LILM - Lilium upsizes $192 million capital raise via stock offering and private placement

2023-07-14 07:49:18 ET

• Lilium ( NASDAQ: LILM ) has priced an upsized $192 million underwritten public offering of Class A ordinary shares as well as a concurrent private placement offering of shares and warrants, the company said Friday.
• The stock of LILM is down -8.24% at $1.56 premarket on Friday.
• The offering includes upsized $75 million underwritten public offering of 57.7 million of the company's Class A ordinary shares, as well as a concurrent $42 million private placement of 32.15 million shares and warrants to purchase 8.04 million shares.
• The offering will be led by Earlybird Venture Capital and include BIT Capital, UVC Partners, and Frank Thelen, as well as multiple Lilium board members and senior executives.
• In addition, Aceville, an affiliate of Tencent Holdings, will fund an additional $75.0 million to partially prepay against the total exercise price of the warrants, assuming that the underwritten public offering and the concurrent PIPE generate at least $75.0 million of gross proceeds.
• The underwriter has the option to purchase up to 8.7 million of the additional shares sold in the stock offering for the next 30 days.
• B. Riley Securities is serving as the sole bookrunner and underwriter for the offering.
• The net proceeds from the offering will be used for general corporate purposes.

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