Nasdaq-listed shares of German-based air taxi company Lilium NV tanked on Thursday after the firm announced in a filing to the United States Securities and Exchange Commission (SEC) that its two main subsidiaries, Lilium GmbH and Lilium eAircraft GmbH, plan on filing for insolvency in the coming days after the German parliament rejected a €50 million guarantee.
"Within the next few days, the Company expects that the Subsidiaries will file for insolvency in the competent court in Germany and apply for self-administration proceeding pursuant to Section 270(a) of the German Insolvency Code," the filing showed.
Lilium's shares plunged 63.03% to go for $0.20 apiece at 9:45 am ET.
