05:58 PM EDT, 05/29/2024 (MT Newswires) -- Lilium (LILM) said late Wednesday it expects to raise $114 million in gross proceeds through three transactions.

This includes a public offering of the company's class A shares and accompanying warrants to purchase such shares for about $40 million. The offering closed Wednesday, Lilium said.

The company expects to raise about $50 million in a concurrent private placement of class A shares and accompanying warrants, with participation from strategic and current Lilium investors, including BIT Capital and Earlybird Venture Capital.

Lilium said it expects to raise $24 million through a concurrent private placement of a pre-funded warrant to purchase its class A shares and an accompanying PIPE warrant to Tencent affiliate Aceville.

Lilium will use the net proceeds from the capital raise to help achieve the first manned flight test of the Lilium Jet, targeted for late 2024.