Lilium announces $114 million financing

Lilium N.V. (NASDAQ: LILM) is in focus this morning after announcing a $114 million financing. 

Details of $LILM financing

Insiders and existing shareholders participated significantly in the announced financing, as per the press release on Friday. 

$LILM plans on using the net proceeds to fund operations and for general corporate purposes. The financing is another step towards the “first manned flight of the Lilium Jet targeted for late 2024”. 

The news arrives about a month before Lilium is scheduled to report its financial results for the first quarter. Consensus is for it to lose about 14 cents a share in Q1. 

Lilium stock is currently down close to 30% versus its year-to-date high last week. 

Wall Street rates Lilium stock at ‘hold’

The financing announced today includes a $50 million private placement, warrants to buy about 38 million shares of $LILM and a $40 million underwritten public offering of its Class A ordinary shares. 

Lilium priced the underwritten public offering at $1.05 and the warrants are exercisable at $1.50 per share, the press release added on Friday. 

The electric vertical take off and landing aircraft company has “granted the underwriter an option to purchase up to 5,714,285 additional shares and accompanying warrants to cover over-allotments” as well. 

Wall Street currently has a consensus “hold” rating on Lilium that recently received an order for eVTOL jets from UrbanLink as Invezz reported here.