Lilium N.V., developer of the first all-electric vertical take-off and landing jet, announced a $192 million financing, including the pricing of an upsized $75 million underwritten public offering of 57,692,308 of the Company’s Class A ordinary shares (the “Shares”), as well as a concurrent $42 million private placement of 32,146,147 Shares and warrants to purchase 8,036,528 Shares led by Earlybird Venture Capital and including BIT Capital, UVC Partners, and Frank Thelen, as well as multiple Lilium board members and senior executives (the “PIPE”).

Additionally, pursuant to the purchase agreement dated May 1, 2023, between the Company and Aceville Pte. Limited, an affiliate of Tencent Holdings Limited (“Aceville”), Aceville will fund an additional $75 million to partially prepay against the total exercise price of the warrants issued under such agreement, assuming that the underwritten public offering and the concurrent PIPE generate at least $75 million of gross proceeds.

In connection with the underwritten public offering, the price of the 57,692,308 Shares being sold to the public is $1.30 per share. The Company has granted to the underwriter an option to purchase up to 8,653,846 additional Shares for the next 30 days, solely to cover over-allotments. B. Riley Securities is serving as the sole bookrunner and underwriter for the offering.

The Company intends to use the net proceeds from the offering for general corporate purposes.