Jonathan New
About Jonathan New
Jonathan New is Chief Financial Officer of Bollinger Innovations (formerly Mullen Automotive) and has served in this role since September 19, 2022; he is a Florida-licensed CPA and member of the AICPA with 30+ years in corporate finance, previously CFO at Motorsport Games (2020–2022), Blink Charging (2018–2020), and Net Element (2008–2018) . He was 64 years old as disclosed in early 2025 filings and previously served as a director of the company from November 2021 to September 19, 2022 . Operational performance during his tenure remains challenged: for the nine months ended June 30, 2025, revenue was $8.34M vs. $0.10M in the prior-year period, but the company disclosed substantial doubt about going concern and subsequently moved to OTC Markets in October 2025 following Nasdaq delisting proceedings .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Motorsport Games (NASDAQ: MSGM) | Chief Financial Officer | 2020–2022 | Public-company finance leadership at game publisher and esports provider . |
| Blink Charging (NASDAQ: BLNK) | Chief Financial Officer | 2018–2020 | Helped scale EV charging operator’s finance organization . |
| Net Element (NASDAQ: NETE) | Chief Financial Officer | 2008–2018 | Led finance at payments technology firm; earlier also BINI director post-merger . |
| Bollinger Innovations (Mullen Automotive) | Director | 2021–2022 | Board service prior to appointment as CFO . |
External Roles
- No current external public-company board roles disclosed for Mr. New in BINI’s filings .
Fixed Compensation
| Year/Term | Base salary ($) | Target bonus (%) | Notes |
|---|---|---|---|
| Employment agreement (effective 10/2/2023) | 500,000 | N/A | Agreement revised to $500k salary and 1 share of common stock per year (post reverse-split effect) . |
| FY 2024 actual (SCT) | 499,795 | — | Reported salary in Summary Compensation Table . |
| FY 2023 actual (SCT) | 425,000 | 10,000 (paid) | Prior salary and a $10k discretionary bonus . |
Notes: Company states it has no formal bonus plan; the Board may award discretionary bonuses .
Performance Compensation
Annual Bonus Plan
| Metric | Weighting | Target | Actual | Payout | Notes |
|---|---|---|---|---|---|
| Discretionary (no written plan) | N/A | N/A | N/A | FY23 $10,000; FY24 $0 | Board-referenced discretionary awards; no formal plan or defined metrics . |
Equity Awards
| Award type | Grant date | Shares/options | Grant-date FV ($) | Strike | Vesting | Notes |
|---|---|---|---|---|---|---|
| RSU/stock under original CFO agreement | 9/19/2022 (employment terms) | 300,000/yr; 84,066 pro-rata for 2022; 75,000 quarterly thereafter | N/A | N/A | Pro-rata 84,066 on 1/1/2023; 75,000 vest end of each calendar quarter beginning 1/1/2023 | Per initial agreement; later modified 10/2/2023 to 1 share/year due to reverse-split adjustments . |
| Stock awards (SCT) | FY 2023 | — | 198,300 | — | N/A | Reported in SCT . |
| Stock options | May 2024 | 3,000 | 1,598,610 | $486 | Vested immediately | 5-year option; exercise price reflects reverse splits; immediate vest may increase near-term sell pressure . |
Vesting schedules: 84,066 shares vested 1/1/2023; then 75,000 shares vest at the end of each March/June/September/December quarter starting 1/1/2023 until modified; effective 10/2/2023, equity changed to 1 share/year (post reverse-split effects) .
Clawback: Board adopted a clawback policy in Nov 2023 applicable to current/former executive officers covering cash/equity incentive compensation for the prior 3 completed fiscal years upon a material restatement; recovery equals excess over restated results .
