Qell Acquisition Corp., the special-purpose acquisition company started by former General Motors North America President Barry Engle, is taking German electric-aircraft startup Lilium public through a reverse merger.
The deal will list Lilium on the Nasdaq and values the combined company at approximately $3.3 billion, according to a statement Tuesday. Lilium will bring in proceeds of $830 million, including about $380 million in cash currently held in trust and $450 million from private investments in public equity.
Qell is making a high-stakes bet that Lilium will succeed in the nascent business of small electric aircraft. The startup intends to