MUNICH and SAN FRANCISCO, Sept. 10, 2021 /PRNewswire/ — Qell Acquisition Corp. (NASDAQ: QELL.U, QELL and QELL.WS), a particular objective acquisition firm centered on subsequent era mobility, introduced as we speak that its shareholders voted to approve the proposed enterprise mixture with Lilium GmbH (“Lilium”), positioned to be a worldwide chief in regional electrical air transportation with the event of its 7-Seater electrical vertical take-off and touchdown jet.
Greater than 98% of the votes forged on the Extraordinary Normal Assembly of Shareholders held as we speak had been in favor of the beforehand introduced enterprise mixture.
The formal outcomes of the vote can be included in a Present Report on Type 8-Ok to be filed by Qell with the Securities and Alternate Fee (the “SEC”).
The enterprise mixture is anticipated to shut on September 14, 2021, topic to the satisfaction or waiver of customary closing situations.
Upon closing, the mixed firm’s Class A strange shares and redeemable warrants can be listed on Nasdaq below the ticker symbols “LILM” and “LILMW” respectively, and are anticipated to start buying and selling on September 15, 2021. Any Qell items will robotically separate into the equal Class A Shares and Warrants upon the consummation of the Enterprise Mixture.
The transaction values the mixed firm at an implied $3.3 billion professional forma fairness worth on the $10.00 per share PIPE value. The proceeds being raised on this transaction are roughly $584 million. Reflecting the present SPAC market setting, 65% of Qell shareholders selected to redeem their shares.
Daniel Wiegand, Co-Founder and CEO, Lilium:
“We’re thrilled that Qell shareholders have chosen to assist our imaginative and prescient to speed up the decarbonisation of air journey and can be a part of Lilium on the following part of our journey. At present’s vote brings us one step nearer to our deliberate business launch in 2024, delivering sustainable high-speed regional transportation with the all-electric 7-Seater Lilium Jet.”
Lilium’s imaginative and prescient is to create a sustainable and accessible mode of high-speed, regional transportation. Utilizing the 7-Seater Lilium Jet, an electrical vertical take-off and touchdown jet, providing main capability, low noise and excessive efficiency, Lilium is constructing a transport community and repair for folks and items. Working with aerospace, expertise and infrastructure leaders, business operations are projected to launch in 2024. Lilium’s 650+ sturdy workforce consists of roughly 400 aerospace engineers and a management workforce chargeable for delivering among the most profitable plane in aviation historical past. Based in 2015, Lilium’s headquarters and manufacturing services are in Munich, Germany, with groups based mostly throughout Europe and the U.S. To study extra, go to www.lilium.com.
Fashioned in San Francisco in August 2020, Qell Acquisition Corp. (Nasdaq: QELL) is a publicly traded particular objective acquisition firm created to put money into a high-growth enterprise within the next-generation mobility, transportation or sustainable industrial expertise markets. The administration workforce, led by Barry Engle and Sam Gabbita, has deep expertise and networks throughout each incumbents and rising expertise firms of their goal sectors.
Ahead Trying Statements
This press launch incorporates sure forward-looking statements inside the that means of the federal securities legal guidelines, together with, however not restricted to, statements relating to Lilium’s, Qell’s and Lilium N.V.’s proposed enterprise and enterprise mannequin, the markets and business wherein Lilium, Qell and Lilium N.V. (collectively, the “Lilium Group”) intend to function, the anticipated timing of the commercialization and launch of the Lilium Group’s enterprise and Lilium N.V.’s officers and administrators. These forward-looking statements usually are recognized by the phrases “imagine,” “challenge,” “anticipate,” “anticipate,” “estimate,” “intend,” “technique,” “future,” “alternative,” “plan,” “might,” “ought to,” “will,” “would,” “can be,” “will proceed,” “will possible end result,” and comparable expressions. Such statements are based mostly on administration’s perception or interpretation of knowledge presently out there. Ahead-looking statements are predictions, projections and different statements about future occasions which might be based mostly on administration’s present expectations with respect to future occasions and are based mostly on assumptions and topic to threat and uncertainties and topic to alter at any time. The Lilium Group will function in a quickly altering rising business. New dangers emerge day by day. Given these dangers and uncertainties, you shouldn’t depend on or place undue reliance on these forward-looking statements. Precise occasions or outcomes might differ materially from these contained within the projections or forward-looking statements.
Many elements might trigger precise future occasions to vary materially from the forward-looking statements on this press launch, together with, however not restricted to, the next dangers: (i) the enterprise mixture with Qell is probably not accomplished in a well timed method or in any respect, which can adversely have an effect on the worth of Qell’s securities; (ii) the enterprise mixture is probably not accomplished by Qell’s enterprise mixture deadline and the potential failure to acquire an extension of the enterprise mixture deadline if sought by Qell; (iii) the events’ failure to fulfill the situations to the consummation of the enterprise mixture, comparable to failing to fulfill the minimal belief account quantity following redemptions by Qell’s public shareholders or an incapability to safe obligatory governmental and regulatory approvals; (iv) the affect of COVID-19 on Lilium’s enterprise or the enterprise mixture between Lilium and Qell; (v) the Lilium Group’s potential to implement enterprise plans, working fashions, forecasts and different expectations and determine and notice further enterprise alternatives together with, with respect to the Lilium Group, after the completion of the proposed enterprise mixture with Qell; (vi) the failure of the Lilium Group and its present and future enterprise companions to efficiently develop and commercialize the Lilium Group’s enterprise or vital delays in its potential to take action, together with any delays within the Lilium Group’s potential to launch its service on the timeline and on the places anticipated or in any respect; (vii) the Lilium Group’s incapability to safe or shield its mental property; (viii) the impact of the announcement or pendency of the proposed enterprise mixture on Lilium Group’s enterprise relationships, efficiency and operations usually; and (ix) the result of any authorized proceedings which may be instituted in opposition to Qell or the Lilium Group associated to the proposed enterprise mixture. The foregoing checklist of things isn’t exhaustive. Ahead-looking statements communicate solely as of the date they’re made. You’re cautioned to not put undue reliance on forward-looking statements, and the Lilium Group assumes no obligation and doesn’t intend to replace or revise these forward-looking statements, whether or not on account of new data, future occasions or in any other case. An additional checklist and outline of dangers, uncertainties and different issues with respect to the Lilium Group will be discovered within the Registration Assertion (as outlined under), together with these dangers outlined in “Danger Elements,” and in subsequent U.S. Securities and Alternate Fee (“SEC”) filings by the Lilium Group, all of which can be found at sec.gov. All forward-looking statements attributable to the Lilium Group or any particular person appearing on behalf of any of the foregoing are expressly certified of their entirety by this cautionary assertion.
CONTACT INFORMATION FOR INVESTORS
Björn Scheib, Lilium, +49 176 417 57 335, email@example.com
CONTACT INFORMATION FOR MEDIA
Meredith Bell, Lilium, +41 79 432 57 79, firstname.lastname@example.org or email@example.com
Colleen Robar, Robar PR (for Qell), +1 313 207-5960, firstname.lastname@example.org
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SOURCE Qell Acquisition Corp.