As part of those efforts, the statement noted, "Mullen Technologies has agreed to merge with Net Element (NASDAQ: NETE), a publicly traded company. The reverse merger, if approved and consummated, will make Mullen a publicly traded company, which will provide access to capital per CEO of Mullen Technologies David Michery. Mullen has also recently announced the execution of a Letter of Intent with Axiom Financial for $135 million in funding to acquire an existing electric vehicle manufacturing plant and for the deposit required by the Letter of Intent with S3R3 Solutions."