German company Lilium produces flying electric passenger drones.
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shares lily Air taxi companies take big hit Thursday said in a document Two of its main subsidiaries plan to file for bankruptcy in the coming days.
Shares of the aerospace startup plunged more than 63% after the news broke.
In a filing with U.S. regulators, Nasdaq-listed Lilium said it was unable to raise enough additional capital to continue operations at the company’s two main subsidiaries, Lilium GmbH and Lilium eAircraft GmbH.
Lilium said that as a result, the heads of these subsidiaries “determined that they were overly indebted… and could not or would not be able to pay existing debt maturities in the coming days”.
This is a breaking news story and will be updated soon.
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