Qell Acquisition Shareholders Approve Lilium SPAC Merger

Thestreet2021-09-13

Shareholders of special purpose acquisition company Qell Acquisition (QELL) overwhelmingly voted to approve a SPAC merger with electric air transportation developer Lilium GmbH. More than 98% of Qell ...

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KHYAP
2021-09-13
KHYAP
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The combined company's Class A common stock will be listed on Nasdaq under the ticker symbol LILM and is expected to begin trading Wednesday.\nThe transaction values the combined company at a $3.3 billion pro forma equity value based on the $10 a share PIPE price.\n\"We are thrilled that Qell shareholders have chosen to support our vision to accelerate the decarbonization of air travel and will join Lilium on the next phase of our journey,\" Lilium co-founder and CEO Daniel Wiegand said in a statement. \"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.\"\nMunich-based Lilium is developing its sustainable, high-speed 7-Seater Lilium Jet, which will feature low-noise, high-performance electric vertical take-off and landing. 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