By Chris Stonor
Like a conveyor belt of eVTOL startups patiently waiting in line to join the BIG boys at the world’s investment emporium, Lilium is soon to become the next in line after Joby, to embrace the Stock Market, when Qell shareholders approved a SPAC merger last Friday. More than 98 percent of the votes cast were in favour of combining the businesses, reports futureflight.aero.
Once the transaction is complete, the combined company’s Class A ordinary shares and redeemable warrants will be listed on New York’s Nasdaq exchange, under the ticker symbols LILM and LILMW. Trading begins tomorrow (September 15th).
This merger venture has a potential USD3.3 billion equity value based on the USD10 per share price. The proceeds from the transaction are expected to raise around USD584 million, less than the USD830 million anticipated when the deal was announced on March 30th. This is because “around 65 percent of Qell shareholders have chosen to redeem their shares, which the companies say reflects the current SPAC market environment.”
This has become a strong trend with recent SPAC mergers. Most recently Joby’s share price fell to USD8 from its opening USD10 before rising again after redemptions occurred. Some investors are reluctant to hold these shares long-term given the present world economic uncertainty.
Lilium co-founder and CEO Daniel Wiegand, commented, “We are thrilled that Qell shareholders have chosen to support our vision to accelerate the decarbonisation of air travel and join Lilium on the next phase of our journey.”
He continued, “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, seven-seater Lilium Jet.”
Following in Lilium’s Stock Market footsteps is Archer and then a little later Vertical Aerospace.
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(News Source: https://www.futureflight.aero/)