Lilium N.V. Receives Notice of Delisting from Nasdaq
Lilium N.V. (LILM) has received notice from Nasdaq that its securities will be delisted and suspended from trading effective November 6, 2024. This action follows the insolvency filing of Lilium's principal German subsidiaries, Lilium GmbH and Lilium eAircraft GmbH, in the local court of Weilheim. The company has until November 4, 2024, to appeal Nasdaq's determination. The delisting decision was based on public interest concerns related to the subsidiaries' insolvency applications and their request for self-administration proceedings under Section 270(a) of the German Insolvency Code.
Lilium N.V. (LILM) ha ricevuto notifica da Nasdaq che i suoi titoli saranno delistati e sospesi dalla negoziazione a partire dal 6 novembre 2024. Questa azione segue la richiesta di insolvenza delle principali filiali tedesche di Lilium, Lilium GmbH e Lilium eAircraft GmbH, depositata presso il tribunale locale di Weilheim. L'azienda ha tempo fino al 4 novembre 2024 per appellarsi alla decisione di Nasdaq. La decisione di delistare è stata presa a causa di preoccupazioni di interesse pubblico legate alle domande di insolvenza delle filiali e alla loro richiesta di procedimenti di autoamministrazione ai sensi dell'Articolo 270(a) del Codice tedesco sull'insolvenza.
Lilium N.V. (LILM) ha recibido un aviso de Nasdaq de que sus valores serán deslistados y suspendidos de la negociación a partir del 6 de noviembre de 2024. Esta acción sigue a la solicitud de insolvencia de las principales subsidiarias alemanas de Lilium, Lilium GmbH y Lilium eAircraft GmbH, en el tribunal local de Weilheim. La compañía tiene hasta el 4 de noviembre de 2024 para apelar la determinación de Nasdaq. La decisión de deslistado se basó en preocupaciones de interés público relacionadas con las solicitudes de insolvencia de las subsidiarias y su petición de procedimientos de auto-administración bajo la Sección 270(a) del Código de Insolvencia alemán.
Lilium N.V. (LILM)는 Nasdaq로부터 그 증권이 2024년 11월 6일부로 상장 폐지되고 거래가 중단된다는 통지를 받았습니다. 이 조치는 Lilium의 주요 독일 자회사인 Lilium GmbH와 Lilium eAircraft GmbH가 Weilheim의 지역 법원에 파산 신청을 한 것에 따른 것입니다. 이 회사는 Nasdaq의 결정에 항소할 수 있는 기한이 2024년 11월 4일까지입니다. 상장 폐지 결정은 자회사의 파산 신청과 독일 파산법 제270(a) 조항에 따른 자율 관리 절차 요청과 관련하여 공공의 이익 우려에 기반하였습니다.
Lilium N.V. (LILM) a reçu un avis de Nasdaq indiquant que ses titres seront retirés de la cote et suspendus de la négociation à compter du 6 novembre 2024. Cette action fait suite à la demande de faillite de ses principales filiales allemandes, Lilium GmbH et Lilium eAircraft GmbH, déposée auprès du tribunal local de Weilheim. La société dispose jusqu'au 4 novembre 2024 pour faire appel de la décision de Nasdaq. La décision de retrait de la cote a été prise en raison de préoccupations d'intérêt public liées aux demandes de faillite des filiales et à leur demande de procédures d'auto-administration conformément à l'article 270(a) du Code de la faillite allemand.
Lilium N.V. (LILM) hat von Nasdaq die Mitteilung erhalten, dass ihre Wertpapiere ab dem 6. November 2024 von der Börse genommen und der Handel ausgesetzt wird. Diese Maßnahme folgt dem Insolvenzantrag der wichtigsten deutschen Tochtergesellschaften von Lilium, Lilium GmbH und Lilium eAircraft GmbH, beim örtlichen Gericht in Weilheim. Das Unternehmen hat bis zum 4. November 2024 Zeit, um gegen die Entscheidung von Nasdaq Berufung einzulegen. Die Entscheidung über die Delistung wurde aufgrund von öffentlichen Interessen getroffen, die mit den Insolvenzanträgen der Tochtergesellschaften und deren Antrag auf Eigenverwaltung gemäß § 270(a) des deutschen Insolvenzrechts verbunden sind.
- None.
- Nasdaq delisting notice received, with trading suspension effective November 6, 2024
- Principal operating subsidiaries filed for insolvency in Germany
- Loss of major stock exchange listing will significantly impact trading liquidity and accessibility
- Insolvency proceedings indicate severe financial distress
Insights
The delisting notice from Nasdaq following Lilium's German subsidiaries' insolvency filings marks a critical turning point for the company. This development severely impacts the company's market accessibility and investor confidence. With trading suspension set for November 6 and subsequent delisting, shareholders face significant liquidity risks and potential value erosion.
