Shares of Harley-Davidson
HARLEY-DAVIDSON INC
+11.08%
closure:0
opening:42.11
Tall:43.98
low:40.56
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(NYSE: HOG) jumps 14% after motorcycle maker announced it would issue its electric motorcycle brand LiveWire through a $ 1.77 billion SPAC merger.
Introduced by the company as an independent brand in 2019, Live Weir will merge with a sustainability-focused SPAC called AEA-Bridges Impact Corp (NYSE: IMPX), becoming the first electric motorcycle manufacturer on Wall Street.
Harley-Davidson and KYMCO, a Taiwanese motorcycle manufacturer, are the company’s strategic partners in the merger. “This deal will give LiveWire the freedom to fund new product development and accelerate its market launch model,” he said. Said Harley-Davidson CEO Josh Zeit.
During the merger, AEA will put $ 400 million in cash into the company’s trust fund, Harley-Davidson will invest $ 100 million, and KYMC will invest an additional $ 100 million, through a private investment in public capital, or through a PIPE deal.
Harley-Davidson will own 74% of LiveWire after the transaction is completed. ABIC shareholders will hold approximately 17%, and the founders of ABIC and KYMCO will own 4% of the company’s issued capital each.
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