Shares of Lilium tanked Thursday after the air taxi firm said in a filing that its two main subsidiaries plan on filing for insolvency in the coming days.

German air-taxi developer Lilium said on Thursday two of its subsidiaries in the country have decided to file for insolvency following unsuccessful talks with state and federal governments to solve its cash crisis.

Seven years after its first test flight, German electric air taxi manufacturer Lilium has run out of funding and filed for insolvency for its two primary subsidiaries.

Lilium NV said its main subsidiaries may be forced to file for insolvency proceedings within days as the electric flying taxi firm struggles to raise enough funding to continue operations.

Two years before German air taxi manufacturer Lilium promised to deliver its first two aircraft to customers, the air taxi pioneer has run out of money and will imminently stop making them. In a filing to the US SEC,

Lilium N.V. (NASDAQ:LILM) plunged in early trading on Thursday after the eVTOL company disclosed that it received an indication that the budget committee of the parliament of the Federal Republic of Germany would not approve a €50 million guarantee of a contemplated €100 million convertible loan for Lilium (LILM) from KfW.