FutureFlight
Lilium and Archer Head to Wall Street for Share Flotations
Having completed their mergers with special purpose acquisition companies, two more eVTOL start-ups are going public in New York but both are set to raise less capital than anticipated.
Lilium Jet
Along with eVTOL aircraft rival Archer, Lilium this week is raising fresh capital to support the development of its ducted fan design, but could investors' perspective on the sector be shifting now that several frontrunners are going public? (Image: Lilium)

Two more eVTOL aircraft start-ups, Lilium and Archer, this week started their new lives as public companies, with share flotations on Wall Street. Both stock offerings followed the closing of their mergers with special purpose acquisition companies (SPACs), respectively Qell and Atlas Crest, but the deals saw marked differences in the amount of capital raised to support ambitious plans to bring aircraft to market by 2024.

Lilium completed its “business combination” with Qell yesterday and its Class A shares and redeemable warrants started trading on the Nasdaq exchange on September 15 (under the respective tickers LILM and LILMW). Archer’s stock and warrants are set to start trading on the New York Stock Exchange (NYSE) on September 17 (ARCH and ARCH WS), with its merger set to close on September 16.