Lilium Announced a $114 Million Financing This Morning

Lilium announced an underwritten public offering of Class A Shares and Warrants and concurrent private placement.

(Munich, Germany) Electric vertical take-off and landing developer (eVTOL) developer Lilium (NASDAQ: LILM) announced this morning that it had launched a $114 million financing, including an underwritten public offering of the Company’s Class A ordinary shares and warrants to purchase shares, as well as a concurrent private placement offering of shares and warrants to purchase shares (PIPE Warrants).

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Photo of Lilium's electric vertical take-off and landing (eVTOL) vehicle, the Lilium Jet, courtesy of Lilium.

Specifically, the financing includes the pricing of a $40 million underwritten public offering of 38,095,238 of the company's Class A ordinary shares and warrants to purchase 38,095,238 Shares, as well as a concurrent $50 million private placement of 47,573,111 shares and warrants, according to Seeking Alpha.

In connection with the underwritten public offering, the price of the 38,095,238 Shares and accompanying Warrants being sold to the public is $1.05 per Share and accompanying Warrant, and the Warrants are exercisable at an exercise price of $1.50 per share, per Seeking Alpha.

In connection with the concurrent PIPE, a number of investors, including BIT Capital, Earlybird Venture Capital and Aceville Pte. Limited, an affiliate of Tencent Holdings Limited, as well as certain Lilium board members, agreed to purchase the shares for $1.05 per Share and accompanying warrant.

Each PIPE Warrant will be exercisable for one Share at an exercise price of $1.50 per Share following the receipt of shareholder approval for an increase in the Company’s authorized share capital, and the PIPE Warrants will expire six years from the date of issuance.

The Company intends to use the net proceeds from the underwritten public offering, the PIPE and the Aceville Pre-Funding to continue to fund the development and operations of the Company and for general corporate purposes, according to a release from Lilium via Seeking Alpha.

Lilium will exhibit its eVTOL, the Lilium Jet, which will boast a maximum range of 108 + miles (94 nautical miles) on a single charge, for the first time at the European Business Aviation Convention & Exhibition in Geneva, Switzerland next week.

**Not investment advice; The FLY Report is not a registered investment advisor.

Newsfeed: Monday, June 24, 2024