$NETE Issues Letter to Shareholders

Net Element (NASDAQ: NETE) today released an update to its shareholders on the pending merger with privately held Mullen Technologies Inc., a Southern California-based electric vehicle (“EV”) company. The pending stock-for-stock reverse merger is subject to consummation, in which Mullen’s stockholders will receive a majority of the outstanding stock in the post-merger Company. The update reads, “We would like to reassure our shareholders that we continue working diligently on the pending merger with Mullen as we combine financial results of both companies for the period ending Dec. 31, 2020. As outlined in the Dec. 29, 2020, Amendment, the parties to the transaction agreed to extend the Outside Date referenced in the Merger Agreement to March 31, 2021. In addition, pursuant to the Amendment, the Company and Mullen agreed that, if the registration statement on Form S-4 (with the merger proxy statement included as part of the prospectus) was not filed with the U.S. Securities and Exchange Commission (the “SEC”) on or prior to Jan. 15, 2021, then Mullen would pay the Company an agreed sum of $13,333 per day (the “Late Fee”) until such registration statement (with the merger proxy statement included as part of the prospectus) is filed with the SEC. To date, the Company has recorded an aggregate of $653,317 in Late Fee income due from Mullen.”

To view the full news release, visit https://ibn.fm/FpNyJ

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”). That contemplated merger is subject to customary closing conditions, regulatory approvals and shareholder approval for both companies. For additional information, visitwww.NetElement.com.

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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