Orrick is advising Lilium GmbH, positioned to be a global leader in regional electric air mobility with the development of its electric vertical take-off and landing jet, on its definitive agreement to become publicly traded via a merger with Qell Acquisition Corp., (Nasdaq: QELL) a special purpose acquisition company led by former General Motors executive Barry Engle. Upon the closing of the transaction, ordinary shares of the newly combined company will be listed on Nasdaq.
The combined company will have an implied pro forma equity value of approximately $3.3 billion. Total gross proceeds to the company are expected to be approximately $830 million, including approximately $380 million in cash currently held in trust (assuming minimal redemptions) and the proceeds of a $450 million PIPE investment, including investments by Baillie Gifford, funds and accounts managed by BlackRock, Tencent, Ferrovial, LGT and its direct impact investing arm Lightrock, Palantir, Atomico, FII Institute and private funds affiliated with PIMCO.
The Orrick team advising Lilium was led by Chris Grew and Christoph Rödter and includes Nell Scott, Marsha Mogilevich, Lars Mesenbrink, Harry Clark, Jeanine McGuinness, Stefan Renner, Stefan Schultes-Schnitzlein, J.T. Ho, Michael Yang, Oliver Duys, Douglas Lahnborg, Timo Holzborn, Viktor Kolberg, Mark Rossbroich, Ben Beetz, Tommy Li, Julius Schradin, Saira Henry, Kirstie Parr, Taylor Ball, Carsten Engelings and Martina Pfaffinger.