Iceberg Research calls Lilium ‘a fraud,’ says continues to misrepresent progress

In a recently published report titled, Iceberg Research notes that “Recent events have taken a dramatic turn at German eVTOL company Lilium (LILM), with management warning the company faces near-term insolvency. A few minutes ago, it was announced that two German subsidiaries are filing for insolvency. By our calculations, the company should have almost run out of cash by now without an existing $100m at-the-money offering, which gives it up till January 2025… Lilium has adopted a bold PR strategy, blaming its financial plight on the lack of support from European governments… There is just one problem with this heart wrenching plea: the real reason why Lilium is in this predicament is that it is a fraud.” The report also says, “Lilium is nowhere close to having batteries that can support its eVTOL design. The company has and continues to misrepresent its progress toward commercialization.” “We believe taxpayer funds should not be used to support companies that have misled their investors. Instead, European governments should let private markets determine Lilium’s value,” Iceberg Research adds. Shares of Lilium are down over 60% to 21c in morning trading.