Just days after the electric air taxi was founded, a consortium of investors revived Lilium. Operations were suspended. About 1,000 employees were laid off.
Mobile Uplift Corporation, founded by investors from Europe and North America, has agreed to acquire the operational assets of the startup's two subsidiaries, Lilium GmbH and Lilium eAircraft GmbH. For a statement Tuesday.
The parent company Lilium NV will not receive any funding in accordance with German insolvency law.
Terms of the deal, which is expected to close in January, were not disclosed. Consulting giant KPMG handled the sales process for Lilium. Mobile Uplift Corporation said. In the statement It is intended to reinstate the fired workers immediately after the case is opened and the transaction closed. It is unclear whether all 1,000 workers will be rehired.
Lilium spokeswoman Christine Pierk did not provide new information or respond to TechCrunch's questions about the deal when reached for comment by TechCrunch.
Once the deal is closed, The new owners plan to restructure Lilium, leaving the company bankrupt with its technology intact and without debt.
Lilium CEO Klaus Roewe said: “We are very pleased to announce the signing of an investment agreement with a very experienced group of investors. Closing the deal at the beginning of January will allow us to restart our business.”
Lilium has raised more than $1 billion from private investors ahead of going public with SPAC Qell Company in 2021 on the Nasdaq Exchange.
Lilium has been successful in landing customers, including an order for 100 electric aircraft from Saudi Arabia. But the company burned through cash faster than it could get more from investors as it worked to develop a vertical take-off and landing (VTOL) aircraft capable of speeds of up to 100 kilometers per hour.
Lily Reported for failure. – The US equivalent of bankruptcy in October after failing to secure emergency funding.