Qell Acquisition Corp announces intention to list on Nasdaq through a merger with Lilium
02 April 2021
2 April 2021
Qell Acquisition Corp., a publicly listed special purpose acquisition company (Nasdaq: QELL) has the intention to list Lilium as a Dutch N.V. on Nasdaq through a business combination with Qell.The transaction values the combined company at an implied $3.3 billion pro forma equity value at $10.00 per share PIPE price.
Lilium is positioned to be the global leader in regional air mobility. The 7-Seater Lilium Jet, an all-electric vertical take-off and landing jet enables sustainable, high-speed transportation.
The boards of directors of both Qell and Lilium have unanimously approved the proposed business combination, which is expected to be completed in the second quarter of 2021, subject to the approval by Qell's stockholders and the satisfaction or waiver of other customary closing conditions identified in the business combination agreement. 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.”
Houthoff advised, together with Goodwin Procter LLP, Qell Acquisition Corp in connection with the intention to list Lilium as a Dutch N.V. on Nasdaq through a business combination with Qell. The Houthoff team consisted of Paul de Vries, Sylvia Dikmans, Guillette van Grinsven, Marijn van Horen, Joris Verbaandert led by Jetty Tukker.