The filing comes after a series of setbacks from the German company that was once a darling in the nascent industry of electric aircraft. Lilium, which was developing vertical take-off and landing (VTOL) aircraft with speeds of up to 100 km/h, had raised more than $1 billion from investors before going public in 2021 on the Nasdaq Exchange via a reverse merger with a blank-check company, SPAC Qell.
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