Lilium Retains KPMG to Oversee M&A Process, Prepares for Delisting

MT Newswires Live11-05

Lilium N.V (LILM) said Tuesday that it has retained KPMG to conduct a merger-and-acquisition process, with investor briefings to begin shortly.

The company has also been notified by NASDAQ that trading of the company's securities will be suspended on Wednesday, after which trading may commerce over the counter.

The steps follow court approval of Lilium's German subsidiaries' insolvency filing and its application for self-administration.

The court has also appointed two restructuring lawyers to the German subsidiaries' boards and another attorney as a provisional custodian in charge of protecting the interests of creditors, the company said.

Lilium's German subsidiaries continue to operate, with more than 1,000 employees and two Lilium Jets on the final assembly line and undergoing subsequent ground testing.

Price: 0.0864, Change: -0.01, Percent Change: -11.48

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