German vertical take-off and landing (VTOL) manufacturer Lilium has priced $114 million financing, including the pricing of a $40 million underwritten public offering of approximately 38 million of its class A shares and warrants to purchase an equal amount of shares.
The shares are being to public at $1.05 per share and accompanying warrant, and the warrants are exercisable at an exercise price of $1.50 per share.
It also priced a concurrent $50 million private placement of around 47.7 million shares and warrants, including by BIT Capital, Earlybird Venture Capital and Aceville, as well as certain Lilium board members.
Additionally, the company will issue to Aceville a pro rata warrant to purchase 24.2 million shares at an exercise price of $1.05 per share and Aceville has agreed to partially prepay $1.00 of the total exercise price of the pre-funded warrant for $24.23 million and an accompanying private investment in public equity (PIPE) warrant to purchase 24.2 million shares.
Lilium intends to use the net proceeds to continue to fund the develop and operations of the company, as well as general corporate purposes.
The public offering is set to close on May 29, 2024. Approximately $26 million of the PIPE is expected to close on May 31, 2024, with the remaining $24 million of the PIPE set to close on June 28, 2024.
Lilium began constructing its 26,000 square feet certification test facility in Germany for its Lilium Jet with SEGULA Technologies on May 16, 2024.
Lilium prices $114 million financing
