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Stock Alert: Net Element Soars 110%

Shares of Net Element Inc. (NETE) are skyrocketing more than 110 percent or $7.16 in Thursday's morning trade at $13.63.

Florida-based Net Element operates as a financial technology and value-added solutions company.

Mullen Technologies, a Southern California-based electric vehicle company that previously announced a definitive agreement to merge with Net Element, said Thursday it will begin build-out of its pilot manufacturing facility and start taking pre-orders of its MX-05 fully electric SUV on October 1, 2020. The construction is slated for completion by April 2021 with the first MX-05 SUVs expected to be delivered to customers by the second quarter of 2022.

In June, Net Element said it entered into a binding letter of intent to merge with privately-held Mullen Technologies in a stock-for-stock reverse merger, in which Mullen's stockholders will receive the majority of the outstanding stock in the post-merger company.

Net Element has traded in a range of $1.47 to $20.08 in the past 52 weeks.

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