Air-taxi maker Lilium's shares fall after its two units decide to file for insolvency

Lilium NV

24/10/2024 19:34

** U.S.-listed shares of German air-taxi developer Lilium
 LILM.O  fall 58% to 22 cents 
    ** Two of Lilium's subsidiaries, Lilium GmbH and Lilium
eAircraft GmbH, have decided to file for insolvency 
    ** This comes after unsuccessful talks with state and
federal governments to solve its cash crisis, amid developing an
 aircraft that is yet to receive approval to carry passengers
    ** Filing for insolvency in Germany could result in the
company's ordinary shares being delisted from the Nasdaq, or
having its shares suspended - Lilium
    ** As of last close, stock had fallen ~81% YTD

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))