Lilium Launches M&A Process with KPMG, Targets Program Continuation Towards First Flight and Certification

Core Insights - Lilium N.V. has appointed KPMG to manage a structured M&A process, with initial investor briefings set to commence soon [1] - The local court has approved the insolvency filings of Lilium's German subsidiaries, allowing for self-administration aimed at preserving the business [2] - The management team remains in charge during the restructuring process, supported by experienced restructuring experts [3] Restructuring and Management - The court has appointed Prof. Dr. Gerrit Hölzle and Dr. Thorsten Bieg as Chief Insolvency Officers (CIOs) to oversee the reorganization of Lilium's German subsidiaries [3] - Ivo-Meinert Willrodt has been appointed as the provisional custodian to protect creditor interests during the proceedings [4] - Lilium's CEO has expressed confidence in the restructuring efforts, emphasizing a focus on securing fresh investment for the Lilium Jet's certification and entry into service [5] Program Development - The first two Lilium Jets are in the final assembly stage, with the first aircraft having completed initial low-voltage power-on and moving towards ground testing [6] - The fuselage and wings of a third aircraft are currently being assembled, with significant progress made in structural testing for the first manned flight [6] - Lilium has a current order pipeline of over 780 Lilium Jets, with interest from operators across multiple regions including the U.S., South America, Europe, Asia, and the Middle East [7] Trading and Market Position - NASDAQ has notified Lilium that trading of its shares and warrants will be suspended starting November 6, which may lead to lower trading volumes and potential price depreciation [8] - The Board of Directors has authorized the filing for insolvency for Lilium's listed entity, indicating a significant step in the restructuring process [9]