Qell Acquisition set a Sept. 10 meeting for shareholders to vote on its proposed merger with Lilium GmbH, which develops electric vertical takeoff and landing jets. The deal values the combined company at $3.3 billion. A definitive proxy statement was filed to day with the SEC.
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.
If approved, upon closing, the combined company’s shares and warrants are expected to be listed on the Nasdaq under LILM and LILMW. Read more.
