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Air taxi firm Lilium shares plunge 53% after company says main subsidiaries will file for insolvency

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Shares of Lilium tanked Thursday after the air taxi firm said in a filing that its two main subsidiaries plan on filing for insolvency in the coming days.

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.

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Air taxi firm Lilium shares plunge 45% after company says main subsidiaries will file for insolvencyShares of Lilium tanked Thursday after the air taxi firm said in a filing that its two main subsidiaries plan on filing for insolvency in the coming days.
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