Lilium announces intention to list on Nasdaq

  • April 1, 2021

through a merger with Qell Acquisition Corp., and reveals development of its 7-Seater electric vertical take-off and landing jet

Lilium announces the intention to list on Nasdaq through a merger with Qell Acquisition Corp. and reveals development of its 7-Seater electric vertical take-off and landing jet.

  • Lilium GmbH (“Lilium”) is positioned to be the global leader in regional electric air mobility. The 7-Seater Lilium Jet, an electric vertical take-off and landing jet, and Lilium’s service for people and goods, enable sustainable, high-speed transportation.
  • Combining with Qell Acquisition Corp., led by Barry Engle, a former president of General Motors North America, provides Lilium with access to capital and industry experience. Supports the planned launch of commercial operations in 2024.
  • Using Lilium’s proprietary Ducted Electric Vectored Thrust (“DEVT”) technology, the 7-Seater Lilium Jet is projected to deliver the best unit economics, with market-leading capacity, low noise and high performance.
  • Technology for the 7-Seater Lilium Jet has been developed over five years and proven across four generations of technology demonstrator aircraft. CRI-A01 certification basis was received from EASA in 2020.
  • Lilium has over 400 engineers and a leadership team responsible for delivering some of the most complex aircraft in aviation history.
    Partnerships are in place with world-leading aerospace, technology and infrastructure partners including Aciturri, Toray Industries, Lufthansa Aviation Training, Ferrovial and Tavistock Development Company.
  • Launch network in Florida planned, with up to 14 vertiport development sites confirmed, to be built and operated by Lilium’s infrastructure partners.
  • Transaction values the combined company at approximately $3.3 billion pro forma equity value at the $10.00 per share PIPE price.
  • Total gross proceeds to the company are expected to be approximately $830 million, including approximately $380 million in cash currently held in trust (assuming minimal redemptions) and the proceeds of a $450 million PIPE investment, including investments by Baillie Gifford, funds and accounts managed by BlackRock, Tencent, Ferrovial, LGT and its direct impact investing arm Lightrock, Palantir, Atomico, FII Institute and private funds affiliated with PIMCO.
  • Combined company expected to add Barry Engle to the Board, joining current Board members including former Airbus CEO Tom Enders.