Lilium announced today a USD192 million financing, including the pricing of an upsized USD75 million underwritten public offering of 57,692,308 of the Company’s Class A ordinary shares (the “Shares”), as well as a concurrent USD42 million private placement of 32,146,147 Shares and warrants to purchase 8,036,528 Shares led by Earlybird Venture Capital and including BIT Capital, UVC Partners, and Frank Thelen, as well as multiple Lilium board members and senior executives (the “PIPE”).
Additionally the company reports: “pursuant to the purchase agreement dated May 1, 2023, between the Company and Aceville Pte. Limited, an affiliate of Tencent Holdings Limited (“Aceville”), Aceville will fund an additional USD75 million to partially prepay against the total exercise price of the warrants issued under such agreement, assuming that the underwritten public offering and the concurrent PIPE generate at least USD75 million of gross proceeds.
“In connection with the underwritten public offering, the price of the 57,692,308 Shares being sold to the public is USD1.30 per share. The Company has granted to the underwriter an option to purchase up to 8,653,846 additional Shares for the next 30 days, solely to cover over-allotments. B. Riley Securities is serving as the sole bookrunner and underwriter for the offering. The Company intends to use the net proceeds from the offering for general corporate purposes.
“In connection with the concurrent PIPE, the Company entered into a securities purchase agreement with a number of investors led by Earlybird Venture Capital and including BIT Capital, UVC Partners, and Frank Thelen, as well as multiple Lilium board members and senior executives for the purchase and sale of an aggregate of 32,146,147 Shares for USD1.30 per share and warrants to purchase up to 8,036,528 Shares at an exercise price of USD2.00 per share. Each warrant will be immediately exercisable for one quarter of one Share, with only whole Shares issuable upon exercise. The warrants will expire 18 months from the date of issuance. The securities purchase agreement contains customary registration rights. B. Riley Securities is serving as the sole placement agent for the PIPE.
“The public offering is expected to close on July 18, 2023, USD21 million of the PIPE is expected to close on July 18, 2023, and USD21 million of the PIPE is expected to close on July 31, 2023, in each case subject to satisfaction of customary closing conditions.”
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(Image: Lilium)