It’s the latest eVTOL company to go public via a reverse merger
Germany’s Lilium will be the latest electric aviation startup to go public via a reverse merger with a special acquisition company, or SPAC. Lilium will merge with Qell Acquisition, a SPAC founded by former General Motors executive Barry Engle. The newly formed company will list on Nasdaq under the ticker symbol “LILM.”
As part of the announcement, Lilium unveiled a new, seven-seat electric aircraft that it says will launch as part of an inter-city flying taxi service in 2025. Previously, the company’s prototype was said to have only five seats — so we can assume that Lilium’s ambitions to ferry more passengers are growing along with its financial expectations.
It’s the latest deal involving an electric vertical takeoff and landing (eVTOL) startup after the SPAC deals of Archer and Joby Aviation. A SPAC is a blank-check corporation, formed as an alternative to an IPO, because it raises funds for an operation that doesn’t have revenue of its own. There have been a rash of SPAC deals involving companies in the transportation space, including electric cars, autonomous vehicles, and micromobility.
Continue reading… “Flying taxi startup Lilium goes public via SPAC, unveils its new electric aircraft”
