Qell Acquisition and Lilium B.V., filed a preliminary prospectus outlining the previously announced business combination with Lilium GmbH, which develops electric vertical takeoff and landing jets. The deal values the combined company at $3.3 billion. A shareholder vote date was not included in the filing.
Total gross proceeds to the company are expected to be approximately $830 million, including $380 million in cash currently held in trust and a $450 million PIPE, including investments by Baillie Gifford, funds and accounts managed by BlackRock, Tencent, Ferrovial, LGT and its direct impact investing arm Lightrock, Palantir, Atomico, FII Institute and private funds affiliated with PIMCO.
Lilium’s existing shareholders will roll 100 percent of their shares into the combined company.
Qell Acquisition is led by Barry Engle, a former president of General Motors North America. Read more.
