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Qell Acquisition Corp. shareholders approve business combination with Lilium
Friday, 10 September 2021

Qell Acquisition Corp., a special purpose acquisition company focused on next generation mobility, announced that its shareholders voted to approve the proposed business combination with Lilium GmbH ("Lilium"), positioned to be a global leader in regional electric air transportation with the development of its 7-seater electric vertical take-off and landing jet.

More than 98% of the votes cast at the Extraordinary General Meeting of Shareholders held today were in favour of the previously announced business combination.

The formal results of the vote will be included in a Current Report on Form 8-K to be filed by Qell with the Securities and Exchange Commission (the "SEC").

The business combination is expected to close on September 14, 2021, subject to the satisfaction or waiver of customary closing conditions.

Upon closing, the combined company's Class A ordinary shares and redeemable warrants will be listed on Nasdaq under the ticker symbols "LILM" and "LILMW" respectively, and are anticipated to begin trading on September 15, 2021. Any Qell units will automatically separate into the equivalent Class A Shares and Warrants upon the consummation of the Business Combination.

The transaction values the combined company at an implied $3.3 billion pro forma equity value at the $10.00 per share PIPE price. The proceeds being raised in this transaction are approximately $584 million. Reflecting the current SPAC market environment, 65% of Qell shareholders chose to redeem their shares.

Daniel Wiegand, Co-Founder and CEO, Lilium said, "We are thrilled that Qell shareholders have chosen to support our vision to accelerate the decarbonisation of air travel and will join Lilium on the next phase of our journey. Today's vote brings us one step closer to our planned commercial launch in 2024, delivering sustainable high-speed regional transportation with the all-electric 7-seater Lilium Jet."

Contact details from our directory:
Lilium GmbH Airframer