Lilium (LILM) announces upsized $192M financing

German aerospace company, Lilium (NASDAQ: LILM), developer of the first all-electric vertical take-off and landing jet, announced Friday a $192 million financing.

The financing includes an upsized underwritten public offering of $75 million, which involves the pricing of 57,692,308 Class A ordinary shares of the company. Secondly, there is a private placement of $42 million, including 32,146,147 shares and warrants to purchase 8,036,528 shares. This private placement is led by Earlybird Venture Capital and includes BIT Capital, UVC Partners, Frank Thelen, as well as several Lilium board members and senior executives.

Additionally, according to the purchase agreement dated May 1, 2023, between the Company and Aceville Pte. Limited, Aceville has committed to provide an additional $75 million in funding. This funding will be used to partially prepay against the total exercise price of the warrants issued under the agreement. However, this commitment is contingent upon the underwritten public offering and the concurrent PIPE generating a minimum of $75 million in gross proceeds.

The public offering is expected to close on July 18, 2023, $21 million of the PIPE is expected to close on July 18, 2023, and $21 million of the PIPE is expected to close on July 31, 2023, in each case subject to satisfaction of customary closing conditions.

Shares of LILM are down 17.05% in early trading on Friday.

By Michael Elkins | [email protected]

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