TAIPEI (Taiwan News) — LiveWire became the first electric motorcycle company in the U.S. to be listed on the New York Stock Exchange on Tuesday (Sept. 27).
LiveWire, the former electric motorcycle division of Harley Davidson, completed its announced initial public offering through a special purpose acquisition company (SPAC) merger with AEA-Bridges Impact Corporation (ABIC). The new company will be traded on the NYSE under the new ticker LVWR.
“This transaction represents a proud and exciting milestone for LiveWire towards its ambition to become the most desirable electric motorcycle brand in the world,” said Jochen Zeitz, who is both CEO of LiveWire and Harley-Davidson.
The new company, however, raised less than expected and was valued below expectations after a lukewarm trading debut, according to Bloomberg. The listing brought in US$295 million (NT$9.39 billion) in net proceeds, a spokesperson told Bloomberg on Tuesday, which was well below the anticipated US$545 million forecasted when the deal was first announced in December.
On Dec. 13, Harley-Davidson first announced its intentions to take LiveWire public through a SPAC deal with ABIC and Taiwanese scooter manufacturer KYMCO. The deal was financed with US$400 million from ABIC, US$100 million from KYMCO, and US$100 million from Harley-Davidson, through private investment in public equity.
While KYMCO is only a minority stakeholder with around 4% equity interest in the new company, both LiveWire and the Taiwanese company stand to benefit from the manufacturing partnership, according to Electrek. KYMCO, with its at-scale manufacturing, should be able to help LiveWire significantly reduce production costs for future electric motorcycle models, Electrek noted.
