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LiveWire on the NYSE, Sept. 27, 2022.
Supply: NYSE
Harley-Davidson Inc on Tuesday spun off its electrical motorbike division, LiveWire, in a SPAC deal creating the primary publicly traded electrical motorbike firm in america.
New shares of LiveWire Group Inc, Harley-Davidson’s former electrical motorbike subsidiary, had been up 1.5% of their U.S. market debut on Tuesday following the unit’s $1.77 billion merger with a blank-check agency.
Final 12 months, the EV unit agreed to merge with particular objective acquisition firm AEA-Bridges Influence Corp.
Shareholders for AEA-Bridges authorised the merger final week, whilst traders are rising extra cautious about blank-check firms with a report variety of SPACs liquidating in 2022 amid surging rates of interest and market volatility. The acquisition was initially anticipated to shut within the first half of the 12 months.
Harley launched its first electrical bike, the LiveWire, in 2019 earlier than deciding to relaunch the bike as its personal sub-brand. Hoping to recoup misplaced market share as the corporate’s core child boomer buyer base grows older and curiosity in motorcycling as a leisure exercise fades, the Milwaukee-based firm is searching for to grow to be extra aggressive with different electrical motorbike producers.
LiveWire has one EV bike mannequin priced starting at $16,999 and one other at $22,799. Harley-Davidson will maintain the bulk possession of LiveWire with a 74% stake.
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