Lilium took a shortcut to the stock market via a so-called SPAC, a 'Special Purpose Acquisition Company'. Qell was listed on the stock exchange for the purpose of the acquisition. Through the merger with Qell, the Munich its listing and are now traded on the New York Tech Stock Exchange.
“For us, Lilium is a unique opportunity”
Previously, 98 percent of Qell shareholders approved the merger. Air taxi company is raising approximately €496 million ($584 million) through its IPO. The proceeds will be used to launch the seven-seat flying taxi. The Munich-based company's existing shareholders will transfer their entire stake to the merged company. Daniel Wiegand, Co-Founder and CEO of Lilium says:
"In 2015, we began our journey with a clear vision that air travel needed to be decarbonized. We built a team and a product to radically change the way we travel. Six years and five generations of our prototype later, we are closer than ever to achieving that goal. Today's milestone brings us even closer to launching our service in 2024. We aim to make sustainable, regional, high-speed air travel a reality around the world."
Barry Engle, CEO and Co-Founder of Qell, says:
"For us, Lilium represents a unique opportunity at the forefront of a completely new industry. Lilium can revolutionize short-haul travel, saving people hours of commutes from city to city. With the seven-seat Lilium Jet, Lilium will enable sustainable, high-speed travel. Qell is proud to bring this exciting company public."
