Net Element (NASDAQ: NETE) is a financial technology company in the process of transforming its business model to become a pure-play electric vehicle (“EV”) manufacturer through a pending merger with privately-held Mullen Technologies Inc. On the heels of success in the global financial technology sector, providing next-generation electronic payments solutions spanning across point-of-sale, e-commerce and mobile devices, Net Element is preparing for life in the fast lane as it shifts into the EV space. Under the leadership of CEO Oleg Firer, a veteran entrepreneur and corporate turn-around specialist, Net Element realized exponential revenue growth from $0 in 2013 to $65 million as of 2019. In its radically transformed business model, Firer is driving corporate management “buy-in,” a factor he believes may be just as critical as the EV sector’s long-term potential. “Being a chief executive in business is very similar to being a diplomat,” Firer noted in a recent update. “Managing a business in today’s environment requires constant negotiations at the executive levels and diplomatic approach to mid-management. One of my favorite diplomatic approaches to management is an ability to promote and seed an idea or a solution within, where your colleagues begin to believe in it as much as they begin to present and solicit this idea or solution to the rest of the group.”
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About Net Element Inc.
Net Element operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise (“SME”) in the U.S. and selected emerging markets. On Aug. 5, 2020, Net Element announced the execution of a definitive agreement to merge with privately-held Mullen Technologies Inc., a Southern California-based electric vehicle company in a stock-for-stock reverse merger in which Mullen’s stockholders will receive a majority of the outstanding stock in the post-merger company (the “contemplated merger”). The contemplated merger is subject to customary closing conditions, regulatory approvals and shareholder approval for both companies. For additional information, visitwww.NetElement.com.
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