Lilium, a German green-energy aviation start-up that has been working out an electrically powered personal air vehicle - which would be able to perform vertical take-off and landing - said earlier on Tuesday that the aviation startup would go public in US stock exchange through a reverse merger with an SPAC (Special Purpose Acquisition Company), Qell Acquistion Corp., in a deal what could value the merged entity at $3.3 billion.
In point of fact, latest move of Munich-based Lilium which has been brewing off an option to roll out battery-powered aircrafts by 2025 - mostly aimed at offering a way to beat traffics - came against the backdrop of a barrage of SPAC-backed listing in the US stock market this year following a dour 2020.
Besides, Lilium said in a statement earlier in the day that its merger with Qell, an SPAC backed by Barry Eagle, a former President of General Motors North America, would help extract a significant influx of fresh capitals that in effect would enable the electric planemaker to deploy its battery-powered aircrafts by 2024, a year earlier before slated.
Lilium mulls US public market floatation via SPAC merger
Apart from that, under the financial terms of Lilium’s merger with Qell, the electric planemaker is expected to receive a whopping $830 million in fresh capitals including a $380 million held in trust alongside a $450 million in private investments, while Lilium’s private placement investors include a flurry of heavy-weight fund managers and financial institutions such as BlackRock, the world’s largest asset manager, China’s Tencent, Palantir, Atomico, Ferrovial, FII Institute alongside private funds affiliated with PIMCO.
Meanwhile, voicing a jubilant tone over its merger with Qell to go public in US stock market, Lilium Chief and Co-founder Daniel Wiegand said, “In Qell, we have found a partner who shares our ambition for sustainable mobility and brings tremendous experience in running mobility and hardware businesses.
” Nonetheless, Lilium would still require greenlights from the US FAA (Federal Aviation Administration), however, it had already obtained authorization from European aviation regulators.