Press Release September 14, 2021

Lilium Closes Business Combination with Qell Acquisition Corp.

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 KlatzkinJocelyn ArelMichelle TongJohn HaggertyGregor KlenkHeiko PenndorfFelix KruegerPriya RupalChris BuckStefania AthanassopoulouHermina WongCaitlin ChanAndrew Berg, Ben Alexander, and Benjamin Bechhofer.

For additional details on the transaction, please read the press release.