March 30, 2021
Latham & Watkins advised Atomico, a key
shareholder in Lilium GmbH (Lilium), on Lilium’s combination with Qell
Acquisition Corp., a publicly listed special purpose acquisition company
(SPAC). Upon closing of the transaction, the company will be called Lilium, and
it is anticipated that ordinary shares will be listed on the Nasdaq under the
ticker symbol LILM.
Lilium can revolutionize regional travel,
saving people hours not minutes. Using its 7-Seater Lilium Jet, Lilium’s
regional shuttle service will enable sustainable, high-speed transportation.
The transaction values the combined company
at approximately US$3.3 billion pro forma equity value at the US$10.00 per
share PIPE price. The combined company is expected to receive approximately
US$830 million of gross proceeds from a fully committed common stock PIPE
offering of US$450 million, along with approximately US$380 million cash held
in trust, assuming minimal redemptions of Qell's existing public stockholders.
The PIPE comprises participation from leading strategic and long-term financial
investors including Atomico.
The Latham team was led by London corporate
partner Mike Turner and associate Medha Marathe, with advice from Hamburg
counsel Jana Dammann, Houston partner Ryan Maierson, and Los Angeles associate