By Tomi Kilgore
The new shares of LiveWire Group Inc. charged higher, then reversed course to close sharply lower Tuesday, as the electric-motorcycle company debuted on the New York Stock Exchange.
The debut comes after the completion of LiveWire’s reverse merger with a special-purpose acquisition company, or SPAC, called AEA-Bridges Impact Corp. LiveWire had been a subsidiary of Harley-Davidson Inc. /zigman2/quotes/207565294/composite HOG -1.92% , and the motorcycle maker has retained a controlling interest in the e-motorcycle operation after the SPAC deal’s closing.
Earnings Outlook (July 2021): Can Harley-Davidson revive a rally in its stock with an expected swing to a profit and doubling of revenue?
LiveWire’s stock /zigman2/quotes/222659872/composite LVWR -0.83% , now traded under the ticker symbol “LVWR,” soared out of the gate, to be up as much as 23.9% at the intraday high, then pulled a sharp U-turn to close down 12.1%.
The company boasts being the “first and only” electric-vehicle motorcycle company in the U.S. to list on the NYSE.
The stock’s ticker symbol when the SPAC was still named AEA-Bridges was “IMPX.” Under that symbol, the stock had soared 20.7% on Monday to snap a five-day losing streak in which it tumbled 23.3% to close Friday at a record low.
Harley-Davidson’s stock slipped 0.1% on Tuesday, and has dropped 10.9% amid a six-day losing streak. Still, it has climbed 15.6% over the past three months, while the S&P 500 index /zigman2/quotes/210599714/realtime SPX -1.37% has lost 4.6%.
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