Ropes & Gray represented Lilium N.V., developer of the first all-electric vertical take-off and landing jet, in the pricing of a $119 million capital raise for continued development of new electric aircraft from existing shareholders, new investors and strategic partners. Funding participants included Honeywell, Aciturri as well as LGT and its affiliated impact investor Lightrock, Tencent, B. Riley Securities and certain affiliates. The offerings were announced on November 18.
Lilium agreed to issue and sell an aggregate of 91,524,936 of the company’s Class A ordinary shares at a price of $1.30 per share; and warrants exercisable for an aggregate of 45,762,463 shares, with an exercise price of $1.30 per share in the private placement and registered direct offerings.
The Ropes & Gray team was led by private equity partner Carl Marcellino, capital markets partner Tara Fisher and capital markets senior attorney Elise Corey and included IP transactions partner Regina Sam Penti, asset management partner Brynn Rail, tax partner Elaine Murphy, capital markets counsel Tristan VanDeventer and Marc Rotter, private equity counsel Jennifer Gorman, litigation & enforcement counsel Mark Cianci and tax counsel Michael Mendelevich.
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