Orrick advised 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 business combination agreement with Qell Acquisition Corp., (Nasdaq: QELL) a special purpose acquisition company led by former General Motors executive Barry Engle. Beginning September 15, 2021, Lilium’s Class A ordinary shares and redeemable warrants will trade on the Nasdaq under the symbols “LILM” and “LILMW”, respectively.
As a result of the business combination, Lilium will receive approximately $584 million of gross proceeds, prior to transaction expenses, including from funds managed by leading strategic and long-term financial investors including Atomico, Baillie Gifford, LGT and its affiliate impact investing platform Lightrock, funds and accounts managed by BlackRock, Tencent, Ferrovial, Palantir, Honeywell, FII Institute and private funds affiliated with PIMCO. Net cash from the transaction will be used to fund the commercial launch of Lilium's 7-Seater Jet.
The Orrick team advising Lilium was led by Chris Grew and Christoph Rödter and included Mark Mushkin, Marsha Mogilevich, Lars Mesenbrink, Harry Clark, Jeanine McGuinness, Stefan Renner, Stefan Schultes-Schnitzlein, J.T. Ho, Michael Yang, Oliver Duys, Douglas Lahnborg, Timo Holzborn, Anne Murray, Ashley Walter, Wendy Curtis, Christian Schröder, Benedikt Migdal, Viktor Kolberg, Mark Rossbroich, Ben Beetz, Tommy Li, Julius Schradin, Saira Henry, Kirstie Parr, Taylor Ball, Carsten Engelings, Martina Pfaffinger, Robert Weinhold, Logan Herlinger and Caitlin Sheard.