Equity grant timing policy: Company disclosed no formal policy restricting grants near MNPI, and no formal executive equity ownership guidelines .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 1 share of common stock; noted as less than 1% of outstanding . |
| Components | Consists of options to purchase 1 share of common stock (reflecting cumulative reverse splits) . |
| Ownership % of SO | <1% (asterisked in table) . |
| Vested vs unvested | 3,000-share option (May 2024) vested immediately; shares under original 2022 RSU schedule vested per quarterly cadence until modification on 10/2/2023; current “1 share/year” construct reflects reverse-split equivalence . |
| Pledging/hedging | No pledging or hedging disclosure specific to Mr. New; company states no formal executive equity ownership guidelines . |
| Ownership guidelines | None for executives disclosed . |
| Insider transactions | Third-party Form 4 aggregator indicates a 2/17/2023 sale of 159,066 shares at $0.2295 (~$36.5k); verify against SEC EDGAR prior to trading decisions . |
Employment Terms
| Term | Detail |
|---|---|
| Start date | CFO appointment effective September 19, 2022 . |
| Contract terms (initial) | $425,000 salary plus 300,000 restricted shares per year; pro-rata 84,066 for 2022; 75,000 quarterly thereafter; $25,000 relocation; up to $2,000/month temporary housing through earliest of permanent housing or Feb 1, 2023 . |
| Modification (10/2/2023) | Salary increased to $500,000 and 1 share of common stock per year (reflecting post reverse-split accounting) . |
| Severance | $200,000 if terminated for reasons other than negligence, failure to deliver services/perform at level hired, or other just cause; paid on usual payroll cycle . |
| Change-of-control | No specific CFO change-of-control multiple disclosed; CoC economics disclosed for CEO and directors only . |
| Restrictive covenants | Non-compete/non-solicit covenants described generally in executive agreements; specific detailed terms disclosed for CEO; no expanded CFO-specific non-compete details beyond severance triggers . |
| Clawback | Company clawback policy adopted Nov 2023 (see above) . |
Performance & Track Record
| Period | Revenue ($) | Notes |
|---|---|---|
| Three months ended June 30, 2024 | 65,235 | Predecessor Mullen; early sales mix . |
| Three months ended June 30, 2025 | 473,686 | Scaling B4/Commercial portfolio; gross loss continues . |
| Nine months ended June 30, 2024 | 98,570 | Early commercialization phase . |
| Nine months ended June 30, 2025 | 8,344,311 | Ramp vs prior-year; substantial net losses continue . |
Additional context: The company disclosed substantial doubt about going concern (liquidity shortfall; production temporarily suspended due to funding constraints) and subsequently transitioned to OTC Markets effective Oct 13, 2025 after withdrawing from Nasdaq hearings; MVLS non-compliance cited .
Compensation Structure Analysis
- Cash vs equity mix shifted higher toward equity and options in FY24: salary ~$500k, no cash bonus, plus a large immediately vested option award ($1.60M grant-date fair value), indicating increased equity reliance but with low retention “stickiness” due to immediate vest .
- Discretionary bonus framework with no written plan creates room for payouts regardless of predefined targets; Mr. New received a small $10k bonus in FY23, none in FY24 .
- Equity plan lacks formal grant timing policy and executive ownership guidelines; clawback policy (Nov 2023) partially mitigates risk by allowing recovery of incentive comp upon restatements over last three completed fiscal years .
- Original RSU cadence (300k/year vesting quarterly) was modified in Oct 2023 to a nominal 1 share/year (post reverse-split effect), effectively reducing ongoing RSU delivery and shifting to options in FY24; option granted with immediate vest reduces multi-year retention leverage .
Investment Implications
- Alignment/retention: Immediate vesting on the May 2024 option reduces retention tether; minimal current disclosed beneficial ownership (1 share; option equivalent post-splits) suggests limited “skin in the game” vs. traditional CFO ownership norms; lack of ownership guidelines underscores alignment risk .
- Pay-for-performance: Absence of defined annual incentive metrics and reliance on discretionary bonuses weakens pay-performance linkage; clawback policy applies if restatements occur but doesn’t address prospective incentive design .
- Execution risk: Despite revenue ramp in 9M’25, persistent losses, going-concern warning, and the Nasdaq-to-OTC transition highlight elevated financial and operational risk; finance leadership continuity is important but compensation design provides limited retention hooks .
- Trading signals: Historical Form 4 aggregator shows a 2023 sale by Mr. New; combined with immediate-vest options, watch for potential selling pressure around liquidity windows; verify transactions via EDGAR before trading .
All information sourced from company filings and documents cited above.