Another giant in aerial mobility has gone public this week; Lilium has announced that it has completed its business combination with Qell Acquisition Corp, a publicly listed special purpose acquisition company (SPAC). The transaction was approved by Qell’s shareholders on September 10, 2021, during a Special Meeting in which more than 98% of the votes cast were in favor of the business combination. As of September 15, 2021, Lilium’s Class A ordinary shares and redeemable warrants will trade on the Nasdaq under the symbols “LILM” and “LILMW”, respectively.
“In 2015 with the clear vision that the decarbonization of aviation is inevitable, we set out to build a team and product that would radically transform the way the world moves. Six years and five generations of technology demonstrator aircraft later, we’re closer than ever to this goal. Today’s milestone will bring us even closer to launching our service in 2024 and making sustainable, high-speed regional air travel a reality to communities around the world,” said Daniel Wiegand, Co-Founder and CEO of Lilium.
As a result of the business combination, Lilium will receive approximately $584 million of gross proceeds, prior to transaction expenses, including from funds managed by leading strategic and long-term financial investors including Atomico, Baillie Gifford, LGT and its affiliate impact investing platform Lightrock, funds and accounts managed by BlackRock, Tencent, Ferrovial, Palantir, Honeywell, FII Institute and private funds affiliated with PIMCO. Net cash from the transaction will be used to fund the commercial launch of Lilium’s 7-Seater Jet. Lilium’s existing shareholders will roll 100% of their shares into the combined company.
“We see Lilium as a once-in-a-lifetime opportunity that will be at the forefront of a whole new industry. Lilium has the capacity to revolutionize regional travel, saving people hours so they can quickly travel from city to city. Using its 7-Seater Lilium Jet, Lilium’s regional shuttle service should enable sustainable, high-speed transportation. Qell is proud to bring this exciting company to the public markets,” said Barry Engle, CEO and Co-Founder of Qell.
Why it matters: With this SPAC acquisition, Lilium has positioned itself on the public market and adds to its leadership the likes of Thomas Enders and David Neeleman. Lilium has over 700 employees across Europe and is making continual progress towards EASA certification and entry into commercial service.
Source: Lilium Press Release