Air taxi startup Lilium finds a buyer, stock skyrockets 268% Dec. 25, 2024 2:13 AM ETLilium N.V. (LILMF) Stock, LILWF StockBy: Manshi Mamtora, CFA (1min) Electric air taxi startup Lilium (OTC:LILMF) stock price gained ~268% as it signed an asset purchase agreement with Mobile Uplift, a company set up by an experienced consortium of investors from Europe and North America.
This agreement aims to facilitate the acquisition of Lilium’s operating assets, specifically those of its subsidiaries, Lilium GmbH and Lilium eAircraft GmbH The deal is part of Lilium’s (OTC:LILMF) strategy to secure sufficient funding to restart operations after entering self-administration insolvency proceedings.
The creditors committee has approved the asset deal, which is expected to close in early January 2025.
As part of the restructuring process, Lilium (OTC:LILMF) terminated the contracts of its remaining employees, who Mobile Uplift Corporation intends to rehire following the transaction’s closure.
933.19-0.03% Trending Analysis Trending News
The stock of air taxi startup Lilium soars 268 percent after finding a buyer.
December. ETLilium N. 25, 2024, 2:13 AM. V. . (LILMF) Stock, LILWF Stock By: CFA Manshi Mamtora.
For one minute.
The stock price of electric air taxi startup Lilium (OTC:LILMF) increased by about 268 percent after it agreed to buy out Mobile Uplift, a business founded by a seasoned group of investors from North America and Europe.
The purpose of this deal is to make it easier to acquire Lilium’s operational assets, particularly those of Lilium GmbH and Lilium eAircraft GmbH, its subsidiaries.
The transaction fits into Lilium’s (OTC:LILMF) plan to raise enough money to resume operations following the company’s entry into self-administration insolvency proceedings.
Expected to close in early January 2025, the asset deal has been approved by the creditors committee.
The remaining employees of Lilium (OTC:LILMF) had their contracts terminated as part of the restructuring process; Mobile Uplift Corporation plans to rehire these individuals after the transaction closes.
In line with German law, the subsidiaries terminated the contracts of their remaining employees on December 20, 2024. The company said in a statement that it plans to hire the remaining employees as soon as the proceedings begin and the transaction is closed.
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