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March 30, 2021, 6:15 a.m. EDT

Munich-based electric take-off and landing jet maker Lilium to go public via merger with SPAC Qell

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By Ciara Linnane

Lilium GmbH, a Munich-based maker of an electric vertical take-off and landing jet, said Tuesday it is going public via a merger with special purpose acquisition corporation Qell Acquisition Corp. in a deal with an implied $3.3 billion pro forma equity value. Qell, a SPAC or blank-check company, is led by Barry Engle, a former president of General Motors North America, and aims to invest in next-generation sustainable mobility. Once the deal closes, the company will be renamed Lilium and trade on Nasdaq under the ticker symbol "LILM." "Lilium can revolutionize regional travel, saving people hours not minutes," the companies said in a joint statement. "Using its 7-Seater Lilium Jet, revealed today, Lilium's regional shuttle service will enable sustainable, high-speed transportation." Lilium is expected to receive about $830 million of gross proceeds from a PIPE offering of $450 million along with $380 million cash held in trust by the SPAC. The deal is expected to close in the second quarter.

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