Lilium secures additional $114 million in funding, with participation from strategic and existing investors

Lil­i­um has suc­cess­ful­ly con­clud­ed its pre­vi­ous­ly announced cap­i­tal raise, result­ing in $114 mil­lion of new gross pro­ceeds.

The net pro­ceeds from this cap­i­tal raise pro­vide addi­tion­al funds need­ed to sup­port Lilium’s oper­a­tions to achieve the first manned flight test of the Lil­i­um Jet, tar­get­ed to occur in late 2024.

Klaus Roewe, CEO of Lil­i­um, said: “We appre­ci­ate the sup­port from exist­ing Lil­i­um part­ners and new investors alike.

“We have a robust set of strate­gic and finan­cial investors that are com­prised of some of the bright­est minds in the dis­rup­tive tech­nol­o­gy sec­tor, and their con­sis­tent sup­port, includ­ing par­tic­i­pa­tion in this cap­i­tal raise, is a tes­ta­ment to the progress we are mak­ing in bring­ing the rev­o­lu­tion­ary Lil­i­um Jet to mar­ket.”

The $114 mil­lion in gross pro­ceeds is being raised through three trans­ac­tions:

An under­writ­ten pub­lic offer­ing of Lilium’s Class A ordi­nary shares (“Class A Shares”) and accom­pa­ny­ing war­rants to pur­chase Class A Shares for approx­i­mate­ly $40 mil­lion, which closed yes­ter­day (Wednes­day).

A con­cur­rent pri­vate place­ment of Class A Shares and accom­pa­ny­ing war­rants to pur­chase Class A Shares (“PIPE War­rants”) for approx­i­mate­ly $50 mil­lion with par­tic­i­pa­tion from key strate­gic and exist­ing Lil­i­um investors, includ­ing BIT Cap­i­tal and Early­bird Ven­ture Cap­i­tal, with approx­i­mate­ly $26 mil­lion expect­ed to close on or around May 31st, 2024 and approx­i­mate­ly $24 mil­lion expect­ed to close on or around June 28th, 2024.

A con­cur­rent pri­vate place­ment of a pre-fund­ed war­rant to pur­chase Class A Shares and an accom­pa­ny­ing PIPE War­rant to Aceville Pte. Lim­it­ed, an affil­i­ate of Ten­cent Hold­ings Lim­it­ed (“Aceville”), with Aceville fund­ing approx­i­mate­ly $24 mil­lion to par­tial­ly pre­pay at $1 per Class A Share against the total exer­cise price of the pre-fund­ed war­rant, sub­ject to cer­tain adjust­ments and lim­i­ta­tions, expect­ed to close on or around June 28th, 2024.

B. Riley Secu­ri­ties, Inc. act­ed as the sole bookrun­ner and under­writer for the under­writ­ten pub­lic offer­ing.

Lil­i­um intends to fur­ther dis­cuss its recent devel­op­ments and progress with the release of its Q1 2024 quar­ter­ly share­hold­er let­ter on Tues­day, June 11th, before mar­ket open, and will host of a con­fer­ence call that same day at 8am ET.