PLTR Stock – Lilium files for US IPO, Palantir takes stake in German air shuttle start up
- PLTR shares suffered a tough start to the week, down nearly 4%.
- ARK Invest made another purchase in the big data company last week.
- Palantir takes a stake in Lilium, which just filed for US IPO.
Palantir (PLTR) shares just cannot hold any gains of late with the stock suffering another fall on Monday. Admittedly, Monday was a tough day for a lot of tech stocks with nervousness spreading across the sector following news of the Archegos debacle. Archegos was a family investment office that had positions in so-called TMT stocks (tech, media and telecoms).
Palantir ended Monday down nearly 4% at $21.73.
German air shuttle startup Lilium has just filed for a US IPO via a SPAC deal with Qell Acquisition Corp (QELL). Palantir will take a stake in Lilium.
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Palantir Technologies launched on the stock market at the end of September 2020 at a price of $7.25 a share. The firm was co-founded by legendary Silicon Valley investor Peter Thiel. PLTR is a data mining and analytics technology company. It helps companies integrate and analyse their various diverse data sets to help make sense of complicated data.
Palantir streamlines decision-making based on data analysis. The company helps with search functions and is heavily involved in the security industry. PLTR has links to law enforcement agencies such as the FBI, CIA, police and Department of Defense.
Who is Lilium merging with?
Palantir has taken a stake in German air shuttle company Lilium via a private placement, according to Reuters. Lilium is scheduled to go public in the US via a SPAC deal. The deal is to be via a reverse merger with Qell Acquisition Corp (QELL) in a deal valuing the business at $3.3 billion.
Lilium uses battery-powered aircraft that can take off and land vertically, eliminating the need for runway space and increasing the flexibility of use.
“In Qell, we have found a partner who shares our ambition for sustainable mobility and brings tremendous experience in running mobility and hardware businesses,” Daniel Wiegand, CEO and co-founder of Lilium, said in a statement.
Lilium has a five-seater prototype aircraft and also now plans for a seven-seater airplane. The seven-seater will be the mainstay of the business and the first to go into production. Lilium has received certification CR1AO1 from the EU Aviation Safety Agency in 2020.
Qell stock news
Qell Acquisition Corp (QELL) is a SPAC started by Barry Engle. Barry Engle was a former president of General Motors North America. Qell shares are trading at $10.50 in Tuesday’s pre-market, up from Monday’s close at $9.92.
The new combined company, post-merger, will have Barry Engle on its board along with Tom Enders, former CEO of Airbus.
Reuters inadvertently issued the story on German aviation startup Lilium ahead of its official publication time, the story has now been widely covered.
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