Shareholders in Qell Acquisition Corp. have approved a proposed merger with eVTOL aircraft developer Lilium. In an extraordinary general meeting of the special purpose acquisition company’s stockholders on September 10, more than 98 percent of the votes cast were in favor of combining the businesses, in a process that is expected to close on September 14.
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, respectively. Trading is expected to begin on September 15.
According to a joint statement, the merger venture has an implied $3.3 billion pro forma equity value based on the $10 per share Private Investment in Public Equity (PIPE) price. The proceeds from the transaction are expected to raise around $584 million, which is less than the $830 million proceeds anticipated when the deal was announced on March 30. Around 65 percent of Qell shareholders have chosen to redeem their shares, which the companies say reflects “the current SPAC market environment.”
Germany-based Lilium has appointed Peggy Smyth to its board of directors. She is a highly experienced financial executive who has held senior roles, such as CFO of National Grid, overseeing the U.S. group’s investments in battery storage, solar energy, electric vehicles, and charging infrastructure. Smyth has extensive experience in public company finance, accounting, and strategic planning and serves on the boards of Etsy, Frontier Communications, and Remitly.
“We are thrilled that Qell shareholders have chosen to support our vision to accelerate the decarbonization of air travel and join Lilium on the next phase of our journey,” said Lilium co-founder and CEO Daniel Wiegand. “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.”