Zacks Initiates Research on Net Element (NETE); Predicts $30 Per Share Target Price

Sep 17, 2020

  • Net Element’s reverse merger with EV manufacturer Mullen Technologies expected to close by 4Q2020
  • NETE expects to begin marketing Dragonfly K50, sold in conjunction with JV partner Qiantu Motors from 2Q2021
  • Company will also break ground in early 2021 on 1.5 million square foot facility to manufacture, assemble its own vehicles
  • Zacks forecasts that NETE could snag $30/share valuation by merger’s close

Net Element Inc. (NASDAQ: NETE), a financial technology company which has recently transformed its business model to become a pure-play electric vehicle (“EV”) manufacturer, was recently the subject of a company initiation report published by Zacks Small-Cap Research (https://ibn.fm/XGMRy). Following from Net Element’s decision to enter into a binding Letter of Intent to merge with privately-held Mullen Technologies Inc. in mid-June 2020, the company has sought to divest itself of its legacy payments-as-a-service transactional model and alter its operational focus towards the electric vehicle space. Now, having utilized Net Element’s EV manufacturing peer group’s average valuation of 10x EV/Sales as a comparable, Zacks Small-Cap Research has forecast that Net Element’s share price could be worth $30.00 once the Mullen reverse-merger is fully complete.

The completion of the triangular reverse merger between Net Element and Mullen Technologies is conditional on the combined entity receiving NASDAQ approval along with the completion of a $10 million capital raise, with Zacks anticipating the deal to…

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NOTE TO INVESTORS: The latest news and updates relating to NETE are available in the company’s newsroom at http://ibn.fm/NETE

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