5-May-2023 Source: Lilium
Lilium N.V. (“Lilium” or the “Company”) (NASDAQ: LILM), developer of the first all-electric vertical take-off and landing jet, announced a capital raise for up to $250 million, with $100 million funded at close. A Form 6-K has been filed by the Company with the Securities and Exchange Commission on May 1, 2023.
This capital raise enables Lilium to continue the development of its Lilium Jet at full pace and would cover most of the estimated capital required to achieve first manned flight of the type-conforming aircraft.
Once this development milestone is achieved, which is planned for the second half of 2024, Lilium expects to benefit from the contribution of substantial pre-delivery payments (PDPs) which will help fund its subsequent capital requirements.
Lilium CEO Klaus Roewe stated, “The capital raise announced today marks an important development in our ongoing mission to revolutionize the aviation industry. With this financing, we are excited to continue our development program at full pace. We remain in multiple constructive discussions with existing and potential new investors. We hope to announce further updates soon.”
Additional Business Updates
Lilium’s most recent Shareholder Letter, published on March 28, 2023, highlighted its continued achievements towards important milestones, including a successful high-speed Phoenix demonstrator flight, continued commercial momentum, confirmation of the Lilium Jet’s battery technology, certification progress, and advances in our supply chain, all of which are accelerating the Company towards the start of production of the first type-conforming aircraft.