It has been over a month since Mullen Advanced Energy Operations (MAEO) Senior Vice President of Technology Lawrence Hardge teased a $10 billion contract with Saudi Arabia that was “already agreed upon.” However, there has been no official confirmation of the news from either MAEO, Mullen Automotive (NASDAQ:MULN), or Global EV Technology. As a reminder, Mullen owns a 51% stake in MAEO, while Global EV and EV Technology LLC own the remaining 49%.
Hardge had previously hosted a livestream discussing the $10 billion contract with Saudi Arabia. He also noted that the country would pay for a manufacturing plant in Michigan. Let’s get into the details of Hardge’s latest livestream.
MULN Stock: Lawrence Hardge Shares Updates on Middle East Deals
“First and foremost, Mullen Automotive and I, we have a tentative agreement. We are working out the final details of our agreement, which is very positive. And at that point, when we complete that — hopefully it’ll be this week — we will be making major announcements,” said Hardge on his recent Facebook livestream.
This news was welcome for MULN stock investors, as they have been patiently waiting for official word of the deal. Hardge went on to explain that he wants to distance himself from Mullen’s core business:
“One of the things I wanted in my agreement is, the newly formed subsidiary that we formed, I want to be separate from Mullen. Whatever business that Mullen conducts, that’s Mullen’s business. I don’t get into Mullen’s business. I’m focused on the subsidiary that Mullen and I share 51/49 percent.”
Hardge further distanced himself from Mullen by explaining that he owns zero shares of MULN stock and has no intention of buying shares. Meanwhile, shareholders were primarily interested in the potential deal with the Middle East. Hardge explained:
“Are there deals in the Middle East? Absolutely yes. There’s about three deals in the Middle East. There’s a couple of deals coming from other parts of the world. This is tentative. We already committed, the deals are committed, so nobody can back out.
Hardge’s use of the word “tentative” has left shareholders somewhat confused, as that implies the deal is uncertain. However, Hardge went on to say that there are several upcoming deals in the Middle East as well as Asia:
“So there you have it. Several multi-billion-dollar deals coming out of the Middle East, some that’s coming out of Asia.”
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On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.