LILM - Why Lilium Stock Just Crashed by 17%
2024-05-24 13:13:07 ET
Earlier this month, flying electric car company Lilium (NASDAQ: LILM) announced plans to sell up to $150 million in stock -- about 150 million shares -- to a private-equity company. This buyer would then turn around and resell up to half of these shares.
Lilium then announced it had an order to sell up to 40 of its eVTOL (electric vertical take-off and landing) cars to a company called UrbanLink. Investors cheered the news that Lilium would finally have some revenue, and the share price surged. It then kept on rising through about mid-month.
So "mission accomplished"?
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Why Lilium Stock Just Crashed by 17%