the proposed merger of the Company’s wholly owned entity with Mullen Automotive, Inc. (the “Merger”).

A majority of the votes cast were in favor of the Merger. The Company will work on the final requirements to conclude the transaction with Mullen Automotive as referenced in the Company’s Form S-4/proxy statement and the Merger filings of the Company with the Securities and Exchange Commission.

About Net Element
Net Element, Inc. (NASDAQ:NETE) operates a payments-as-a-service transactional and value-added services platform for small and medium enterprises (“SMEs”) in the U.S. and selected emerging markets. In the U.S., the Company aims to grow transactional revenue by innovating SME productivity services using blockchain technology solutions and Aptito, our cloud-based, restaurant and retail point-of-sale solution. Internationally, Net Element’s strategy is to leverage its omni-channel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions. Net Element was ranked as one of the fastest-growing companies in North America on Deloitte’s 2017 Technology Fast 500™. In 2017, we were recognized by South Florida Business Journal as one of 2016’s fastest-growing technology companies. Further information is available at www.NetElement.com.

Forward-Looking Statements
Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Net Element and are difficult to predict. Examples of such risks and uncertainties include but are not limited to whether the proposed Merger with Mullen Automotive will be consummated, and if so, what impact or resultant benefits, if any, the Merger will have on the Company and its stockholders, whether the Company will be successful in effectuating the private placement or the divestiture required to consummate the Merger and/or the transactions contemplated in the Second Amended and Restated Agreement and Plan of Merger related to the Merger (the “Merger Agreement”), whether the Company will be able to obtain the listing of the Company shares of common stock on the Nasdaq Capital Market (due to the change of control resulting from the Merger) required to consummate the Merger; the effects of any failure to consummate or a delay in the consummation of the Merger and/or the transactions contemplated in the Merger Agreement for other reasons, the timing to consummate the Merger and/or the transactions contemplated in the Merger Agreement, whether all other conditions to the consummation of the Merger and/or the transactions contemplated in the Merger Agreement will or will not be satisfied or waived, the effect of any unexpected costs or liabilities in connection with the consummation of the Merger and/or the transactions contemplated in the Merger Agreement, the effect of operating costs, customer loss and business disruptions arising from the Merger and/or the transactions contemplated in the Merger Agreement and the pendency or consummation thereof (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers), which may be greater than expected, the effect of other uncertainties surrounding the Merger and/or the transactions contemplated in the Merger Agreement, the effects of other adverse economic, business, and/or competitive factors; and the effects of other risks to consummation of the transactions, including circumstances that could give rise to the termination of the Merger Agreement and the risk that the Merger and/or other transactions contemplated in the Merger Agreement will not be consummated within the expected time period, without undue delay, cost or expense, or at all. Additional examples of such risks and uncertainties include, but are not limited to (i) Net Element’s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Net Element’s ability to maintain existing, and secure additional, contracts with users of its payment processing services; (iii) Net Element’s ability to successfully expand in existing markets and enter new markets; (iv) Net Element’s ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Net Element’s business; (viii) changes in government licensing and regulation that may adversely affect Net Element’s business; (ix) the risk that changes in consumer behavior could adversely affect Net Element’s business; (x) Net Element’s ability to protect its intellectual property; (xi) local, industry and general business and economic conditions; and (xii) adverse effects of potentially deteriorating U.S.-Russia relations, including, without limitation, over a conflict related to Ukraine, including a risk of further U.S. government sanctions or other legal restrictions on U.S. businesses doing business in Russia. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Net Element with the Securities and Exchange Commission. Net Element anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Net Element assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.

Contact:
Net Element, Inc.
+1 (786) 923-0502
www.netelement.com
Media@NetElement.com

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