Lilium (LILM.US), an air taxi company, stated in a document that its two main subsidiaries plan to file for bankruptcy in the coming days, leading to a sharp drop in the company's stock price of about 58%.

In documents filed with the American regulatory authorities, Lilium stated that it is unable to raise enough additional funds to continue operating its two main subsidiaries, Lilium GmbH and Lilium eAircraft GmbH. The subsidiaries have too much debt and may be unable to pay existing debts due in the next few days.

The American aviation regulatory agency released final safety rules for the emerging air taxi industry this week, paving the way for commercial operations of air taxis.