Lilium is seeking to raise a further $250 million that it says it needs to continue the development of its six-passenger eVTOL aircraft “at full pace” and be ready to achieve the first flight of a type-conforming vehicle as planned in the second half of 2024. In a 6-K filing with the U.S. Securities and Exchange Commission on May 1, the Nasdaq-listed company reported that Aceville Pte. Limited, which is part of existing investor Tencent Holdings, has already committed the first $100 million and is willing to provide a further $75 million if Lilium can raise the same amount in equity, debt, or grants from third parties.

According to Lilium, it expects to receive the first $100 million cash injection in the next few days. No date has been set for the end of the latest fundraising campaign.

Nasdaq Listing Challenged as Share Price Falls below Minimum Bid

On April 13, Nasdaq stock market officials notified Lilium that it was not in compliance with the minimum bid price requirement of $1 per share, having had a closing bid price below this amount for 30 consecutive business days between March 1 and April 12.

This ruling gives Lilium 180 calendar days, or until Oct. 10, 2023, to comply with this requirement. This means that its Class A shares must have a closing bid price of at least $1 for a minimum of 10 consecutive business days to maintain its public listing. On May 2, Lilium’s stock closed at just 45 cents.

Back on March 28, Lilium published its latest shareholder letter, giving an update on efforts to achieve type certification for its six-passenger Lilium Jet by the end of 2025. The German company reported that in the most recent quarter, it completed the submission of certification plans covering all EASA’s requirements, as well as its third audit to secure design organization approval.

As of the end of the 2022 financial year, Lilium reported liquidity of €206 million and that “constructive discussions on follow-up funding” are progressing. The company says it has implemented some cost savings while stressing that it will maintain spending levels to “hold program timing.”

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