Qell Acquisition Corp. shareholders approve business combination with Lilium
MUNICH and SAN FRANCISCO, Sept. 10, 2021 /PRNewswire/ -- Qell Acquisition Corp. (NASDAQ: QELL.U, QELL and QELL.WS), a special purpose acquisition company focused on next generation mobility, announced today that its shareholders voted to approve the proposed business combination with Lilium GmbH ("Lilium"), positioned to be a global leader in regional electric air transportation with the development of its 7-Seater electric vertical take-off and landing jet.
More than 98% of the votes cast at the Extraordinary General Meeting of Shareholders held today were in favor of the previously announced business combination.
The formal results of the vote will be included in a Current Report on Form 8-K to be filed by Qell with the Securities and Exchange Commission (the "SEC").
The business combination is expected to close on September 14, 2021, subject to the satisfaction or waiver of customary closing conditions.
Upon closing, the combined company's Class A ordinary shares and redeemable warrants will be listed on Nasdaq under the ticker symbols "LILM" and "LILMW" respectively, and are anticipated to begin trading on September 15, 2021. Any Qell units will automatically separate into the equivalent Class A Shares and Warrants upon the consummation of the Business Combination.
The transaction values the combined company at an implied $3.3 billion pro forma equity value at the $10.00 per share PIPE price. The proceeds being raised in this transaction are approximately $584 million. Reflecting the current SPAC market environment, 65% of Qell shareholders chose to redeem their shares.
Daniel Wiegand, Co-Founder and CEO, Lilium:
Forward Looking Statements
Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including, but not limited to, the following risks: (i) the business combination with Qell may not be completed in a timely manner or at all, which may adversely affect the price of Qell's securities; (ii) the business combination may not be completed by Qell's business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Qell; (iii) the parties' failure to satisfy the conditions to the consummation of the business combination, such as failing to satisfy the minimum trust account amount following redemptions by Qell's public shareholders or an inability to secure necessary governmental and regulatory approvals; (iv) the impact of COVID-19 on Lilium's business or the business combination between Lilium and Qell; (v) the Lilium Group's ability to implement business plans, operating models, forecasts and other expectations and identify and realize additional business opportunities including, with respect to the Lilium Group, after the completion of the proposed business combination with Qell; (vi) the failure of the Lilium Group and its current and future business partners to successfully develop and commercialize the Lilium Group's business or significant delays in its ability to do so, including any delays in the Lilium Group's ability to launch its service on the timeline and at the locations anticipated or at all; (vii) the Lilium Group's inability to secure or protect its intellectual property; (viii) the effect of the announcement or pendency of the proposed business combination on Lilium Group's business relationships, performance and operations generally; and (ix) the outcome of any legal proceedings that may be instituted against Qell or the Lilium Group related to the proposed business combination. The foregoing list of factors is not exhaustive. Forward-looking statements speak only as of the date they are made. You are cautioned not to put undue reliance on forward-looking statements, and the Lilium Group assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. A further list and description of risks, uncertainties and other matters with respect to the Lilium Group can be found in the Registration Statement (as defined below), including those risks outlined in "Risk Factors," and in subsequent U.S. Securities and Exchange Commission ("SEC") filings by the Lilium Group, all of which are available at sec.gov. All forward-looking statements attributable to the Lilium Group or any person acting on behalf of any of the foregoing are expressly qualified in their entirety by this cautionary statement.
CONTACT INFORMATION FOR INVESTORS
Colleen Robar, Robar PR (for Qell), +1 313 207-5960, firstname.lastname@example.org
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SOURCE Qell Acquisition Corp.
Company Codes: NASDAQ-NMS:QELL, NASDAQ-NMS:QELLU
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