Lilium today signaled its intent to stay among the frontrunners in the crowded advanced air mobility market, announcing that an $830 million IPO merger with Qell Acquisition Corp will fund the development of its seven-seat eVTOL aircraft. The German company confirmed that the series production Lilium Jet due to enter commercial service in 2024 will have two more seats than the current five-seat technology demonstrator.
Qell, which is a San Francisco-based special purpose acquisition company (SPAC) led by former General Motors North America president Barry Engle, will now file for a Nasdaq listing with the U.S. Securities and Exchange Commission. Total gross proceeds from the deal are projected at $830 million, including $380 million in cash and the proceeds from a $450 million Private Investment in Public Equity (PIPE) investment with backers including Baillie Gifford, BlackRock, Tencent, Ferrovial, LGT/Lightrock, Palantir, FII Institute and PIMCO. The combined company is expected to be valued at around $3.3 billion based on the $10 PIPE share price when the transaction is complete by the end of the second quarter of 2021.
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