LILM News & Events

Lilium announced that it has appointed KPMG to conduct an open, transparent and fair M&A process. First investor briefings will start soon. This followed the local court of Weilheim's approval of the insolvency filing of Lilium's German subsidiaries and the court's granting of Lilium's application for self-administration. Preliminary insolvency proceedings under self-administration are court-ordered restructuring proceedings aimed at preserving the business. The management remains in charge and leads the business through the proceedings, supported by restructuring experts. The court has appointed to the German subsidiaries' boards of management with immediate effect two restructuring-experienced lawyers, Gerrit Holzle and Thorsten Bieg as chief insolvency officers, or CIOs. Work at Lilium's subsidiaries continues, with the more than 1,000 employees engaged in progressing towards the next significant program milestone, first manned flight, having been informed on the details of continued employee payment. The business has also informed affected suppliers, outlining expectations and procedural steps. The first two Lilium Jets are currently on the final assembly line, with the first aircraft having recently completed the initial low-voltage power-on milestone and due to advance shortly into the ground testing phase. The fuselage and wings of the third aircraft are currently in assembly at aerostructures suppliers Aciturri and Aernnova. End of October, Lilium engineers moved a fully assembled, conforming Lilium Jet airframe into the static test rig for structural testing, in a significant advance for the program. The structural strength test is an essential part of the testing plan for first manned flight and type certification. The business' current order pipeline consists of firm orders, reservations, options, and memoranda of understanding for more than 780 Lilium Jets to operators in the U.S., South America, Europe, Asia, and the Middle East. Lilium has been notified by Nasdaq that trading of the company's shares and warrants will be suspended at the opening of business on November 6. Following trading suspension, the company's ordinary shares may commence trading over-the-counter, which may result in significantly lower trading volumes and could further depress the share price. Lilium N.V.'s board of directors yesterday authorized Lilium's listed entity, the Netherlands-registered public limited liability company to file for insolvency.

Lilium announced in a Form 6-K filed with the Securities and Exchange Commission that the Company received a written notice from the staff of the Nasdaq Listing Qualifications Department on October 28, 2024, following the applications of Lilium GmbH and Lilium eAircraft GmbH, the principal operating wholly-owned German subsidiaries of Lilium, for insolvency in the local court of Weilheim in Germany and self-administration proceedings pursuant to Section 270(a) of the German Insolvency Code, notifying the Company that, in accordance with Nasdaq Listing Rule 5101, the trading of the Company's Class A ordinary shares and warrants will be suspended at the opening of business on November 6, 2024, and a Form 25 Notification of Delisting will be filed with the U.S. Securities Exchange Commission to delist the Company's securities from the Nasdaq Global Select Market.

Lilium N.V. announced that its principal German subsidiaries will apply for self-administration proceedings in the next few days with the competent court in Germany. This follows a lengthy and complex government approval process for a loan from KfW, which failed in the Budget Committee of the German parliament. Lilium's international competition is receiving grants and loans in the U.S., France, China, Brazil, and the UK. Therefore, German government support was seen by Lilium investors as critical to retain market confidence and potential future investment. "Our plan was to obtain shareholder investment in a new funding round anchored by a German government backed loan of EUR 100 million," Lilium CEO Klaus Roewe said. "We had already conditionally secured additional private capital to complement the KfW loan. However, the Budget Committee was unable to agree on the loan and Bavaria couldn't do it alone." German government support of the KfW loan was a closing condition to already committed private funding and without this support Lilium was left with no alternative but to cause the principal German subsidiaries to file for self-administration. Lilium was also in advanced discussions regarding a French government guarantee of a EUR 219M loan to finance a battery factory and an assembly line in the Southwest of France. Following the Lilium Jet's planned first flight in early 2025, Lilium anticipated receiving pre-delivery payments and new investment to finance the company into 2026 when the company expected delivery would begin on its current order pipeline consisting of firm orders, reservations, options, and memoranda of understanding for more than 780 Lilium Jets to operators in the U.S., South America, Europe, Asia, and the Middle East.

With eVTOLs on the cusp of taking off commercially in the coming years, GE Aerospace (GE) is partnering with Lilium (LILM), to build a solid safety foundation for this exciting new mode of travel. The two companies are bringing together their respective flight data and analytics platforms to build scalable flight data management solutions that inform the right safety standards and guidelines for eVTOL operators. GE's Event Measurement System platform will be a critical digital component of Lilium's unique and comprehensive aftermarket offering "POWER-ON" that provides safe, efficient, and customer-centric solutions for operators of the Lilium Jet. All Lilium customers will have access to a range of digital services to support their daily operations with critical insights and actionable data. As part of this extraordinary partnership, GE Aerospace and Lilium will build an OEM-level Flight Data Monitoring or Flight Operations Quality Assurance program, to monitor eVTOL safety at a fleet wide level, as well as establish a voluntary FDM program option for Lilium's customers, built in collaboration by both companies