Air-taxi SPAC only partly defies financial gravity

Lilium NV

30/03/2021 18:56

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are his own.)
    By Christopher Thompson
    LONDON, March 30 (Reuters Breakingviews) - German flying-cab
startup Lilium is getting a U.S. listing at a $2.4 bln
enterprise value. Cutting commutes from Philadelphia to
Manhattan may appeal to the richest 4%. But with a 2024 take-off
and plenty of rivals, including chopper firm Blade, it will be
hitting crowded skies.
    Full view will be published shortly.
    On Twitter https://twitter.com/CGAThompson
    
    CONTEXT NEWS
    - German air-shuttle startup Lilium said on March 30 it
would float on the U.S. Nasdaq stock market via a reverse merger
with Qell Acquisition Corp, a special purpose acquisition
vehicle, in a deal valuing the combined entity’s equity at $3.3
billion.
    - Lilium said the combination with Qell, led by former
General Motors North America president Barry Engle, would
support its plans for commercial operations in 2024.
    - Munich-based Lilium is competing with other aviation
companies to deploy battery-powered aircraft that can take off
and land vertically, offering travellers a way to beat traffic
and hop between cities.
    - U.S. rival Joby Aviation said on Feb. 24 it was going
public via a SPAC merger that valued it at $6.6 billion.
    - Qell shares were up 2% at $10.12 by 1415 GMT on March 30.
    - For previous columns by the author, Reuters customers can
click on  THOMPSON/ 
    - SIGN UP FOR BREAKINGVIEWS EMAIL ALERTS http://bit.ly/BVsubscribe

    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Aviation startup Lilium to float in US via $3.3 bln SPAC deal   
 urn:newsml:reuters.com:*:nL8N2LS0K3
Lilium announcement     https://lilium.com/newsroom-detail/Lilium-intends-to-list-on-Nasdaq-through-merger-with-qell-and-reveals-serial-aircraft
BREAKINGVIEWS-Flying cars are a cool solution to a tiny problem 
   urn:newsml:reuters.com:*:nL4N29S0A3
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
 (Editing by Ed Cropley and Amanda Gomez)
 ((Christopher.G.Thompson@thomsonreuters.com; Reuters Messaging:
Christopher.G.Thompson.thomsonreuters.com@reuters.net))