Qell Acquisition shareholders voted in favor of the business combination with electric jet company Lilium GmbH.
More than 98% of the votes cast were in favor of the deal, the SPAC said in a news release. However, the SPAC also noted that 65% of Qell shareholders redeemed their shares ahead of the vote.
At the time the deal was announced in March, the combined company was valued at $3.3 billion and terms called for Lilium to receive approximately $830 million, including $380 million in cash in the SPAC’s trust and a $450 million PIPE.
As a result of the redemptions, Qell said the proceeds will be approximately $584 million.
The business combination is still expected to close Sept. 14.
The combined company’s shares and redeemable warrants will listed on the Nasdaq under LILM and LILMW. Trading is expected to begin Sept. 15. Read more.