Qell Acquisition Corp. [NASDAQ: QELL] and German air shuttle startup Lilium GmbH disclosed Tuesday that they both inked a merger agreement. The value of the deal of the merged business is set at $3.3 billion and pro forma equity value at the $10.00 per share PIPE price.
After the execution of the agreement, the merged firm will be called Lilium. Additionally, it is expected that ordinary shares will be traded on the Nasdaq Stock Exchange under the ticker symbol LILM. Lilium disclosed that the acquisition with Qell, headed by Barry Engle. Barry is the ex-president of General Motors North America. Furthermore, it would provide assistance to its aim of rolling out commercial business in 2024.
The firm has disclosed that the total gross profits are anticipated to be $830 million. It comprises the $380 million held in trust and profit from a $450 million private placement. Furthermore, the merged firm has anticipated the addition of Barry Engle to the Board, will join current Board members plus ex Airbus CEO, Tom Enders.
The Lilium 7-Seater Jet has an estimated cruise speed of 175 mph at 10,000 feet. It has a range of 155+ miles, plus resources. Hence, it is the result of five years of technological progress across four generations of technology supporters, comprising the full-scale 5-Seater of Lilium.