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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.
