Harley-Davidson, LiveWire and AEA-Bridges Impact Corp Announce Closing of Business Combination
LiveWire raises approximately $334 million in gross proceeds
LiveWire becomes first electric motorcycle company to list on NYSE
Trading will begin September 27 under the new symbol “LVWR” on the New York Stock Exchange
MILWAUKEE, NEW YORK and LONDON (September 27, 2022) — Harley-Davidson, Inc. (“Harley-Davidson”) (NYSE: HOG), the world’s most desirable motorcycle company, and AEA-Bridges Impact Corp. (“ABIC”) (NYSE: IMPX), a special purpose acquisition company with a dedicated focus on sustainability, sponsored by the leaders of AEA Investors and Bridges Fund Management, today announced the completion of their Previously announced business combination whereby LiveWire EV, LLC (the “Company”), the electric motorcycle division of Harley-Davidson, together with ABIC, will form a new public company.
The business combination was formally approved at a special meeting of ABIC shareholders on September 16, 2022. Upon completion of the business combination, the combined public company will operate as LiveWire Group, Inc. (“LiveWire”) and its common stock and warrants will begin trading on the New York Stock Exchange (“NYSE”) under the symbols “LVWR” and “LVWR WS” today, September 27, 2022, respectively. With this combination, LiveWire will become the first and only electric motorcycle company in the United States to list on the NYSE.
“This transaction represents a proud and exciting step for LiveWire towards its ambition to become the most desirable electric motorcycle brand in the world,” said Jochen Zeitz, president and CEO of Harley-Davidson and president and CEO of LiveWire. “We believe LiveWire is well positioned to define the two-wheeled electric vehicle market, and we’re excited about the future – to celebrate our listing today, we’re excited to open reservations for the production version of the S2 Del Mar for the US market.”
LiveWire will ring the opening bell at the NYSE today, to celebrate LiveWire’s public listing
Soulful by design, LiveWire transforms the everyday into an urban adventure and beyond. Building a future for riders differentiated by look, sound and feel. LiveWire leads the electrification of motorcycling through design, software and experience. Drawing on 119 years of engineering and manufacturing experience, but with the agility of a start-up, LiveWire is well positioned to define the future of two-wheeled electric vehicles.
LiveWire is the future in the making for the pursuit of urban adventure and beyond. Drawing on its nimble disruptor DNA from the Harley-Davidson lineage and capitalizing on a decade of learnings in the electric vehicle industry, LiveWire’s ambition is to be the world’s most desirable electric motorcycle brand. . With a focus on electric vehicles, LiveWire plans to develop the technology of the future and invest in the capabilities needed to lead the transformation of motorcycling. LiveWire benefits from Harley-Davidson’s engineering expertise, manufacturing footprint, supply chain infrastructure and global logistics capabilities. Innovative by design and attracting cutting-edge talent, LiveWire is headquartered virtually, with initial hubs in Silicon Valley, California (LiveWire Labs) and Milwaukee, Wisconsin. www.livewire.com
Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and Harley-Davidson Financial Services. Our vision: To build our legend and lead our industry through innovation, evolution and emotion. Our Mission: More than building machines, we stand for the timeless pursuit of adventure. Freedom for the soul. Our ambition is to retain our place as the most desirable motorcycle brand in the world. Since 1903, Harley-Davidson has defined motorcycle culture by delivering a motorcycle lifestyle with distinctive and customizable motorcycles, experiences, motorcycle accessories, riding gear and apparel. Harley-Davidson Financial Services offers financing, insurance and other programs to help riders hit the road. www.harley-davidson.com
JP Morgan Securities LLC acted as financial advisor to Harley-Davidson and Latham & Watkins LLP acted as legal advisor to Harley-Davidson. Credit Suisse Securities (USA) LLC acted as financial advisor and capital markets advisor to ABIC. Citigroup Global Markets Inc. acted as capital markets advisor to ABIC. Kirkland & Ellis LLP acted as legal counsel to ABIC.
Legend for forward-looking statements
This communication may contain a number of “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information regarding LiveWire’s possible or expected future operating results, business strategies, debt levels, competitive position, industry environment, potential growth opportunities and regulatory effects, including whether the business combination between the Company and ABIC (the “Business Combination” ) will generate returns for shareholders. These forward-looking statements are based on the current expectations, estimates, projections and beliefs of the management of Harley-Davidson or LiveWire, as well as a number of assumptions regarding future events. When used in this communication, the words “estimates”, “plans”, “expects”, “anticipates”, “expects”, “plans”, “intends”, “believes”, “seeks”, “may”, “will”, “should”, “future”, “propose” and variations of these similar words or expressions (or negative versions of these words or expressions) are intended to identify forward-looking statements .
These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the management of Harley-Davidson or LiveWire, which could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (a) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability to LiveWire to develop and manage growth profitably, maintain customer and supplier relationships, and retain its management and key employees; (b) costs relating to the Business Combination; (c) changes in applicable laws or regulations, including legal or regulatory developments (including, without limitation, accounting considerations) that may require LiveWire to restate its historical financial statements and adversely impact the titles from LiveWire; (d) the possibility that Harley-Davidson and LiveWire may be affected by other economic, business and/or competitive factors; (e) Harley-Davidson’s ability to execute its business plans and strategies, including The Hardwire; (f) LiveWire’s estimates of expenses and profitability and (g) other risks and uncertainties set forth from time to time in LiveWire’s final prospectus, including those under “Risk Factors” therein, and other documents filed or to be filed with the Securities and Exchange Commission by Harley-Davidson or LiveWire. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date made.
Forward-looking statements speak only as of the date they are made. Readers are cautioned not to place undue reliance on forward-looking statements, and Harley-Davidson and LiveWire assume no obligation and, except as required by law, do not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. Neither Harley-Davidson nor LiveWire guarantees that LiveWire will meet its expectations.