Lilium Announces $119M Capital Raise to Continue Development of New Electric Aircraft

Lil­i­um has announced the pric­ing of a $119 mil­lion cap­i­tal raise from exist­ing share­hold­ers, new investors, and strate­gic part­ners, which include Hon­ey­well and Aci­tur­ri as well as LGT and its affil­i­at­ed impact investor Lightrock, Ten­cent, B. Riley Secu­ri­ties and cer­tain affil­i­ates there­of.

Lilium’s new CEO, Klaus Roewe, as well as three addi­tion­al board mem­bers, Bar­ry Engle, David Waller­stein and Niklas Zennström, are also par­tic­i­pat­ing in this fundrais­ing, which is a con­cur­rent pri­vate place­ment and reg­is­tered direct offer­ing. Cit­i­group, B. Riley Secu­ri­ties and Piper San­dler are act­ing as place­ment agents for the offer­ings.

Lil­i­um agreed to issue and sell: (a) an aggre­gate of 91,524,936 of the Company’s Class A ordi­nary shares (the “Shares”), at a price of $1.30 per share; and (b) war­rants exer­cis­able for an aggre­gate of 45,762,463 Shares, with an exer­cise price of $1.30 per share in the pri­vate place­ment and reg­is­tered direct offer­ings.

The offer­ings are expect­ed to close on Novem­ber 22, 2022, sub­ject to cus­tom­ary clos­ing con­di­tions. Lil­i­um and its offi­cers and direc­tors have agreed to a lock­up of 30 days sub­ject to cus­tom­ary exclu­sions.

The secu­ri­ties in the reg­is­tered direct offer­ing are being offered by Lil­i­um pur­suant to a shelf reg­is­tra­tion state­ment on Form F‑3 (File No. 333–267719) pre­vi­ous­ly filed with the U.S. Secu­ri­ties and Exchange Com­mis­sion (the “SEC”), which the SEC declared effec­tive on Octo­ber 12, 2022.

A final prospec­tus sup­ple­ment relat­ed to the reg­is­tered direct offer­ing will be filed with the SEC, and will be avail­able on the SEC’s web­site locat­ed at http://www.sec.gov.

The secu­ri­ties sold in the pri­vate place­ment, includ­ing, when issued, the shares under­ly­ing the war­rants, are being issued pur­suant to the exemp­tions pro­vid­ed by Sec­tion 4(a)(2) of the Secu­ri­ties Act of 1933, as amend­ed.

In June 2021, Lil­i­um chose Hon­ey­well to devel­op the avion­ics and flight con­trol sys­tems for its sev­en-seater eVTOL air­craft, with Hon­ey­well also announc­ing it is invest­ing in the Ger­man start­up.

Hon­ey­well to sup­ply avion­ics and flight con­trol sys­tems for Lilium’s sev­en-seater eVTOL and announced as investor

In April 2020, Lil­i­um com­plet­ed an inter­nal fund­ing round worth more than $240 mil­lion, to help con­tin­ue the devel­op­ment of its all-elec­tric air­craft for use as a fly­ing taxi ser­vice.

Lil­i­um secures addi­tion­al fund­ing worth more than $240 mil­lion for air taxi pro­to­type