Harley-Davidson's LiveWire on wild ride after SPAC merger
27/09/2022 16:06
(Updates stock activity)
** Shares of electric motorcycle brand LiveWire Group Inc
LVWR.N trade in wide range in debut on Tues
** LVWR jumps as much as 23.8% to $11.63 and falls as low as
$8.81
** Shares last up 2.0% at $9.58 on 890,957 shares of volume
as of 11:03 a.m. ET
** Harley-Davidson HOG.N and special-purpose acquisition
company (SPAC) AEA-Bridges Impact Corp closed business
combination, bringing LiveWire $334 mln
** Harley-Davidson, which retains 74% stake in LiveWire,
said in Dec it would spin off the division in deal valued at
$1.8 bln urn:newsml:reuters.com:*:nL4N30Y2VF
** The SPAC's shares (former ticker "IMPX") closed up 21% at
$9.39 on Mon, rebounding after hitting record low of $7.69 on
Fri
** SPACs raise funds and list publicly solely to acquire a
private entity and take it public. Many cos that have completed
SPAC mergers have seen their stocks collapse amid surging
interest rates, extreme market volatility and high shareholder
redemptions
** Some high-profile sponsors, including Chamath
Palihapitiya, have wound down their SPACs after failing to
identify suitable targets, while others scrapped planned tie-ups
urn:newsml:reuters.com:*:nL4N30R36B
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))