Air taxi firm Lilium shares plunge 53% after company says main subsidiaries will file for insolvency

The German company Lilium, known for its flying electric passenger drones, is experiencing financial troubles. The company’s shares plummeted after announcing that its two main subsidiaries will be filing for insolvency. Despite efforts to secure state support, including a rejected request for a 50 million euro loan from the German government, Lilium was unable to raise enough funds to continue operations. The subsidiaries are expected to file for insolvency in the coming days, potentially leading to Lilium being delisted from the Nasdaq Global Select Market. This situation is still developing, and updates will be provided as more information becomes available.