MUNICH, Germany, May 29, 2024 (GLOBE NEWSWIRE) -- Lilium N.V. (NASDAQ:LILM) ("Lilium"), developer of the first all-electric vertical take-off and landing (eVTOL) jet and global pioneer in regional air mobility (RAM), announced today that it has successfully concluded its previously announced capital raise, resulting in $114 million of new gross proceeds. The net proceeds from this capital raise provide additional capital needed to support Lilium's operations to achieve the first manned flight test of the Lilium Jet, targeted to occur in late 2024. The $114 million in gross proceeds is being raised through three transactions: (a) an underwritten public offering of Lilium's Class A ordinary shares ("Class A Shares") and accompanying warrants to purchase Class A Shares for approximately $40 million, which closed today; (b) a concurrent private placement of Class A Shares and accompanying warrants to purchase Class A Shares ("PIPE Warrants") for approximately $50 million with participation from key strategic and existing Lilium investors, including BIT Capital and Earlybird Venture Capital, with approximately $26 million expected to close on or around May 31, 2024 and approximately $24 million expected to close on or around June 28, 2024, and (3) a concurrent private placement of a pre-funded warrant to purchase Class A Shares and an accompanying PIPE Warrant to Aceville Pte. Limited, an affiliate of Tencent Holdings Limited ("Aceville"), with Aceville funding approximately $24 million to partially prepay at $1.00 per Class A Share against the total exercise price of the pre-funded warrant, subject to certain adjustments and limitations, expected to close on or around June 28, 2024. Klaus Roewe, CEO of Lilium, commented: "We appreciate the support from existing Lilium partners and new investors alike. We have a robust set of strategic and financial investors that are comprised of some of the brightest minds in the disruptive technology sector, and their consistent support, including participation in this capital raise, is a testament to the progress we are making in bringing the revolutionary Lilium Jet to market." B. Riley Securities, Inc. acted as the sole bookrunner and underwriter for the underwritten public offering. Lilium intends to further discuss its recent developments and progress with the release of its Q1 2024 quarterly shareholder letter on Tuesday, June 11, before market open, and will host of a conference call that same day at 8 ...