Qell Acquisition: Rises on deal to take Lilium public

Lilium NV

30/03/2021 13:43

** Shares of the special purpose acquisition company
 QELL.O  up 3.7% at $10.29
    ** Agrees to take German air shuttle startup Lilium public
in a deal that values the combined business at $3.3 bln
 urn:newsml:reuters.com:*:nL8N2LS0K3
    ** Deal involves a $450 mln private placement from investors
including BlackRock Inc  BLK.N , Tencent  0700.HK 
    ** Lilium has unveiled a seven-seater model, adding to its
five-seater prototype 
    ** SPACs are shell companies that raise funds through an
initial public offering to take a private company public through
a merger at a later date
    ** Qell is led by Barry Engle, the former president of
General Motors North America  GM.N 
    ** Shares down ~19% YTD through last close

 (Reporting by Sohini Podder in Bengaluru)
 ((sohini.podder@thomsonreuters.com))