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Lilium GmbH has successfully completed its business combination with Qell Acquisition Corp, with over 98% shareholder approval on September 10, 2021. The transaction provides Lilium with approximately $584 million in gross proceeds to fund the launch of its 7-Seater Jet, expected in 2024. Lilium's shares will trade under the symbol LILM starting September 15, 2021. The company aims to transform regional air mobility with zero-emission electric jets, supported by significant investors including BlackRock and Tencent.
On September 10, 2021, Qell Acquisition Corp. (NASDAQ: QELL.U) announced that over 98% of its shareholders approved the merger with Lilium GmbH, a leader in electric air transportation. This business combination, which values the combined entity at $3.3 billion at a $10.00 PIPE price, is set to close on September 14, 2021. Following the merger, shares will trade under the ticker symbols 'LILM' and 'LILMW' starting September 15, 2021. The transaction is expected to raise approximately $584 million, with 65% of Qell shareholders opting to redeem their shares.
Lilium GmbH announced the expected appointment of David Neeleman to its Board of Directors, effective after the business combination with Qell Acquisition Corp (NASDAQ: QELL). Neeleman, a veteran in commercial aviation and founder of airlines like JetBlue, aims to leverage his experience to boost Lilium's electric air mobility vision. With commercial operations slated for 2024, Lilium is working on its 7-Seater Jet. The business combination is set to list shares under LILM and LILMW.
Qell Acquisition Corp. and Lilium GmbH announced a Special Meeting for Qell shareholders on September 10, 2021, to approve their proposed business combination. Following the merger, shares will trade on Nasdaq under the symbols LILM and LILMW. The deal is anticipated to provide Lilium with $830 million in gross proceeds. Qell's proxy statement was filed on August 11, 2021, and stockholders are encouraged to vote before September 9, 2021. The transaction has been unanimously approved and is expected to close in Q3 2021, subject to shareholder and regulatory approvals.
Lilium GmbH announced Dr. Thomas Enders as the future Chairman of Lilium N.V.'s Board following its business combination with Qell Acquisition Corp (NASDAQ: QELL). This was revealed during Lilium's Analyst Day where the executive team discussed technology, certification plans, and partnerships with major companies like Honeywell, Palantir, Lufthansa, and Ferrovial. Lilium aims to launch its 7-Seater Jet commercially in 2024, tapping into sustainable regional air mobility. The company is confident in its model to address low load factors in the eVTOL market and enhance operational performance.
Qell Acquisition Corp. (Nasdaq: QELL) announced that Lilium B.V. has filed a registration statement with the SEC in connection with its business combination with Lilium GmbH, a developer of eVTOL jets. Upon completion, Lilium B.V. will convert into Lilium N.V. and become a wholly-owned subsidiary. Notable board members include Barry Engle and former Airbus CEO Thomas Enders. The business combination requires shareholder approval and the effectiveness of the registration statement. Lilium aims to revolutionize regional transportation with its 7-Seater Lilium Jet, targeting commercial operations in 2024.
Lilium GmbH is partnering with Qell Acquisition Corp to become a leader in regional electric air mobility. This merger values the combined company at approximately $3.3 billion and will provide Lilium with around $830 million in gross proceeds, crucial for launching its 7-Seater Lilium Jet by 2024. The jet, equipped with proprietary DEVT technology, offers sustainable, high-speed travel with a projected range of 155 miles and a cruise speed of 175 mph. Lilium's extensive engineering team and strategic partnerships position it well for successful commercialization.
