Lilium NV (NASDAQ:LILM) shares are trading lower by 11% to 8 cents Monday morning after the company received a notice from Nasdaq indicating the impending suspension and delisting of its Class A ordinary shares and warrants.

What To Know: This decision follows insolvency filings by Lilium's key German subsidiaries, Lilium GmbH and Lilium eAircraft GmbH, in the Weilheim local court.

These subsidiaries applied for self-administration proceedings under Section 270(a) of the German Insolvency Code, allowing them to attempt restructuring while under court supervision.

Nasdaq's determination, made on October 28, cites public interest concerns raised by the insolvency as the reason for the suspension, which is scheduled to begin on November 6.

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According to data from Benzinga Pro, LILM has a 52-week high of $1.41 and a 52-week low of $0.06.