|Company Name||Lilium N.V.|
On March 14, 2022, Iceberg Research published a report which alleged, among other things, that experts had “raised serious doubts about” the viability of Lilium’s Lilium Jet reaching its objective of flying up to 155 miles, citing "its configuration of 36 ducted fans (recently reduced to 30) that devour power during takeoff and landing (hovering), and leaves little power for actual flight." Furthermore, the report pointed out that while Lilium “promises its Jet has ready access to battery cells,” one of the sources it relies on is an associated company whose CEO was “accused by General Motors of misrepresenting battery performance while at his previous company.” The Iceberg Report estimated that Lilium “has about 18 months before its cash runs dry.”
On this news, Lilium’s stock fell $1.25, or 33.9%, to close at $2.44 per share on March 14, 2022, thereby injuring investors.
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