Troubled EV startup Mullen Automotive Inc. has emerged because the main bidder for the property of bankrupt competitor Electrical Final Mile Options Inc., together with a now-idle former Hummer SUV manufacturing facility in Indiana.

Brea, Calif.-based Mullen agreed to a stalking horse bid of “nearly $100 million in complete consideration,” based on a Sept. 16 submitting by the trustee in Troy, Mich.-based Electrical Final Mile’s Chapter 7 case. Competing bids are due by Oct. 3, and an public sale is scheduled for Oct. 7.

Particulars of the provide come after Mullen, which goals to carry EVs to market together with a compact SUV and a sports activities automotive, introduced it was buying a majority stake in rival Bollinger Motors, based mostly in Oak Park, Mich., in a cash-and-stock transaction.

Mullen did not instantly reply to a request for remark.

The businesses are amongst a variety of EV startups struggling to interrupt by in a market dominated by Tesla Inc. at a time of overstretched provide chains and excessive prices. At some point after the Bollinger deal was introduced, Mullen, whose inventory has declined about 90 % this yr, revealed it had fallen out of compliance with Nasdaq’s minimal share value necessities.

The trustee has mentioned that as many as 245 potential strategic or monetary events have been solicited for the property of Electrical Final Mile, which filed for chapter in June, and that 39 of these have executed non-disclosure agreements to carry out due diligence and doubtlessly make a bid. Securing Mullen as a stalking horse bidder “represents an amazing profit to the debtors’ estates and collectors,” he wrote in Friday’s submitting.