MUNICH and SAN FRANCISCO, Sept.
10, 2021 /PRNewswire/ -- Qell Acquisition
Corp. (NASDAQ: QELL.U, QELL and QELL.WS), a special purpose
acquisition company focused on next generation mobility, announced
today that its shareholders voted to approve the proposed business
combination with Lilium GmbH ("Lilium"), positioned to be a
global leader in regional electric air transportation with the
development of its 7-Seater electric vertical take-off and landing
jet.
More than 98% of the votes cast at the Extraordinary General
Meeting of Shareholders held today were in favor of the previously
announced business combination.
The formal results of the vote will be included in a Current
Report on Form 8-K to be filed by Qell with the Securities and
Exchange Commission (the "SEC").
The business combination is expected to close on September 14, 2021, subject to the satisfaction
or waiver of customary closing conditions.
Upon closing, the combined company's Class A ordinary shares and
redeemable warrants will be listed on Nasdaq under the ticker
symbols "LILM" and "LILMW" respectively, and are anticipated to
begin trading on September 15, 2021.
Any Qell units will automatically separate into the equivalent
Class A Shares and Warrants upon the consummation of the Business
Combination.
The transaction values the combined company at an implied
$3.3 billion pro forma equity value
at the $10.00 per share PIPE price.
The proceeds being raised in this transaction are approximately
$584 million. Reflecting the current
SPAC market environment, 65% of Qell shareholders chose to redeem
their shares.
Daniel Wiegand, Co-Founder and
CEO, Lilium:
"We are thrilled that Qell shareholders have chosen to support our
vision to accelerate the decarbonisation of air travel and will
join Lilium on the next phase of our journey. Today's vote brings
us one step closer to our planned commercial launch in 2024,
delivering sustainable high-speed regional transportation with the
all-electric 7-Seater Lilium Jet."
About Lilium
Lilium's vision is to create a
sustainable and accessible mode of high-speed, regional
transportation. Using the 7-Seater Lilium Jet, an electric vertical
take-off and landing jet, offering leading capacity, low noise and
high performance, Lilium is building a transport network and
service for people and goods. Working with aerospace, technology
and infrastructure leaders, commercial operations are projected to
launch in 2024. Lilium's 650+ strong team includes approximately
400 aerospace engineers and a leadership team responsible for
delivering some of the most successful aircraft in aviation
history. Founded in 2015, Lilium's headquarters and manufacturing
facilities are in Munich, Germany,
with teams based across Europe and
the U.S. To learn more, visit www.lilium.com.
About Qell
Formed in San
Francisco in August 2020, Qell
Acquisition Corp. (Nasdaq: QELL) is a publicly traded special
purpose acquisition company created to invest in a high-growth
business in the next-generation mobility, transportation or
sustainable industrial technology markets. The management team, led
by Barry Engle and Sam Gabbita, has deep experience and networks
across both incumbents and emerging technology companies in their
target sectors.
Forward Looking Statements
This press release contains
certain forward-looking statements within the meaning of the
federal securities laws, including, but not limited to, statements
regarding Lilium's, Qell's and Lilium N.V.'s proposed
business and business model, the markets and industry in which
Lilium, Qell and Lilium N.V. (collectively, the "Lilium Group")
intend to operate, the anticipated timing of the commercialization
and launch of the Lilium Group's business and Lilium N.V.'s
officers and directors. These forward-looking statements generally
are identified by the words "believe," "project," "expect,"
"anticipate," "estimate," "intend," "strategy," "future,"
"opportunity," "plan," "may," "should," "will," "would," "will be,"
"will continue," "will likely result," and similar expressions.
Such statements are based on management's belief or interpretation
of information currently available. Forward-looking statements are
predictions, projections and other statements about future events
that are based on management's current expectations with respect to
future events and are based on assumptions and subject to risk and
uncertainties and subject to change at any time. The Lilium Group
will operate in a rapidly changing emerging industry. New risks
emerge every day. Given these risks and uncertainties, you should
not rely on or place undue reliance on these forward-looking
statements. Actual events or results may differ materially from
those contained in the projections or forward-looking
statements.
Many factors could cause actual future events to differ
materially from the forward-looking statements in this press
release, including, but not limited to, the following risks: (i)
the business combination with Qell may not be completed in a timely
manner or at all, which may adversely affect the price of Qell's
securities; (ii) the business combination may not be completed by
Qell's business combination deadline and the potential failure to
obtain an extension of the business combination deadline if sought
by Qell; (iii) the parties' failure to satisfy the conditions to
the consummation of the business combination, such as failing to
satisfy the minimum trust account amount following redemptions by
Qell's public shareholders or an inability to secure necessary
governmental and regulatory approvals; (iv) the impact of COVID-19
on Lilium's business or the business combination between Lilium and
Qell; (v) the Lilium Group's ability to implement business plans,
operating models, forecasts and other expectations and identify and
realize additional business opportunities including, with respect
to the Lilium Group, after the completion of the proposed business
combination with Qell; (vi) the failure of the Lilium Group and its
current and future business partners to successfully develop and
commercialize the Lilium Group's business or significant delays in
its ability to do so, including any delays in the Lilium Group's
ability to launch its service on the timeline and at the locations
anticipated or at all; (vii) the Lilium Group's inability to secure
or protect its intellectual property; (viii) the effect of the
announcement or pendency of the proposed business combination on
Lilium Group's business relationships, performance and operations
generally; and (ix) the outcome of any legal proceedings that may
be instituted against Qell or the Lilium Group related to the
proposed business combination. The foregoing list of factors is not
exhaustive. Forward-looking statements speak only as of the date
they are made. You are cautioned not to put undue reliance on
forward-looking statements, and the Lilium Group assumes no
obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events or otherwise. A further list and description of
risks, uncertainties and other matters with respect to the Lilium
Group can be found in the Registration Statement (as defined
below), including those risks outlined in "Risk Factors," and in
subsequent U.S. Securities and Exchange Commission ("SEC") filings
by the Lilium Group, all of which are available at sec.gov. All
forward-looking statements attributable to the Lilium Group or any
person acting on behalf of any of the foregoing are expressly
qualified in their entirety by this cautionary statement.
CONTACT INFORMATION FOR INVESTORS
Björn Scheib,
Lilium, +49 176 417 57 335, bjoern.scheib@lilium.com
CONTACT INFORMATION FOR MEDIA
Meredith Bell, Lilium, +41 79 432 57 79,
meredith.bell@lilium.com or press@lilium.com
Colleen Robar, Robar PR (for
Qell), +1 313 207-5960, crobar@robarpr.com
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SOURCE Qell Acquisition Corp.