Weßling, Germany-based Lilium has announced their intentions to list on Nasdaq via a merger with SPAC Qell Acquisition Corp.. Transaction values of the combined company top out at a $3.3 billion pro forma equity value at the $10.00 per share PIPE price valuation.

A publicly listed special purpose acquisition company, Qell  is headed by Barry Engle, a former president of General Motors North America, and is focused on developing the next-generation of sustainable mobility.

Along with the SPAC merger, Lilium has revealed their latest development, a 7 seater electric vertical takeoff and landing jet, reportedly able to cruise at a speed of 175 mph at 10,000 feet and with a range of 155+ miles including reserves. The latest edition with the addition of two additional passengers is the result of five years of the company’s technological refinement.

This announcement and intention to list comes just weeks after Lilium’s main competitor Volocopter raised $239 million from BlackRock.

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