Flying taxi startup Lilium to go public at $3.3B via SPAC deal
March 31, 2021
Lilium, the German developer of a regional air taxi service, has agreed to go public through a merger with Qell Acquisition Corp., a blank-check company founded by former General Motors North America president Barry Engle. The deal would value the combined entity at $3.3 billion. Total gross proceeds are expected to be $830 million, including $380 million in cash held in trust and a $450 million PIPE. Lilium has received backing from investors including Baillie Gifford, Tencent and Atomico.