In a U.S. regulatory filing, German aerospace startup Lilium — which is listed on the Nasdaq — said it had not been able to raise sufficient additional funds to continue the operations of Lilium GmbH and Lilium eAircraft GmbH.
In a U.S. regulatory filing, Lilium — which is listed on the Nasdaq — said it had not been able to raise sufficient additional funds to continue the operations of Lilium GmbH and Lilium eAircraft GmbH, the firm's two main subsidiaries. "The management of the Subsidiaries has informed the Company that they have to file for insolvency under German law and in doing so will apply for self-administration proceedings in Germany," it added.
In all, Lilium was trying to raise a convertible loan of 100 million euros. The proposed state aid would have been issued by KfW, the German state-owned development bank.