10:10 AM EDT, 05/24/2024 (MT Newswires) -- Lilium (LILM) said Friday it priced a $114 million financing.

The financing includes a $40 million public offering of about 38.1 million shares and warrants to buy the same number of shares as well as a $50 million private placement of nearly 47.6 million shares and warrants to buy the same number of shares, the company said.

The company will also issue to Tencent affiliate Aceville a pro rata warrant to buy about 24.2 million shares at $1.05 per share and Aceville has agreed to partially prepay $1 of the total exercise price of the pre-funded warrant for a total prepay price of about $24.2 million, Lilium said.

In the underwritten public offering, the price of the about 38.1 million shares and warrants is $1.05 per share and accompanying warrant, the company said, adding the warrants are exercisable at $1.50 per share.

The underwriter, B. Riley Securities, has been given an option to buy up to about 5.7 million more shares and warrants for the next 30 days to cover over-allotments, Lilium said.

Lilium shares were falling nearly 16% in recent trading.

Price: 0.89, Change: -0.17, Percent Change: -15.85