Finance, Taxes, Insurance
Lilium Scrambles for Funds as Nasdaq Delisting Looms
Vertical Aerospace is also facing a liquidity crunch as major shareholder demands funding Plan B
Lilium eVTOL aircraft
Lilium urgently needs new funds to complete development of its six-passenger eVTOL aircraft.

Trading in shares in eVTOL aircraft developer Lilium are set be suspended when New York’s Nasdaq market opens on November 6 after a German court approved the company’s filing for insolvency on October 28. Lilium, which is scrambling to line up new financial backing, has until November 4 to appeal the ruling by Nasdaq’s Listing Qualifications Department.

Last week, Lilium said it would start self-administration proceedings after the German parliament’s budgetary committee rejected its application for a €50 million ($54 million) loan guarantee. This decision blocked a matching €50 million loan from the state of Bavaria.