A Goodwin cross-border Private Equity team advised Qell Acquisition Corp., a publicly listed special purpose acquisition company (Nasdaq: QELL), on its definitive business combination agreement with Lilium GmbH. Beginning September 15, 2021, Lilium’s Class A ordinary shares and redeemable warrants will trade on the Nasdaq under the symbols “LILM” and “LILMW”, respectively.
As a result of the business combination, Lilium will receive approximately $584 million of gross proceeds, prior to transaction expenses. Net cash from the transaction will be used to fund the commercial launch of Lilium's 7-Seater Jet. Lilium's existing shareholders will roll 100% of their shares into the combined company.
Formed in San Francisco in August 2020, Qell was created to invest in a high-growth business in the next-generation mobility, transportation, or sustainable industrial technology sectors. The management team, led by Barry Engle, a former president of General Motors North America, has deep experience and networks across both incumbents and emerging technology companies.
Lilium is creating a sustainable and accessible mode of high-speed, regional transportation for people and goods. Using the 7-Seater Lilium Jet, an all-electric vertical take-off and landing jet, offering leading capacity, low noise and high performance with zero operating emissions, Lilium is accelerating the decarbonization of air travel.
The Goodwin team consisted of Joshua Klatzkin, Jocelyn Arel, Michelle Tong, John Haggerty, Gregor Klenk, Heiko Penndorf, Felix Krueger, Priya Rupal, Stefania Athanassopoulou, Hermina Wong, Caitlin Chan, Andrew Berg, and Benjamin Bechhofer.
For additional details on the transaction, please read the press release.