The insolvency of Lilium's principal operating subsidiaries in Germany essentially undermines the entire business structure, as these entities were responsible for core operations and aircraft development. This situation typically leads to substantial shareholder value destruction and raises serious concerns about the company's ability to continue operations or secure additional funding.
While the company has until November 4 to appeal, such appeals rarely succeed in cases involving insolvency. Investors should be aware that delisting often results in shares trading on over-the-counter markets, where liquidity is significantly reduced and price volatility increases dramatically.
MUNICH, Nov. 01, 2024 (GLOBE NEWSWIRE) -- Lilium N.V. (Nasdaq: LILM) (the “Company” or “Lilium”), a leading electric aircraft manufacturer and pioneer in Regional Air Mobility (RAM), on Tuesday, October 29, 2024, announced in a Form 6-K filed with the Securities and Exchange Commission that the Company received a written notice from the staff of the Nasdaq Listing Qualifications Department (the “Staff”) on October 28, 2024, following the applications of Lilium GmbH and Lilium eAircraft GmbH, the principal operating wholly-owned German subsidiaries of Lilium (the “Subsidiaries”), for insolvency in the local court of Weilheim in Germany and self-administration proceedings pursuant to Section 270(a) of the German Insolvency Code, notifying the Company that, in accordance with Nasdaq Listing Rule 5101, the trading of the Company’s Class A ordinary shares and warrants will be suspended at the opening of business on November 6, 2024, and a Form 25 Notification of Delisting will be filed with the U.S. Securities Exchange Commission (the “SEC”) to delist the Company’s securities from the Nasdaq Global Select Market (“Nasdaq”).
The Staff’s determination was based on the associated public interest concerns raised by the Company’s announcement that the Subsidiaries had filed for insolvency in the local court of Weilheim in Germany and applied for self-administration proceedings pursuant to Section 270(a) of the German Insolvency Code. The Company can appeal this determination by no later than November 4, 2024.
Lilium Contact information for media:
Rainer Ohler
+49 1724890353
Rainer.ohler@seniorstrategists.com
press@lilium.com
Lilium Contact information for investors:
Rama Bondada
Vice President, Investor Relations
investors@lilium.com
About Lilium
Lilium (NASDAQ: LILM) is creating a sustainable and accessible mode of high-speed, regional transportation for people and goods. Using the Lilium Jet, an all-electric vertical take-off and landing jet, designed to offer leading capacity, low noise, and high performance with zero operating emissions, Lilium is accelerating the decarbonization of air travel. Working with aerospace, technology, and infrastructure leaders, and with announced sales and indications of interest in Europe, the United States, China, Brazil, the UK, the United Arab Emirates, and the Kingdom of Saudi Arabia, Lilium’s 1,000+ strong team includes approximately 500 aerospace engineers and a leadership team responsible for delivering some of the most successful aircraft in aviation history. Founded in 2015, Lilium’s headquarters and manufacturing facilities are in Munich, Germany, with teams based across Europe and the U.S. To learn more, visit www.lilium.com.
Lilium Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws, including, but not limited to, statements regarding the trading suspension of the Company’s ordinary shares and warrants on Nasdaq, the delisting of the Company’s securities from Nasdaq and the trading market for the Company’s ordinary shares. These forward-looking statements generally are identified by the words “anticipate,” “believe,” “could,” “expect,” “estimate,” “future,” “intend,” “may,” “on track,” “plan,” “project,” “should,” “strategy,” “will,” “would” and similar expressions. Forward-looking statements are predictions, projections, and other statements about future events that are based on management’s current expectations with respect to future events and are based on assumptions and are subject to risk and uncertainties that are subject to change at any time. Actual events or results may differ materially from those contained in the forward-looking statements. Factors that could cause actual future events to differ materially from the forward-looking statements in this press release include (but are not limited to) risks relating to the Subsidiaries’ self-administration proceedings, as well as those risks and uncertainties discussed in Lilium’s filings with the SEC, including in the section titled “Risk Factors” in Exhibit 99.2 of the Report on Form 6-K filed by Lilium with the SEC on July 17, 2024 and in Lilium’s other SEC filings, all of which are available at www.sec.gov. Forward-looking statements speak only as of the date they are made. You are cautioned not to put undue reliance on forward-looking statements, and Lilium assumes no obligation to, and does not intend to, update, or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
FAQ
When will Lilium (LILM) be delisted from Nasdaq?
Why is Lilium (LILM) being delisted from Nasdaq?
Can Lilium (LILM) appeal the Nasdaq delisting decision?
