Lilium Announces Pricing of $114 Million Financing

Financing sees meaningful participation from existing shareholders and company insiders, propelling Lilium towards first manned flight of the Lilium Jet targeted for late 2024

MUNICH, Germany, May 24, 2024 (GLOBE NEWSWIRE) -- Lilium N.V. (NASDAQ: LILM) (“Lilium” or the “Company”), developer of the first all-electric vertical take-off and landing (“eVTOL”) jet and global pioneer in Regional Air Mobility (RAM), announced a $114 million financing, including the pricing of a $40 million underwritten public offering of 38,095,238 of the Company's Class A ordinary shares (the “Shares”) and warrants to purchase 38,095,238 Shares (the “Warrants” and, together with the Shares, the “Securities”), as well as a concurrent $50 million private placement of 47,573,111 Shares and warrants to purchase 47,573,111 Shares (“PIPE Warrants” and, together with the PIPE Shares, the “PIPE Securities”) including by BIT Capital, Earlybird Venture Capital and Aceville Pte. Limited, an affiliate of Tencent Holdings Limited (“Aceville”), as well as certain Lilium board members (the “PIPE”). Additionally, the Company will issue to Aceville (i) a pro rata warrant to purchase 24,233,035 Shares at an exercise price of $1.05 per Share (the “Aceville Pre-Funded Warrant”), and Aceville has agreed to partially prepay $1.00 of the total exercise price of the Aceville Pre-Funded Warrant for an aggregate prepay price of $24.23 million (the “Aceville Pre-Funding”) and (ii) an accompanying PIPE Warrant to purchase 24,233,035 Shares (the “Aceville PIPE Warrant and, together with the Aceville Pre-Funded Warrant, the “Aceville Warrants”), subject to the satisfaction of customary closing conditions and the receipt of shareholder approval for an increase in the Company’s authorized share capital. The number of PIPE Securities and Aceville Warrants issued to Aceville will be reduced or increased at its closing such that, after giving effect to the public offering and the PIPE, the amount of Class A Shares then owned by Aceville and its affiliates equals 19.8% for voting purposes and an amount pro rata of the outstanding Class A Shares on a fully diluted basis, subject to certain adjustments and limitations.