What Happened to Lilium NV?
Ticker: LILMSPAC Year: 2021Merger: 2021
Return
-100.0%
Current Price
$0
Peak Price
$15.46
Trust Size
$380M
Summary
German electric air taxi company. Promised revolutionary jet-powered eVTOL. Bankrupt in October 2024 after burning $1.5B+ with no certified aircraft and no revenue.
What Happened
Lilium merged with Qell Acquisition Corp in September 2021. The Munich-based company developed a 7-seat electric jet for urban air mobility. It had a slick design and impressive backing (Tencent, Baillie Gifford). But developing an entirely new category of aircraft proved impossibly expensive. Lilium burned through $1.5B+ without ever certifying its jet or generating a dollar of revenue. Filed for insolvency in October 2024. Assets were purchased by a consortium for a fraction of the investment.
Key People
Timeline
2021-03
SPAC merger announced
2021-09
Merger completed at $3.3B
2023-01
Stock below $2
2024-03
Running out of cash, seeking bailout
2024-10
Insolvency filed