MUNICH and SAN FRANCISCO,
Sept. 14, 2021 /PRNewswire/ -- Lilium
GmbH ("Lilium"), positioned to be a global leader in regional
electric air mobility, today announced that it has completed its
business combination with Qell Acquisition Corp. ("Qell"), a
publicly listed special purpose acquisition company (Nasdaq: QELL).
The transaction was approved by Qell's shareholders on September 10, 2021, during a Special Meeting in
which more than 98% of the votes cast were in favor of the business
combination. Beginning September 15,
2021, Lilium's Class A ordinary shares and redeemable
warrants will trade on the Nasdaq under the symbols "LILM" and
"LILMW", respectively.
Daniel Wiegand, Co-Founder and
CEO of Lilium said:
"In 2015 with the clear vision that the decarbonization of
aviation is inevitable, we set out to build a team and product that
would radically transform the way the world moves. Six years and
five generations of technology demonstrator aircraft later, we're
closer than ever to this goal. Today's milestone will bring us even
closer to launching our service in 2024 and making sustainable,
high-speed regional air travel a reality to communities around the
world."
As a result of the business combination, Lilium will receive
approximately $584 million of gross
proceeds, prior to transaction expenses, including from funds
managed by leading strategic and long-term financial investors
including Atomico, Baillie Gifford, LGT and its affiliate impact
investing platform Lightrock, funds and accounts managed by
BlackRock, Tencent, Ferrovial,
Palantir, Honeywell, FII Institute and private funds affiliated
with PIMCO. Net cash from the transaction will be used to fund the
commercial launch of Lilium's 7-Seater Jet. Lilium's existing
shareholders will roll 100% of their shares into the combined
company.
Barry Engle, CEO and Co-Founder
of Qell said:
"We see Lilium as a once-in-a-lifetime opportunity that will be
at the forefront of a whole new industry. Lilium has the capacity
to revolutionize regional travel, saving people hours so they can
quickly travel from city to city. Using its 7-Seater Lilium Jet,
Lilium's regional shuttle service should enable sustainable,
high-speed transportation. Qell is proud to bring this exciting
company to the public markets."
At closing, Tom Enders, will
become Chairman of the Board and will be joined on the Board of
Directors by Daniel Wiegand,
Barry Engle, Gabrielle Toledano, Henri Courpron, David Wallerstein, Niklas Zennström,
David Neeleman and Margaret M. Smyth.
Tom Enders, Chairman of the
Board, said:
"Shareholders, management and more than 700 employees are united
in their quest for sustainable aviation for everybody. It will not
be an easy journey but we have the technology, the team and the
resources to be very confident that Lilium will make it happen. Our
role as a Board of Directors is to make strategic decisions, to
supervise, to coach and to advise. I am proud to be leading one of
the most diverse and competent Boards in our industry."
Advisors
JP Morgan Securities LLC and Barclays Capital Inc. acted as
financial and capital markets advisors to Qell. Citigroup Global
Markets Inc. acted as lead financial advisor to Lilium. Piper
Sandler & Co. and Oppenheimer acted as financial advisors to
Lilium. JP Morgan Securities LLC, Barclays Capital Inc. and
Citigroup Global Markets Inc. acted as lead placement agents for
the PIPE transaction. Orrick
Herrington & Sutcliffe LLP and Ropes & Gray LLP
served as legal advisors to Lilium. Goodwin Procter LLP served as
legal advisor to Qell. JPMorgan Securities LLC and Barclays Capital
Inc. acted as the joint book-running managers of Qell's IPO.
About Lilium
Lilium is creating a sustainable and accessible mode of
high-speed, regional transportation for people and goods. Using the
7-Seater Lilium Jet, an all-electric vertical take-off and landing
jet, offering leading capacity, low noise and high performance with
zero operating emissions, Lilium is accelerating the
decarbonization of air travel. Working with aerospace, technology
and infrastructure leaders, and with planned launch networks
announced in Germany, the United States and Brazil, commercial operations are projected to
begin in 2024. Lilium's 700+ 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.
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 N.V.'s proposed
business and business model, the markets and industry in which
Lilium N.V. and its subsidiaries (collectively, the "Lilium Group")
intend to operate, the anticipated timing of the commercialization
and launch of the Lilium Group's business and appointments to the
post-combination board. 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 impact
of COVID19 on Lilium's business or the business combination; (ii)
the Lilium Group's ability to realize the anticipated benefits of
the business combination; (iii) the Lilium Group's ability to
implement business plans, operating models, forecasts and other
expectations and identify and realize additional business
opportunities after the completion of the business combination;
(iv) 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 and (v) the Lilium Group's inability to secure or protect its
intellectual property. 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 can be found in the section
titled "Risk Factors" in our filings with the U.S. Securities and
Exchange Commission, all of which are available at www.sec.gov. All
forward-looking statements attributable to Lilium or any person
acting on its behalf are expressly qualified in their entirety by
this cautionary statement.
Contacts:
Media Relations
Meredith Bell, Lilium
+41 79 432 57 79
meredith.bell@lilium.com
press@lilium.com
Investor Relations
Björn Scheib, Lilium
+49 176 417 57 335
Bjoern.scheib@lilium.com
investors@lilium.com
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SOURCE Lilium