Shareholders of special purpose acquisition company Qell Acquisition (QELL) overwhelmingly voted to approve a SPAC merger with electric air transportation developer Lilium GmbH.
More than 98% of Qell shareholders at an extraordinary general meeting on Friday voted in favor of the business combination with Lilium, which the companies proposed in March.
The SPAC merger is expected to close Tuesday, subject to the satisfaction or waiver of customary closing conditions, according to a Qell statement. The combined company's Class A common stock will be listed on Nasdaq under the ticker symbol LILM and is expected to begin trading Wednesday.
The transaction values the combined company at a $3.3 billion pro forma equity value based on the $10 a share PIPE price.
"We are thrilled that Qell shareholders have chosen to support our vision to accelerate the decarbonization of air travel and will join Lilium on the next phase of our journey," Lilium co-founder and CEO Daniel Wiegand said in a statement. "Today's vote brings us one step closer to our planned commercial launch in 2024, delivering sustainable high-speed regional transportation with the all-electric 7-Seater Lilium Jet."
Munich-based Lilium is developing its sustainable, high-speed 7-Seater Lilium Jet, which will feature low-noise, high-performance electric vertical take-off and landing. It expects to launch commercial operations in 2024.
Founded in 2015, the company employs over 650 workers, including about 400 aerospace engineers.
San Francisco-based Qell, which focuses on next generation mobility, transportation and sustainable industrial technologies, is led by its founder Barry Engle, former president of General Motors North America.
Shares of Qell on Friday were down 1.9% to $9.80 in after-hours trading. The stock closed down 1.5% to $9.99 in the regular session.