By Rich Kirchen

Harley-Davidson Inc.’s planned spinoff of its LiveWire electric motorcycle business is ready to launch on Sept. 26.

Harley-Davidson announced last December that LiveWire would go public through a special-purpose acquisition company AEA-Bridges Impact Corp. (NYSE: IMPX). AEA-Bridges is sponsored by executives of AEA Investors and Bridges Fund Management.

The initially-announced closing was set for the first half of 2022, but Milwaukee-based Harley-Davidson (NYSE: HOG) announced in late July that Sept. 26 was the new target date. AEA-Bridges shareholders on Sept. 16 held a meeting to approve several proposals necessary for the spinoff to proceed.

AEA-Bridges stock (Nasdaq: IMPX) has been selling in a range of $9.12 per share to $10.39 per share over the past year. The stock closed at $9.72 on Sept. 16 and on Monday was trading in a range of $9.38 to $10.15.

LiveWire’s common stock is planned to be listed on the New York Stock Exchange under the symbol “LVWR,” according to the prospectus.

Harley-Davidson will retain a 74% stake in LiveWire after the spinoff. Harley-Davidson will invest $100 million into the transaction, as will KYMCO Group of Taiwan, which may manufacture smaller-size LiveWire models.

Harley-Davidson established LiveWire as a separate division in 2019 and has introduced multiple iterations of the battery-powered motorcycle. Harley sold 461 LiveWire bikes in 2021, generating $9 million in vehicle revenue, and estimates selling 957 this year with $20 million in vehicle revenue, according to a prospectus.

The prospectus states that LiveWire sales will climb in each of the next four years and by 2026 will reach over 100,000 units sold and nearly $1.5 billion in vehicle revenue.

“While the electric motorcycle market is in the early stages of its development, we expect global electric vehicle penetration to expand from 6% of units in 2021 to 25% by 2030, implying electric motorcycle market growth from $2.5 billion in sales to about $20 billion to $28 billion over the same period,” AEA-Bridges said in the prospectus.