O’Melveny Advises B. Riley Securities as Sole Bookrunner and Placement Agent on US$192 Million Upsized Public Offering for Lilium N.V.
July 25, 2023
FOR IMMEDIATE RELEASE
NEW YORK—July 25, 2023—O’Melveny advised B. Riley Securities, Inc., a leading middle market investment bank and subsidiary of B. Riley Financial, Inc. (Nasdaq: RILY), as sole bookrunner, underwriter, and placement agent in connection with an upsized underwritten public offering for Lilium N.V. (Nasdaq: LILM), the developer of the first all-electric vertical take-off and landing jet.
The transaction was announced on July 20.
On July 18, Lilium announced the completion of a US$192 million financing, which included an upsized US$75 million underwritten public offering, as well as a concurrent US$42 million private placement (PIPE), and US$75 million investment from Aceville Pte. Limited. B. Riley served as the sole bookrunner and underwriter for the offering and served as the sole placement agent for the PIPE.
B. Riley has served as a preeminent fixture in middle market brokerage and investment banking for over 25 years. The company provides a full suite of investment banking and capital markets services to companies, financial sponsors, and institutional investors across all industry verticals.
The O’Melveny team advising B. Riley was led by partner and Capital Markets Practice chair Jeeho Lee, partner and Corporate Department co-chair C. Brophy Christensen, and associates Julie Weltman, Etienne Dumas, Daniel Leal, and Hattie McKinney.
It’s more than what you do: it’s how you do it. Across sectors and borders, in board rooms and courtrooms, we measure our success by yours. And in our interactions, we commit to making your O’Melveny experience as satisfying as the outcomes we help you achieve. Our greatest accomplishment is ensuring that you never have to choose between premier lawyering and exceptional service. So, tell us. What do you want to achieve? Visit us at www.omm.com; read our Insights 2023 report; hear what our lawyers, business professionals, and clients have to say in the “Our DNA” video series, learn more in our firm at-a-glance; and find us on LinkedIn, Twitter, Facebook, Instagram, and YouTube.
O’Melveny & Myers LLP
+1 213 430 8024
# # #
B. Riley issued the following announcement:
B. RILEY SECURITIES SERVES AS SOLE BOOKRUNNER AND PLACEMENT AGENT IN LILIUM UPSIZED $192 MILLION FINANCING
LOS ANGELES, July 20, 2023 - B. Riley Securities, Inc. ("B. Riley"), leading middle market investment bank and subsidiary of B. Riley Financial, Inc. (Nasdaq: RILY), is pleased to have served as sole bookrunner, underwriter and placement agent in connection with an upsized underwritten public offering for Lilium N.V. (Nasdaq: LILM), the developer of the first all-electric vertical take-off and landing jet.
On July 18, Lilium announced it completed a $192 million financing, including an upsized $75 million underwritten public offering, as well as a concurrent $42 million private placement (the "PIPE") and $75 million investment from Aceville Pte. Limited, an affiliate of Tencent Holdings Limited.
B. Riley Securities served as the sole bookrunner and underwriter for the offering and served as the sole placement agent for the PIPE.
Chief Financial Officer of Lilium, Oliver Vogelgesang, remarked: "Lilium appreciates the great outcome of this funding round which was the result of B. Riley bringing the right investors to the table and the strong collaboration with our team."
Barry Engle, Lilium Board Member and Chair of Audit Committee, stated, "B. Riley delivered for us on our last fundraise - the quality of their execution was most impressive. They took the time to understand our unique situation and the opportunity it represented for investors. They targeted the right investors, told the story well and were able to quickly generate a strong book that exceeded everyone's expectations. We very much look forward to continuing to build the relationship and working together on other future opportunities."
Lilium is creating a sustainable and accessible mode of high-speed, regional transportation for people and goods. Using the Lilium Jet, an all-electric vertical take-off and landing jet, offering leading capacity, low noise, and high performance with zero operating emissions, Lilium is accelerating the decarbonization of air travel. Working with aerospace, technology, and infrastructure leaders, and with planned launch networks announced in Germany, the United States, Brazil, and the UK, Lilium's team includes approximately 450 aerospace engineers and a leadership team responsible for delivering some of the most successful aircraft in aviation history. Founded in 2015, Lilium's headquarters and manufacturing facilities are in Munich, Germany, with teams based across Europe and the U.S. To learn more, visit www.lilium.com.
About B. Riley Securities
B. Riley has served as a preeminent fixture in middle market brokerage and investment banking for over 25 years. We provide a full suite of investment banking and capital markets services to companies, financial sponsors, and institutional investors across all industry verticals. Investment banking services include initial, secondary and follow-on offerings, institutional private placements, merger and acquisition (M&A) advisory, SPACs, corporate restructuring and recapitalization. Widely recognized for our thematic proprietary equity research, clients benefit from B. Riley's extensive network, industry expertise, and proven execution capabilities of our end-to-end financial services platform. B. Riley Securities is a subsidiary of B. Riley Financial (Nasdaq: RILY). For more information, visit www.brileysecurities.com.