Two more eVTOL developers are poised to begin public trading this week following successful combinations with special purpose acquisition companies (SPACs).
Lilium confirmed that it has completed its business combination with Qell Acquisition Corp., approved by shareholders last week. The German eVTOL developer’s shares will trade on the Nasdaq under the ticker symbol LILM starting Sept. 15.
Meanwhile, shareholders of Atlas Crest Investment Corp. approved a merger with California-based Archer Aviation on Sept. 14. Completion of the transaction is expected to occur within days, enabling Archer shares to begin trading on the New York Stock Exchange as ACHR starting Sept. 17.
Lilium’s merger will generate approximately $584 million in gross proceeds for the company, after around 65% of Qell shareholders chose to redeem their shares. The transaction values the combined company at an implied pro forma equity value of $3.3 billion.
Archer, after electing in July to slash its pre-money valuation to $1.7 billion, managed to hold redemptions to 48.5%. Its combination with Atlas Crest will yield around $857.6 million in gross proceeds, including a $600 million private investment in public equity (PIPE), according to a press release.
As previously announced, former Airbus CEO Tom Enders now assumes the role of chairman at Lilium, where he will be joined on the board of directors by Daniel Wiegand, Barry Engle, Gabrielle Toledano, Henri Courpron, David Wallerstein, Niklas Zennström, David Neeleman, and Margaret M. Smyth.
“Shareholders, management and more than 700 employees are united in their quest for sustainable aviation for everybody,” Enders stated in a press release. “It will not be an easy journey but we have the technology, the team, and the resources to be very confident that Lilium will make it happen. . . . I am proud to be leading one of the most diverse and competent boards in our industry.”