Mullen Group Ltd. Announces the Completion of the Redemption of its 5.75% Convertible Unsecured Subordinated Debentures due November 30, 2026

Executive Summary

• Mullen Group completed the redemption of its 5.75% convertible unsecured subordinated debentures due November 30, 2026 on December 1, 2025.
• $117.9 million of the debentures were converted into common shares; the remaining $7.101 million principal amount was redeemed for cash with accrued interest.
• The debentures (TSX symbol “MTL.DB”) have been delisted from the Toronto Stock Exchange following redemption.

Key Details

• Redemption Notice: Issued on October 21, 2025, offering holders redemption at principal plus accrued interest up to but excluding the Redemption Date.
• Conversion Window: Holders could convert debentures into common shares by November 21, 2025; $117,899,000 of principal was converted.
• Cash Redemption: Debenture holders who did not convert received cash redemption of $1,000 per debenture plus accrued interest; total cash redeemed amounted to $7,101,000 in principal.
• Accrued Interest: All accrued and unpaid interest up to the Redemption Date was paid to both converting and non‑converting holders (specific interest amounts not disclosed).
• Delisting: Following redemption, the debentures were removed from trading on the TSX under ticker “MTL.DB”.

Notable Quotes

(No executive quotes included in the release.)